True, major commercial banks, like Citibank and Bank of America, tottered, but they were not at risk because of their securities underwriting for corporate clients or their securities-trading divisions, but because of how they (mis)handled mortgage securities. Mortgage lending, however, is a long-standing activity for commercial and savings banks, mostly unaffected by Glass-Steagall or its repeal.
诚然，花旗和美国银行等主要商业银行也遭受了重创，但原因并不是面向公司客户的证券承销和证券交易业务，而是它们（错误地）处理按揭证券的方式。然而，长期以来，按揭贷款是商业银行和储蓄银行的活动，格拉斯-斯蒂格尔法案的废除对该业务几乎没有影响。