Christopher

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The Banking Act of 1933, known as Glass-Steagall, was a far-reaching piece of American financial legislation. Among many provisions, this legislation made it compulsory for investment banks to commission independent financial research into the deals they were brokering; fearing conflicts of interest, Glass-Steagall forbade law firms, accounting firms, and the banks themselves from conducting this work. In effect, the Glass-Steagall Act made it a legal requirement for banks to hire management consultants.
Fifty Inventions That Shaped the Modern Economy
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