Glass-Steagall and Dingell?


This August, the Federal Reserve fined the New York branch of West Landesbank, a German state bank, $3 million for demanding a role in bond underwriting business in return for extending loans. The settlement brought to the public’s attention a battle that has been under way for at least four years and is a personal bugbear of Congressman John D. Dingell, the Democratic Representative for Michigan.

Since the repeal of the Glass-Steagall Act in 1999, which dismantled the walls between banking

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