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<p>[QUOTE=&quot;justafarmer, post: 1856810, member: 3926&quot;]By the time GBLA was passed banks</p><p><br /></p><p>&nbsp;</p><p>By the time GBLA was passed banks, utilizing a holding company structure, had the authority to deal in non-eligible securities for over 12 years. Although Solomon Smith Barney was a sub of Travelers the main issue with the 1998 merger with Citi was the insurance business concerns. The Bank Holding Company Act of 1956 prohibited banks from afiliating in the business of insurance underwriting.[/QUOTE]</p><p><br /></p>

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