Bank Sales of Commercial Paper Under the Glass-Steagall Act: The Hazards of the Bankers Trust Decisions
William B. Glidden, 42(1): 1–27 (Nov. 1986)
This Article contends that the Supreme Court decision in Bankers Trust—that commercial paper notes are securities for purposes of the Glass-Steagall Act—and the district court decision on remand—that the bank's agency sales in private placements of third-party commercial paper constituted an illegal selling, underwriting, and distribution of securities—are wrong in analysis and result. See Securities Indus. Ass'n v. Board of Governors of the Fed. Reserve Sys., 468 U.S. 137 (1984); Securities Indus. Ass'n v. Board of Governors of the Fed. Reserve Sys., 627 F. Supp. 695 (D.D.C.), rev'd, 807 F.2d 1052 (D.C. Cir. 1986).
Up Against "The Wall": Glass-Steagall and the Dilemma of a Deregulated ("Reregulated") Banking Environment
Joseph Jude Norton, 42(2): 327–68 (Feb. 1987)
After reviewing the legislative, judicial, and regulatory development of the Glass-Steagall Act, this Article explores the functional perimeters of permissible securities activities of U.S. banking institutions under the Act, the liabilities for violations of the Act, and the regulatory concerns in the structural implementation of permissible securities powers.