Mark Roe quoted in Rajan & Zingales (2003). Presented without comment:
“The U.S. financial system on the eve of World War I was primarily a much fragmented banking system. As Roe (1994) argues, this fragmentation has historically been the result of a populist fear of large financial institutions. In part, this fear was motivated by political rivalry between states and the fear that, if unchecked, New York would control the rest of the country through its strong banks” (p. 3).
Roe, M. J., (1994). Strong Managers, Weak Owners: The Political Roots of American Corporate
Finance. Princeton University Press, Princeton.