This book investigates the systemic risks posed by large financial institutions and argues for the reinstatement of the Glass-Steagall Act to separate commercial and investment banking. Arthur E. Wilmarth, Jr., a professor of law with extensive expertise in financial regulation, utilizes historical analysis and legal research to demonstrate how the repeal of banking regulations contributed to the 2008 financial crisis. The author presents a framework for structural reform, asserting that the current 'megabank' model creates dangerous conflicts of interest and necessitates taxpayer-funded bailouts.

Experts and legal scholars frequently cite this work as a rigorous, data-driven analysis of American financial history and regulatory policy. Readers often note the academic density of the prose, which provides a thorough examination of the legislative evolution of the banking sector.