1. Since 1933, federal law has effectively divided the U.S. financial services industry into separate and distinct types of institutions, such as banks, mutual funds managers, insurance companies, and securities firms. For the most part, the separate types of financial services companies were strictly prohibited from merging and from offering their products. Thus, banks were not allowed to own securities firms or to underwrite or sell most stocks and bonds. What the Gramm-Leach-Bliley Act of 1999 essentially did was allow all of these institutions that were already beginning to operate in different financial sectors through legal loopholes to come together as one large one stop shop financial institution where people could hold their savings, buy insurance, and make investment decisions as well. This allowed smaller specialized institutions to compete with larger financial services firm by diversifying and merging with other institutions. GLB Act allowed for the recent mergers of Bear Stearns with JP Morgan and Bank of Americas buyout of Merrill Lynch. Without allowing these thin......

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