Word: long
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Dates: during 1990-1999
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...years ago, Bridges, 59, an electrician, and his wife, 57, a tutor, shelled out $8,000 for one week each year in a fully equipped two-bedroom "villa" near Disney World. The Bridgeses soon learned that they had acquired a valuable currency in today's booming vacation market. Before long they were trading their place for a week's skiing at Lake Tahoe or a visit to New Orleans. "I guess I always thought there was a scheme," says Edith Bridges. "But it's working...
...Federal Reserve, the main bank regulator, quickly granted Weill and his new partner, co-CEO John Reed from Citi, a grace period to 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...
...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...
...Rubin's public-sector resume may not be complete. He's already a leading candidate to replace his friend Alan Greenspan as chairman of the Federal Reserve when Greenspan's term expires next June. Who knows? Before long, the metal detector could again become a thing of the past...