The Bankers is the 1975 book by the economist-writer Martin Mayer

Martin Mayer (writer)

Martin Prager Mayer is the writer of 35 non-fiction books, including Madison Avenue, U.S.A. , The Schools , The Lawyers , About Television , The Bankers , The Builders , Risky Business: The Collapse of Lloyd's of London , The Bankers: The Next Generation , The Fed...

 that describes the industry just at the cusp

Cusp

Cusp may refer to:*Beach cusps, a pointed and regular arc pattern of the shoreline at the beach*Behavioral cusp an important behavior change with far reaching consequences*Cusp catastrophe...

 of deregulation. At the time, banks had just been released from the interest rate ceilings of Regulation Q

Regulation Q

Regulation Q is Title 12, part 217 of the United States Code of Federal Regulations. It prohibits banks from paying interest on demand deposits in accordance with Section 11 of the Glass–Steagall Act ....

 imposed by the Fed

FED

The Fed is the informal name of the Federal Reserve System, the central bank of the United States.Fed or FED may also refer to:...

. Also, NOW (or negotiable

Negotiable Order of Withdrawal account

In the United States, a Negotiable Order of Withdrawal account is a deposit account that pays interest, on which checks may be written....

 orders of withdrawal) accounts allowed checkable deposits to earn interest. This period, the mid to late 1970s saw an explosion of financial markets innovation with money market

Money market

The money market is a component of the financial markets for assets involved in short-term borrowing and lending with original maturities of one year or shorter time frames. Trading in the money markets involves Treasury bills, commercial paper, bankers' acceptances, certificates of deposit,...

 mutual fund

Mutual fund

A mutual fund is a professionally managed type of collective investment scheme that pools money from many investors to buy stocks, bonds, short-term money market instruments, and/or other securities.- Overview :...

 accounts, call and put options

Option (finance)

In finance, an option is a derivative financial instrument that specifies a contract between two parties for a future transaction on an asset at a reference price. The buyer of the option gains the right, but not the obligation, to engage in that transaction, while the seller incurs the...

 traded first over the counter

Over-the-counter (finance)

Within the derivatives markets, many products are traded through exchanges. An exchange has the benefit of facilitating liquidity and also mitigates all credit risk concerning the default of a member of the exchange. Products traded on the exchange must be well standardised to transparent trading....

 then on listed exchange

Stock exchange

A stock exchange is an entity that provides services for stock brokers and traders to trade stocks, bonds, and other securities. Stock exchanges also provide facilities for issue and redemption of securities and other financial instruments, and capital events including the payment of income and...

s and finally bank deregulation as failed banks were taken over by out of state banks.

See also

• The Invisible Bankers: Everything the Insurance Industry Never Wanted You to Know
  The Invisible Bankers: Everything the Insurance Industry Never Wanted You to Know
  Invisible Bankers: Everything the Insurance Industry Never Wanted You to Know is a 1982 book on the insurance industry. It was written by financial journalist Andrew Tobias who became famous for his earlier book The Only Investment Guide You'll Ever Need. It covers the financial details of life,...
  
  (book)