“Outgoing Federal Reserve Chairman Alan Greenspan is opposing a regulatory loophole that allows corporations to own banks, according to a media report Thursday. Greenspan's opposition, contained in a 12-page letter to Congress, thrusts him into the controversy over an attempt by Wal-Mart Stores Inc. to use the loophole to establish a bank in Utah, The Wall Street Journal reported in its online edition.” (MarketWatch, Thursday)
Closing a loophole: Washington-speak for squelching a bit of freedom overlooked by the regulators.
FEE Timely Classic
“The Forgotten Private Banker” by Richard Sylla
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