Breaking up is so very hard to do: Caveat Lector column
Lawmakers wanting to clip the wings of investment banks by bringing back Glass-Steagall need not bother when market forces in today’s ‘low-leverage’ economy will do it for them
Whether the jettisoning of the Glass-Steagall Act of 1933 was a good idea or not will be debated for ever and a day, but that it ultimately caused many of the problems laying at the base of the global financial crisis of 2008 can barely be disputed. However, whether the trend towards an integrated banking model could be reversed, and whether commercial and investment banking could ever practically be separated again is a different matter entirely. Do the authorities truly believe they can put
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