1999: The Gramm-Leach-Bliley Act, or the "Financial Services Modernization Act," is signed into law by Pres. Bill Clinton — essentially repealing the Glass-Steagall Act of 1933, which banned banks from the brokerage business. From now on, banking, insurance and brokerage can all be conducted under one giant roof. The lawmakers believe this will help consumers. Let's hope they turn out to be right for once.

1901: J.P. Morgan and James J. Hill form the Northern Securities Co. to hold the stock of the Northern Pacific and Great Northern railways–one of the high-water marks of the monopolistic Robber Baron era. Within four years, the U.S. Supreme Court will declare Northern Securities in violation of the Sherman Antitrust Act, and the company will be broken up.

Jean Strouse, Morgan: American Financier (New York: Random House, 1999), pp. 431, 533-535.