The Vampire Squid Strikes Again: The Mega Banks' Most Devious Scam Yet

Big Banks Most Devious Scam Yet
An employee retrieves beams of steel at Industrial Metal Supply Co.'s warehouse in San Diego, California, U.S., on Thursday, Jan. 24, 2013. Industrial Metal Supply Co. is an aluminum, steel and sheet metal supplier serving businesses and retail custmers. Photographer: Sam Hodgson/Bloomberg via Getty Images
An employee retrieves beams of steel at Industrial Metal Supply Co.'s warehouse in San Diego, California, U.S., on Thursday, Jan. 24, 2013. Industrial Metal Supply Co. is an aluminum, steel and sheet metal supplier serving businesses and retail custmers. Photographer: Sam Hodgson/Bloomberg via Getty Images

Call it the loophole that destroyed the world. It's 1999, the tail end of the Clinton years. While the rest of America obsesses over Monica Lewinsky, Columbine and Mark McGwire's biceps, Congress is feverishly crafting what could yet prove to be one of the most transformative laws in the history of our economy – a law that would make possible a broader concentration of financial and industrial power than we've seen in more than a century.

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