Word: glassing
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...chairman of the Senate Banking Committee from 1995 through 2000, Gramm was Washington's most prominent and outspoken champion of financial deregulation. He played the leading role in writing and pushing through Congress the 1999 repeal of the Depression-era Glass-Steagall Act that separated commercial banks from Wall Street, and he inserted a key provision into the 2000 Commodity Futures Modernization Act that exempted over-the-counter derivatives such as credit-default swaps from regulation by the Commodity Futures Trading Commission (CFTC). (See who's to blame for the current financial crisis...
Gramm, who before he got into politics was an economics professor at Texas A&M, took to the task with relish. He was dismissive of the charge that Glass-Steagall repeal has been a big problem. "Europe never had Glass-Steagall," he said. "So why didn't this happen in Europe rather than here?" On derivatives he was a bit more nuanced: All he and the Clinton Administration were trying to do with the 2000 bill, he claimed, was establish that interest-rate and currency swaps - two relatively uncontroversial forms of over-the-counter derivatives - couldn't be regulated...
...Like any other business in this environment, McDonald's faces some potential roadblocks. It's rolling out a specialty coffee menu, called McCafe, which will include vanilla lattes and mochas. "It's not the best time to roll out a premium beverage product," Glass notes. As the recession wears on, fast-food-service growth may flatten out; plus, McDonald's can expect more price competition. For example, Steak 'n Shake, the diner-style burger chain in 21 states throughout the Midwest and South, is promoting four different meal combos for less than $4. "In Los Angeles, every other billboard...
...into the first financial supermarket. When everything financial turned toxic in the early 1930s, he became the most prominent scapegoat for the disaster. He was the main target of the famous Pecora hearings in Congress, was arrested for--but not convicted of--tax evasion and resigned in disgrace. The Glass-Steagall Act of 1933 put an end to the blending of banking and securities businesses that Mitchell had championed. City lived on as a chastened, smaller bank...
...credit-card juggernaut built by Wriston's protégé John Reed--combined with a certain amount of forbearance by bank regulators and a lot of cash from Saudi Arabia--enabled Citi to survive. Reed then agreed to a 1998 merger with Travelers Group, which necessitated congressional repeal of the Glass-Steagall Act and established Citigroup as the greatest financial supermarket on earth...