Sandy Weill, The Godfather Of Glass Steagal's Destruction, Gives Watered Down Plan To Overhaul Financial System
I can't believe the Wall Street Journal would even print this story. To me, this article is so off base it appears to be driven by conflicts of interest, a desire to save his legacy, a lack of understanding of risk or some combination of the three. Years ago when the world was partying hard and we were expressing concern over our banking system, we linked to the PBS documentary highlighting the fall Glass Steagal. Citigroup, now a zombie bank and a major reason why the American people are holding trillions of dollars in future obligations to Wall Street's sham, was part of a cabal spending hundreds of millions of dollars lobbying Congress to overturn this Great Depression era law.
(Here's the link again if you want to toss your lunch.)
After 12 attempts in 25 years, Congress finally repeals Glass-Steagall, rewarding financial companies for more than 20 years and $300 million worth of lobbying efforts. Supporters hail the change as the long-overdue demise of a Depression-era relic...............
On Oct. 22, (1999) Weill and John Reed issue a statement congratulating Congress and President Clinton, including 19 administration officials and lawmakers by name. The House and Senate approve a final version of the bill on Nov. 4, and Clinton signs it into law later that month.
Just days after the administration (including the Treasury Department) agrees to support the repeal, Treasury Secretary Robert Rubin, the former co-chairman of a major Wall Street investment bank, Goldman Sachs, raises eyebrows by accepting a top job at Citigroup as Weill's chief lieutenant...............
After 12 attempts in 25 years, Congress finally repeals Glass-Steagall, rewarding financial companies for more than 20 years and $300 million worth of lobbying efforts. Supporters hail the change as the long-overdue demise of a Depression-era relic...............
On Oct. 22, (1999) Weill and John Reed issue a statement congratulating Congress and President Clinton, including 19 administration officials and lawmakers by name. The House and Senate approve a final version of the bill on Nov. 4, and Clinton signs it into law later that month.
Just days after the administration (including the Treasury Department) agrees to support the repeal, Treasury Secretary Robert Rubin, the former co-chairman of a major Wall Street investment bank, Goldman Sachs, raises eyebrows by accepting a top job at Citigroup as Weill's chief lieutenant...............
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