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我给你讲: 华尔街在1929年大萧条前允许BANK 做 BOTH RETAIL BANKING AND INVESTMENT BANKING,

using customer 's cash to specualte on the market and eventually regulation made a new rule, that bank can be either investment banking or retailing banking. JPMORGAN was one of the top bank. JPMorgan split into two, today's JP morgan is retail banking, Morgan stanley is investment division. In 1990's the rule changed again, the banks can run both investment and retail banking again.
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