资源描述：
《Financial_Crisis》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。
1、Chapter1or3THEENDOFTHESTAND-ALONEINVESTMENTBANKINGINDUSTRYUntil1999,theGlass-SteagallActhadprohibitedU.S.banksfrombothacceptingdepositsandunderwritingsecurities.Inotherwords,itforcedaseparationofthecommercialandinvestmentbankingindustries.ButwhenGlass-St
2、eagallwasrepealed,manylargecommercialbanksbegantotransformthemselvesinto“universalbanks”thatcouldofferafullrangeofcommercialandinvestmentbankingservices.Insomecases,commercialbanksstartedtheirowninvestmentbankingdivisionsfromscratch,butmorecommonlytheyex
3、pandedthroughmerger.Forexample,ChaseManhattanacquiredJ.P.Morganin2000toformJPMorgan-Chase.Similarly,Citigroupmergedin1998withtheTravelersGroup,whichinturnwastheparentcompanyofSalomonSmithBarney.ThemergerallowedCitigrouptoofferwealthmanagement,brokerage,i
4、nvestmentbanking,andassetmanagementservicestoitsclients.(Adecadelater,in2009,followinglargelosses,andunderpressuretoraisefunds,CitigroupdecidedtospinoffitsSmithBarneybrokeragetoajointventurecontrolledbyMorganStanley.)MostofEuropehadneverforcedtheseparati
5、onofcommercialandinvestmentbanking,sotheirgiantbankssuchasCreditSuisse,DeutscheBank,HSBC,andUBShadlongbeenuniversalbanks.Until2008,however,thestand-aloneinvestmentbankingsectorintheU.S.remainedlargeandapparentlyvibrant,includingsuchstoriednamesasGoldmanS
6、achs,Morgan-Stanley,MerrillLynch,andLehmanBrothers.Buttheindustrywasshakentoitscorein2008,whenseveralinvestmentbankswerebesetbyenormouslossesontheirholdingsofmortgage-backedsecurities.InMarch,onthevergeofinsolvency,BearStearnswasmergedintoJPMorganChase.O
7、nSeptember14,MerrillLynch,alsosufferingsteepmortgage-relatedlosses,negotiatedanagreementtobeacquiredbyBankofAmerica.Thenextday,LehmanBrothersenteredintothelargestbankruptcyinU.S.history,havingfailedtofindanacquirerwhowasableandwillingtorescueitfromitsste
8、eplosses.Thenextweek,theonlytworemainingmajorindependentinvestmentbanks,GoldmanSachsandMorganStanley,decidedtoconvertfrominvestmentbankstotraditionalbankholdingcompanies.Indoingso,theybecamesubjecttothesupervisionofnationa
