The argument of the 1930’s was cast less in terms of banks that were “too big to fail” than as a response to the faulty advice that banks had offered their clients. Investment banks had sold shares and bonds (especially for foreign corporations and governments) to their retail customers, offloaded their own risk, and created a large revenue stream of fees for themselves.
当年主张分业经营的理由与今日不同，不是要拆分某些“大到不能倒”的银行，而是要防止银行蒙骗客户。当时的投行经常搞的一个勾当是，把自己承销的（尤其是外国企业和政府所发行的）股票和债券卖给自己的零售客户，从而转嫁风险，并赚取高额佣金。