Attorney(s) appearing for the Case
James B. Weidner, New York City (David A. Schulz, Mark Holland, Peter Kimm, Jr., Roger & Wells, William J. Fitzpatrick, New York City, Donald J. Crawford, Washington, D.C., of counsel), for petitioner-cross-respondent Securities Industry Ass'n.
Michael S. Helfer, Washington, D.C. (Christopher Lipsett, Thomas P. Olson, Wilmer, Cutler & Pickering, Washington, D.C., of counsel), Pro Hac Vice for intervenor-respondent cross-petitioner Citibank.
Lewis B. Kaden, New York City (Lowell Gordon Harriss, D. Scott Wise, Davis Polk & Wardwell, New York, New York, of counsel), for intervenor-respondent cross-petitioner J.P. Morgan & Co. Inc.
Richard M. Ashton, Washington, D.C., (Richard K. Willard, Asst. Atty. Gen., U.S. Dept. of Justice, Michael Bradfield, General Counsel, Kay E. Bondehagen, Douglas B. Jordan, Washington, D.C., Robert M. Kimmitt, Department of the Treasury, Richard V. Fitzgerald, Office of the Comptroller of the Currency, Washington, D.C., of counsel), for respondents Bd. of Governors of the Federal Reserve System, et al.
Davis Polk & Wardwell, New York City, of counsel, for J.P. Morgan & Co., Inc.
White & Case, New York City, of counsel, for Bankers Trust New York Corp.
Shearman & Sterling, New York City, and Wilmer, Cutler & Pickering, Washington, D.C., of counsel, for Citicorp.
Cravath, Swaine & Moore, New York City, of counsel, for Chemical New York Corp.
Milbank, Tweed, Hadley & McCloy, New York City, of counsel, for The Chase Manhattan Corp.
Simpson Thacher & Bartlett, New York City, of counsel, for Mfrs. Hanover Corp.
O'Melveny & Myers, New York City, of counsel, for Sec. Pacific Corp.
Martin Glenn, O'Melveny & Myers, New York City (Russell A. Freeman, Dan C. Aardal, Sec. Pacific Corp., Los Angeles, Cal., Edward J. McAniff, Michael J. Fairclough, O'Melveny & Myers, Los Angeles, Cal., William T. Coleman, Jr., John H. Beisner, Jacob M. Lewis, James P. Nehf, O'Melveny & Myers, Washington, D.C., of counsel), filed a brief on behalf of intervenor-respondent, cross-petitioner Sec. Pacific Corp.
David M. Miles, Washington, D.C. (Harvey L. Pitt, Henry A. Hubschman, Fried, Frank, Harris, Shriver & Jacobson, Washington, D.C., Matthew P. Fink, Senior Vice President and General Counsel, Sarah O'Neil, Associate General Counsel, Inv. Co. Institute, Washington, D.C., of counsel), filed a brief on behalf of Inv. Co. Institute as amicus curiae.
Hogan & Hartson, Washington, D.C. (Neal L. Petersen, Keith R. Fisher, James G. Christiansen, Washington, D.C., of counsel), filed a brief on behalf of Bank Capital Markets Ass'n as amicus curiae.
John J. Gill, General Counsel, Washington, D.C. (Michael F. Crotty, Associate General Counsel-Litigation, American Bankers Ass'n, Washington, D.C., of counsel), filed a brief on behalf of the American Bankers Ass'n as amicus curiae.
Before CARDAMONE, PIERCE and WINTER, Circuit Judges.
United States Court of Appeals, Second Circuit.
CARDAMONE, Circuit Judge:
We review on this appeal those provisions of the Banking Act of 1933 that separated the commercial and investment banking industries and are known as the Glass-Steagall Act. See Pub.L. No. 73-66, §§ 16, 20, 21, & 32, 48 Stat. 162 (1933). Demand for divorcing banking and securities activities followed in the wake of the stock market crash of 1929, which occurred, it was said, because a mountain of credit rested on only...
NEVER MISS A DECISION. START YOUR SUBSCRIPTION.
Uncompromising quality. Enduring impact.
Your support ensures a bright future for independent legal reporting.
As you are aware we have offered this as a free subscription over the past years and we have now made it a paid service.Look forward to your continued patronage.