Word: feds
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Dates: during 1990-1999
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...Crimson solved Gunn in the third. Botterill fed Shewchuk for the equalizer on the power play 2:15 into the period. Then Botterill found Francisco to give Harvard the lead and added an insurance goal to finish the scoring...
...This bill doesn't materially change the products or activities that banks are interested in getting into," says George Bicher, bank analyst at Deutsche Bank Alex. Brown (speaking of mergers). As a practical matter, Bicher notes, Glass-Steagall lost its teeth long ago. Exploiting loopholes and a remarkably tolerant Fed, banks and insurers and brokerages have been invading one another's turf for two decades. Still, some new combinations are inevitable. Says David Stumpf, senior bank analyst at A.G. Edwards: "We will see some consolidation among banks and insurance companies, with banks doing the buying...
...Banks there have long been free from the kind of separation that has ruled in the U.S. since Senator Carter Glass and Representative Henry Steagall bonded in 1933 to draft the defining financial legislation of the 20th century. Born in tough times, Glass-Steagall expanded the powers of the Fed in controlling credit. It established the Federal Deposit Insurance Corporation, which insured bank deposits. Most important, the act required banks to choose between being a simple lender (a bank) or an underwriter (a brokerage...
Glass-Steagall lost all its teeth this decade, starting in 1990 with a Fed decision allowing J.P. Morgan to begin underwriting securities. In 1997, Bankers Trust (now owned by Deutsche Bank) bought the investment bank Alex. Brown and officially married two businesses divided since the Depression. Meanwhile, banks had begun marketing annuities and mutual funds, and brokers had begun offering CDs and loans. Leaders in all corners had come to agree that Glass-Steagall was obsolete. They just couldn't compromise and find a solution...
...obliterating any hope of a quick profit, or perhaps producing a staggering unrealized loss. IBM, Xerox, Unisys and Lexmark have all detonated recently. First, take heart. You aren't the only one dumb enough to bet on a great company during a period of unsettling sales growth and a Fed turned hostile to higher stock prices. If you haven't taken a hit in your personal portfolio, you can bet that your mutual-fund managers have their own shrapnel collection...