44 Emory L. J. 1187 (1995)
Commercial Banking-Related Activities of Investment Banks and Other Non-Banks, The; Eaton, David M.

handle is hein.journals/emlj44 and id is 1197 raw text is: THE COMMERCIAL BANKING-RELATED ACTIVITIES
OF INVESTMENT BANKS AND OTHER NONBANKS
TABLE OF CONTENTS
I.  INTRODUCTION  ..................................   1187
II.  HISTORICAL  OVERVIEW  ...........................  1191
III. SECURITIES-RELATED  ACTIVITIES   OF  COMMERCIAL
B ANKS  ..........................................  1196
A.   Brokerage Activities ........................  1196
B.   Underwriting and Dealing in Securities ........  1198
C.   Own-account Investments ....................  1199
D.   Mutual Funds ............................     1200
IV. INVESTMENT    BANK    FORAYS   INTO   TRADITIONAL
COMMERCIAL BANKING FUNCTIONS .................     1200
A.   Deposit Equivalents ........................  1201
1.  The Single Thrift and the Nonbank Subsidiary
Exceptions  ...........................    1202
2.  Financial Supermarkets .................   1205
3.  Nonfinancial Financial Supermarkets ......  1207
B.   Loan  Equivalents  .........................  1210
V. THE    SO-CALLED   COMPETITIVE    ADVANTAGES    OF
COMMERCIAL  BANKS ..............................   1214
VI. THE KNOWING REFORM ..........................       1220
I. INTRODUCTION
The laws regulating the division of power and responsibility among
American financial institutions are not highly dynamic. The businesses
they propose to govern are. Particularly with regard to the separation of
commercial and investment banking, even the most cursory survey of ma-
jor dailies shows the volatility of this area.' Recent concerns regarding
I See, e.g., Two Big Banks Seek Stock Role, N.Y. TIMES, Oct. 18, 1993, at D2 (Two more
leading banking companies are asking Federal regulators for permission to underwrite and sell
stocks .... The Chemical Banking Corporation and the Chase Manhattan Corporation are seeking
to join seven other bank companies that have been granted such permission.); NationsBank 1st in
Southeast to Get Approval to Underwrite Securities, ATLANTA J. CONST., July 27, 1993, at E4

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