Undue Influence – How the Wall Street Elite Puts the Financial System at Risk : [PDF Download]

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“Looking the other way as far as the antitrust laws were concerned gave Wall Street some heart. The problem was that deteriorating economic conditions effectively put a damper on new deals since investor interest had evaporated since late 1929.

But even in 1933, Wall Street was not convinced that the country was in the midst of a severe depression. As far as it was concerned, the new laws were the problem. Underwriting of new securities, always a risk for the investment banks involved, was still a sore point.

A spokesman for the IBA noted: “Under the new Glass Banking Act banks may no longer act as underwriters or distributors of such securities, and the question is still: How could the general business of the country procure the necessary investment funds from the public?

This question awaits an answer under this act.”46 As far as the IBA was concerned, removing the large commercial banks from the underwriting equation meant that there was not enough capital among the smaller securities dealers to support corporate America.

Perhaps the new codes from the NIRA would help settle the problem. The ambiguity gave Wall Street some heart.”

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