During the 70’s and 80’s the relaxing of regulating guidelines on things such as caps on interest rates, regulations of pension funds, the Depository Institutions Deregulation and Monetary Control Act, led to more risky business behavior throughout the banking industry. Finally, through lobbying efforts, the industry successfully repealed the Glass-Steagall Act which had be put in place as protection from industry behavior that led to the market crash that occurred during the Great Depression (Wright, pg. 195)”. However, by the early 2000’s the American tax payer had been positioned once again, to become unwilling participants in a carefully orchestrated scheme. The banks purposefully and willfully engaged in behavior that would be considered
