The Gramm,Leach and Bliley Act which repealed Glass-Steagall was the end game for the house of cards to come tumbling down. Sen. Gramm was the driving force behind the Gramm-Leach-Bliley Act, because he had received over $4.6 million in donations from FIRE sector (Finance, Insurance and Real Estate donations) over the previous decade, and once the Act passed, “megamergers” took place among banks and insurance and securities companies almost immediately.
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