When JPMorgan Chase acquired Bear Stearns in March, 2008, an organization was created reminiscent of American banks of the 1920s. When Bank of America acquired Merrill Lynch, the commercial bank's capital and deposits were used to stabilize the investment bank's balance sheet deterioration that had resulted from excessive investment in bad securities. To many observers, the proximity of bank deposits and the defaulting securities of investment banks was an uncomfortable reminder of the abusive conditions that led to passage of the Glass-Steagall Act in 1933. Of course, there are many differences between market conditions then and now.
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