From the FDIC web site. (hat tip to Obseedian of MarketTickerForum. Nice catch thanks. The whole section is worth reading.)
"National City Company repackages bad Latin American loans from its affiliated bank and sells them to unknowing investors as new securities.
This is one of the deals that initiate the Glass-Steagall Act of 1933."
FDIC: Banks in the Roaring 20's
By way of reminder, the banks will be trotting the VISA IPO out the door tonight and tomorrow.
"We must be faithful to the present moment or we will frustrate the plan of God for our lives. We should be grateful and love the vocation to which God calls us. This applies to every vocation because it is a privilege to serve God, even in the least capacity. Worry is a weakness from which few are entirely free. We must be on guard against this most insidious enemy of our peace of soul. Instead let us foster confidence in God, and thank Him for whatever he chooses to send us." Solanus Casey