Word: glassed
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Dates: during 1990-1999
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...challenged the wisdom of separating risky underwriting activities from federally insured bank savings deposits. But by the 1970s the financial world had become more muddled. Merrill Lynch, for example, began to offer money-market accounts with a check-writing feature. As the lines between banks and brokers blurred, Glass-Steagall came under repeated attack, starting in the 1980s. "I spent a lot of time lobbying Congress to convince them that we needed to look beyond the parochial interests of banks, brokerages, insurance companies and mutual funds," says former AmEx boss Robinson, now investing in tech start-ups. "We needed...
...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...
Either way, there's no derailing the train at this point. And if the end of Glass-Steagall heralds a world in which one phone call will enable you to buy a house, get a mortgage and insurance too--and at lower rates than in the past--maybe the risk is worthwhile...
Reeve, however, doesn't plan to stay that way. On Sept. 25, 2002, his 50th birthday, he hopes to rise to his feet, lift a glass and toast the people who have helped him through the past few years. "I wouldn't bet the farm on it," he says. "But there's a chance it might happen...
Scientists have found a type of bacterium that is virtually indestructible. It's called Deinococcus radiodurans ("terrible berry that survives radiation"). This bug can live in a blast of gamma rays that is the equivalent of thousands of lethal human doses--radiation so strong it cracks glass. Scientists have found "dead" radiodurans spores in Antarctica that have baked in UV light for 100 years. Yet when placed in a nutrient bath, the bug's DNA reassembles itself and proliferates. If radiodurans genes could be put into anthrax, they might produce an anthrax that's virtually impossible to kill. From...