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There is no evidence that pre-Glass–Steagall banks’ securities activities led to more bank failures than among their specialized peers.

Share: Does crime pay? Wall Street Crime and Punishment is a weekly series by Benzinga's Phil Hall that chronicles the bankers, brokers and financial ne’er-do-wells whose ambition and greed takes them in the wrong direction. In the annals of Wall Street miscreancy, few titans of business have experienced a more celebrated rise and ignominious crash than Richard Whitney. In October 1929, he was praised for an act of unprecedented bravery that singlehandedly halted an epic panic — but nine years later, he was sitting in a cell in Sing Sing after being convicted of embezzlement. How did Whi...

Share: Does crime pay? Wall Street Crime and Punishment is a weekly series by Benzinga's Phil Hall that chronicles the bankers, brokers and financial ne’er-do-wells whose ambition and greed takes them in the wrong direction. Joseph P. Kennedy was one of the most controversial figures in business and politics during the first part of the 20th century. Most people today might recognize him as the patriarch of the dynasty that had a profound impact on government, but the methods that he used to build his business empire deserve attention for this series. An Outsider Standing Out: Kennedy was b...