Originally Posted by california rick
Today on Bob Brinker, Bob's fill-in host John Flannigan blamed the repeal of Glass-Seagull in 1999 on "Clinton and his buddies."

I wanted to reach thru my radio and grab that guy by the throat and make him admit there was a Republican Congress at the time.

Actually, it was a rather bipartisan effort, rick -- especially with Treasury Sec. Robert Rubin behind getting rid of it.:-)
Quote
So who did away with the Chinese Wall of safety that Glass-Stegall provided for two-thirds of a century? Republican Phil Gramm was the primary sponsor of the bill but almost every legislator voted in favor and then-President Clinton was only too happy to sign it. Within a month of the abolition of Glass-Stegall, then-Treasury Secretary Robert Rubin, the former co-chairman of Goldman Sachs, became Sandy Weill’s top lieutenant at Citigroup (C), the bank that led the charge into using depositors’ money to speculate on sub-prime mortgages, algorithmic trading, and six-sigma derivatives.
Yours,
Issodhos


"When all has been said that can be said, and all has been done that can be done, there will be poetry";-) -- Issodhos