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.
"They defended him, verbally and physically, every time he committed one of his criminal acts. They went blithely on past the suffering of all the bombing victims, the prisoners in the concentration camps, and the religious persecutors, because a different regime would have meant the end of their power. 'You made this monster, and as long as things were going well you gave him whatever he wanted. You turned Germany over to this arch-criminal.'”
Friedrich Reck-Malleczewen, 1947