Economy
One vague word helped create megabanks
HERE’S THE INTERESTING PART
Wall Street lawyers are the undisputed masters of semantic gymnastics. Section 20 of the Glass-Steagall Act explicitly forbade commercial banks from being 'principally engaged' in risky securities. So, bankers spent decades aggressively lobbying the Federal Reserve to mathematically redefine the word 'principally,' eventually carving a massive loophole that birthed the modern 'too big to fail' megabank.
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