Word: glassed
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Dates: during 1990-1999
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...sort things out. Long before they would have to do any actual sorting, though, Congress is now fixing things for good. President Clinton is expected to soon sign a bill repealing the decades-old restrictions that have divided brokerage and banking into infusible industries. The bill sweeps aside the Glass-Steagall Act and blesses the brave new banking world embodied in Weill's $689 billion behemoth, Citigroup. Lest there be doubt as to how fully Weill routed the regulators: Rubin, who left government this summer, joined Citigroup last week as a co-chairman...
...many believe that the speculation is unwarranted. "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...
...bill is also about making financial-services firms in the U.S. big enough to compete with universal banks in Europe and Japan. 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...
...tells a giggling audience "Don't talk to me about Gene Hackman/he's in every film/sometimes wearing a towel/and if it isn't him you get Andie Macdowell." About his friend, R.E.M. guitarist Peter Buck, who contributes to a few tracks, Hitchcock jokes "is never happier than with a glass of wine...he's more of a traditional musician in that respect...
Slicing a red pepper into thin, elegant pieces, Harvey C. Mansfield '49 sips a glass of red wine a la Julia Child. "I have never made cupcakes before," he said, responding to a suggestion that they be served for dessert. "I once did baking powder biscuits." As a junior high schooler, Mansfield took Home Economics. "They taught us how to sew on a button," he recalls painfully. "This might be quite useful...for a man without a wife...