The Market Sector

Taking a look at business in the 21st century.

FAIL: Repeal Of The Glass-Steagall Act

We should all stop for a moment and give thanks to the people who caused the financial meltdown of the 21st century. The Gramm–Leach–Bliley Act (GLB), also known as the Financial Services Modernization Act of 1999, was enacted November 12, [...]

PFGBest Scandal Breaks After 20-Year Fraud

The PFGBest (Peregrine Financial Group) scandal breaks out and CEO Russell Wasendorf, Sr. has been arrested. Wasendorf attempted suicide and he did leave a suicide note. In the note he states that “the forgeries started nearly twenty years ago.” Federal regulators have almost completely shut down [...]

When Kennedy Stood Up To Wall Street

In 1962, President John F. Kennedy stood up to Wall Street in a big way. Kennedy denounced the steel industry for raising prices on steel. His action followed a deal — a contract with the United Steelworkers and big steel. The initial agreement [...]