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.
"Where such a shift in power is in favor of the governing elite, Power will achieve its murderous potential. It simply waits for an excuse, an event of some sort, an assassination, a massacre in a neighboring country, an attempted coup, a famine, or a natural disaster, to justify the beginning of murder en masse. Most state sponsored murder occurs under the cover of war, revolution, or guerrilla war, or in their aftermath."
R. J. Rummel