What was different about the operation of trusts and the operation of national/state banks?The banks were subject to regulation while the trusts could operate without much oversightNOT THIS ONE: The banks were managed by a board of advisors but trusts were managed by a board of trustees.Banks could lend money for purchasing securities while trusts had to limit their business to real estate and business loansBanks had enough assets to cover their liabilities, whereas trusts had too many liabilities

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