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Too-Big-to-Fail Prevention Is Tested in Post-Crisis IcelandQuicklink submitted by Sheila Samples Permalink |
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Iceland was brought to the brink of bankruptcy when its biggest banks failed four years ago. Now, the site of the world's most spectacular financial collapse is becoming a pioneer in banking reform. The move puts Iceland on course to become the first western nation since the global financial crisis hit five years ago to force banking conglomerates to split their business. It's a proposal that's gaining traction elsewhere. Even Sanford 'Sandy' Weill, whose 1998 creation of New York-based Citigroup Inc. (C) triggered the Gramm-Leach-Bliley Act that paved the way for financial behemoths, now says investment banks should be separated from deposit-taking banks. |
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