US election: a Wall Street cliffhanger
By Farah Khalique
The forthcoming US election is sharply dividing the country: are you a Hillary Clinton or a Donald Trump supporter? Democrat Hillary Clinton is an old hand when it comes to politics, having weathered her fair share of storms during her husband’s eight-year presidency and most recently as secretary of state. Republican billionaire business mogul Donald Trump is seen as something of an outspoken maverick who wants to “make America great again”. …But simply re-instating Glass-Steagall is “flatly impossible”, says Karen Petrou, co-founder and managing partner of think tank Federal Financial Analytics, because the world has changed so much since 1933. “Anything approximating a statutory separation of commercial and investment banking would be very significant in terms of the business model of [the] largest banks,” she says.