And that's the VOA Special English Economics Report,
Louboutin Sandales, written by Mario Ritter. I'm Steve Ember.
The Glass-Steagall Act of nineteen thirty-three barred commercial banks from owning investment banks. Morgan Stanley split from J.P. Morgan as a result of Glass-Steagall.
Now Wall Street is being reshaped by the crisis over mortgage-related securities. The markets are unable to place a value on them. So banks and other investors are unable to find a buyer except possibly the government.
But the new shape of Wall Street will be missing a piece. The credit crisis has ended the age of big investment banks. This week the last two,
Air Jordan pas cher, Goldman Sachs and Morgan Stanley,
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Six months ago,
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Christian Louboutin pas cher, independent investment banks. Then, in March, J.P. Morgan Chase bought Bear Stearns in a rescue sale. And this month Merrill Lynch agreed to be sold to Bank of America.
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chaussures Jordan, a one hundred fifty-eight year old investment bank,
Air Jordan, fail. Last week the British bank Barclay's purchased much of Lehman in bankruptcy court.
Investment banks raise money for companies through offerings of stocks and bonds. They also sell and trade securities and provide other services.
As commercial banks, they can take deposits from the public and borrow from the Federal Reserve at any time. This will help them raise capital. But they will also face closer government supervision.
Morgan Stanley also agreed this week to sell up to twenty percent of itself to Japan's largest bank, Mitsubishi UFJ. And investor Warren Buffett agreed to buy at least five billion dollars in Goldman stock.
Congress passed the law to reduce risk to deposits following the stock market crash of nineteen twenty-nine. But Congress ended Glass-Steagall in nineteen ninety-nine. Now,
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chaussures Air Jordan, much as they were before nineteen thirty-three.
The aim is to unblock the flow of credit markets now, then sell the securities later, when the housing market improves.
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