A Return to Glass-Steagall?
Increased scrutiny over investment banking deals may be creating more headaches than they are worth ultimately leading to separation between commercial and investment banking.
In many ways the Wall Street investment bank went extinct in 2008 when Bear Stearns and Merrill Lynch were acquired by JPMorgan and BofA, Lehman Brothers filed for bankruptcy and Goldman Sachs and Morgan Stanley petitioned to be declared commercial banks by the Federal Reserve. Still-developing regulatory changes will continue to reshape the industry after the crisis, and one long-time banker is hopeful the investment model could start to resemble its past incarnation, when when being a trusted advisor to clients was the chief concern.
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A new computer model solves a pair of Jovian riddles.
- Astronomers have wondered how a gas giant like Jupiter could sit in the middle of our solar system's planets.
- Also unexplained has been the pair of asteroid clusters in front of and behind Jupiter in its orbit.
- Putting the two questions together revealed the answer to both.
They didn't know it, but the rituals of Iron Age Scandinavians turned their iron into steel.
- Iron Age Scandinavians only had access to poor quality iron, which put them at a tactical disadvantage against their neighbors.
- To strengthen their swords, smiths used the bones of their dead ancestors and animals, hoping to transfer the spirit into their blades.
- They couldn't have known that in so doing, they actually were forging a rudimentary form of steel.
Artists and fans are the big losers as bot-powered scalpers make a killing.
- The secondary ticketing market is predicted to grow to $15.19 billion next year.
- Artists, athletes, management, and venues see none of this revenue—it all goes to scalpers and ticketing agencies.
- Some companies are likely in breach of anti-trust laws, but no one seems to be regulating the industry.
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