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Glass-Steagall: Traders Unfazed as Walls Come Down

Traders Magazine, November 1999

William Hoffman

The media hailed it as the most important financial reform since the 1930s. Bankers cheered, saying it will remove outdated shackles on American global competitiveness. Congress and President Clinton congratulated one another on the successful conclusion of a half-decade of battles and negotiations.

And how did traders greet the passage of the Financial Services Act of 1999? "I don't think we've had three telephone calls on the subject," said Lee Korins, president of the Security Traders Association.

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