The Glass-Steagall Act will soon join the dodo bird. But forget the excitement about combining financial and nonfinancial firms. Washington is only lukewarm about the idea and likely to impose stringent limitations. Besides, Sears' purchase and subsequent spinoff of Dean Witter proved that people don't buy their stocks where they buy their socks.

For investors, the much more interesting question is: When banks, brokers, and insurers are completely free to combine, which will win?

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.