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Non-Tech : MER MERRILL LYNCH & CO.
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To: Lynn who wrote (259)3/31/2006 10:44:53 AM
From: The Duke of URL©   of 266
 
The elimination the the Glass Stegall act which was passed to prevent the 1929 depression from recurring, now allows Citi to do this. I think the act is the Gramm-Leach-Bliley.

Among other things, "Gramm-Leach-Bliley Act of 1999 that delineate the securities activities banks may engage in without registering as brokers under the Securities Exchange Act of 1934."

sec.gov

In English, what this does is allows banks to buy securities companies and literally fleece the new customers with bad loans and new stock issuances, the proceeds of which go to pay off bad bank loans.

So, your experiences are not uncommon.
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