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Merger/acquisition of Bank

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Complete 10 page APA formatted essay: Finance topic: Merger/acquisition of Bank One by Chase.The situation in the industry is best described by Philip Mattera (2003) in his article, The Free-for-All in Financial Services: An Overview of The Banking Industry when he said: “Once the epitome of security and stability, the U.S. banking industry has undergone a remarkable transformation over the past three decades.It has faced a series of crises but managed not to fall into the abyss. It succeeded in shattering federal regulations that limited its activities, opening the way for banks to morph into financial supermarkets. The big bank holding companies have been gobbling up their rivals at an amazing rate, while trying to deflect criticism of their policies in poor communities.”The same author observed the disappearance of the safe and comfortable life of banks in the 1970s, with events such as the collapse of Franklin National Bank and the growing realization that third world countries might not be able to make good on the huge volume of bank loans that had been bestowed on them by their first world benefactors. He noted too that the 1980s saw the virtual meltdown of the savings and loan industry and of numerous commercial banks that had gone overboard in their real estate and energy lending. He attributed the huge bailout launched by the administration of Bush I which could saved the day while rewarding many of those wheeler dealers who had caused the problems in the first place under the banking industry.The author however added: “Once the crisis atmosphere was lifted, the banking industry moved full speed ahead in its quest for the holy grail: the abolition of federal regulations barring banks from entering the securities business. This rule, embodied in the Glass-Steagall Act of 1933, was not an arbitrary exercise of government power. It was an attempt to restore stability to the financial world after the 1929 stock market crash–the culmination of a speculative boom fuelled in


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