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Politics : Liberalism: Do You Agree We've Had Enough of It? -- Ignore unavailable to you. Want to Upgrade?

To: Little Joe who wrote (60827)	3/9/2009 7:56:18 PM
From: Kenneth E. Phillipps	Read Replies (3) \| Respond to of 224704

It is the consolidation provisions of GLB. Before Gramm-Leach-Bliley, a company could not perform commercial banking (the extension of credit) and trade in securities at the same time or operate as an insurance company and issue securities at the same time. GLB made it possible for the same institution to issue sub prime loans and roll those loans into CDOs. Without GLB, AIG would not have been able to sell CDS without insurance reserves.