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Financial Services Firms: Governance, Regulations, Valuations, Mergers, and Acquisitions, 3rd Edition by Zabihollah Rezaee

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Preface

Traditionally, customers have had their checking and savings accounts at a bank, their mortgage at the savings and loan association, their insurance services with insurance companies, and their investment activities with investing companies, mutual funds, and brokerage firms. This conventional model of providing and receiving financial services has disappeared in the years after the Gramm-Leach-Bliley Financial Services Modernization Act of 1999. The recent wave of consolidations in the financial services industry has resulted in fewer but bigger financial institutions, and they are often perceived as “too big to fail” (TBTF). The distinctions among financial services and products of banks, insurance companies, mutual funds, and brokerage firms are now becoming less noticeable. The principal focus of this book is on banks, but many issues discussed throughout all chapters are relevant for all firms in the financial services industry, such as mutual and hedge funds and investment and insurance companies. Although it is not the purpose or this book to evaluate the relative importance of factors that contributed to the 2007–2009 financial crisis, their consequences and regulatory responses are discussed. As this book was going through production, the Financial Crisis Inquiry Commission issued a report that suggests the 2007–2009 financial crisis could have been avoided and was caused by inadequate and ineffective regulations to ensure the safety and soundness of the financial ...

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