Financial Services Modernization Act of 1999

Risk Anatomy™

There are six types of known.

The Rumsfeld three:

Unknown knowns: Things you don’t know you do know.
Not officially known: Things you know but the general public can’t prove.
Knowable unknowns: Things you don’t know, but think you do know, for the time being, because computers.

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Known to some as the Gramm-Leach-Bliley Act, the Financial Services Modernization Act of 1999, signed into law by Bill Clinton, was the point at which the Glass-Steagall Act died and lessons of the great crash of 1929 became unknown knowns which needed to be re-learned out of whole cloth; a process which took only eight years.

See also