Congress did not pass the bill, London, Frankfurt or Shanghai would take over.31 New York, certainly, stood to benefit, but that should not mislead one into thinking in terms of national champions. No one had been more active in shaping the global marketplace in London than expat American bankers working for the London offices of the major Wall Street firms. What Wall Street wanted was license to bring back home the adventurous practices developed among “consenting adults” in London.
