Law to allow banks and insurance cos to merge? How did I miss this? Not OT. : LUSENET : TimeBomb 2000 (Y2000) : One Thread

It's buried in a Y2K article...

On the issue of privacy, Leach said that the Financial Services Modernization Act, which now is in a conference committee process, contains privacy provisions to prevent the sharing of private financial data that may actually harm smaller financial service institutions.

Leach said, however, that he supports privacy provisions that would prevent insurance companies and banks - which will be allowed to merge if the bill becomes law - to share private data that could harm consumers.

-- lisa (, October 13, 1999


"Good morning, State Farm Bank of America, how may I assist you?"


-- lisa (, October 13, 1999.

Huh? Um...Citibank and Travelers Group already merged to form Citigroup.

-- Buddy (, October 13, 1999.

We regret to inform you that due to your recently diagnosed heart murmur we have disapproved your request for that car/home/etc loan. Yes, we know you have an excellent income, credit rating, and significant savings...but you are now deemed a bad risk. We are therefore instituting the downscaling of your credit worthiness.

-- Shelia (, October 13, 1999.

The Travelers-Citibank merger was technically illegal, but they have a few years' grace period before they have to start unwinding it. The merger was a direct challenge to the government to change the law. This issue has been batted around for decades, with little attention from the public. Bank-insurance combinations have been the way of much of the world for a long time. Lots more I could write on this, no time.

-- Thinman (, October 13, 1999.

The NWO Republicans want to overturn legislation that was created during the Depression designed to prevent huge monopolies from creating another economic disaster. They want to be able to have these huge mergers that will allow them to control all financial aspects of our lives within one organization, and to be able to manipulate the economy every which way they desire. The Democrats and consumer advocates like Ralph Nader are fighting it based on the lack of provisions for privacy. They do not particularly like the idea that your bank and your insurance company could freely exchange any information they have about the consumer with no regard for privacy issues. For the record, I don't like it either.

Monopoly Bill will be vetoed (Thank God!)

-- @ (@@@.@), October 13, 1999.

I'm no lover of the republicans, but why single them out? Everyone knows we no longer have a 2 party system. Their new name is the republicrats and the new game is the new world order and how they get their way is through coersion, blackmail, threats, murder and greed.


-- OR (, October 13, 1999.

Let em merge. "Were moving from a world where the big eat the small to one where the fast eat the slow." These bureaucracies are too slow even before the merge. Plus both realms are gonna have extensive unregulated offshore competition springing up to negate any monopolistic tendencies.

-- Downstreamer (, October 13, 1999.

The depression-era law mentioned above was the glass-steigel, (sp?) act and it has been under assault for many years. Some success has been achieved in its dismemberment in recent years. It's a'comin'...

-- Patrick (, October 13, 1999.

I think Sheila's on to something...

-- Gia (, October 13, 1999.

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