This behaviour was exacerbated and perhaps driven by dominant
personalities, commonly CEOs, looking for and expecting acceptance of their ideas without
question. Hence, investment took place without rigorous challenge. While it was thought that
the securitised credit intermediation would reduce risks for the banks by passing risks to
investors it was discovered that when the crisis struck the majority of the holdings were on
the books of highly leveraged banks. As a consequence several commentators have argued
that regulation should be designed to produce a separation of “narrow banking” from risky
investment bank trading activities, a reimposition of the Glass-Steagall separation of commercial
and investment banking.