Crashing Through Glass Steagall

The wall between banks and brokers will crack-by federal fiat

It's been the bankers' lament for decades: Outdated laws from the Depression hamper them from offering other financial services, while letting rivals offer banklike products such as commercial paper and cash-management accounts. Yet repeated attempts by the commercial banks--including a big push this year--to convince Congress to level the playing field have been thwarted by powerful insurance and brokerage interests that favor the status quo.

To continue reading this article you must be a Bloomberg Professional Service Subscriber.