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Non-Tech : The Enron Scandal - Unmoderated -- Ignore unavailable to you. Want to Upgrade?

To: James Calladine who wrote (2222)	6/25/2002 4:37:24 PM
From: The Duke of URL©	Read Replies (1) \| Respond to of 3602

This is from one of your posts: The law, passed as part of the GOP's 1994 Contract With America, is called the Public Securities Litigation Reform Act of 1995. The measure was vetoed by President Bill Clinton but was overridden in the Republican-controlled Congress and became law. The Glass Steagall act was passed in 1934 after the great depression. It was determined that "the banks" had caused a lot of the Crash of 1929 because they were allowed to be in business. It was "discovered" that if a bank is in business, they don't lend any money to others but there own business and the economy crashes. So Glass Steagall was inacted to Prevent banks from being in the Insurance Business, the Stock business and the Real Estate Business. About a year ago Glass Steagall was amended out of existence by the Graham Rudman Bliley Act, under the guise of "Bank Reform". Did it ever occur to you how a bank could lend money at 6% and have a 15% profit? .....For a while, anyway.