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Former Citi CEO: ‘I’m Sorry’
Words you don’t hear every day from a banker: “I’m sorry,” said John S. Reed, who served as the CEO of Citigroup when it was created in 1998, for his role in building the financial behemoth. “These are people I love and care about. You could imagine emotionally it’s not easy to see what’s happened.” Asked what he would do to fix the financial sector, Reed said “I would compartmentalize the industry for the same reason you compartmentalize a ship. If you have a leak, the leak doesn’t spread and sink the whole vessel. So generally speaking you’d have consumer banking separate from trading bonds and equity.” Reed also said lawmakers were wrong to overturn the Glass-Steagall Act in 1999, a move that he supported at the time.
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"Reed also said lawmakers were wrong to overturn the Glass-Steagall Act in 1999, a move that he supported at the time."
Thank the Republican congress for passing the repealing bill.
and Bill Clinton because he did NOT Veto the bill.
And thanks to Barney Frank for making sure that we had a sub-prime mortgage "in every pot". Wish he'd just been happy with a chicken!
This was not one Clinton's best moments. One wonders if Ken Starr and Whitewater had not bogged him down, would this have happened?
No, you can thank Alan Greenspan, Bob Rubin and Arthur Levitt for refusing to listen to Brooksley Born at the Commodities FuturesTrading Commission who was beating the drum for regulating derevatives. She only had 20 years of experience with derivatives, but the above geniuses did not want to regulate derivatives becuase they felt it might allow other financial markets to come up with more "creative" products that would surpass Wall Street. Greenspan has admitted that 'my view of the workd was wrong."
The Glass-Steagall act was eroded over time since Regan pointed Greenspan... by the time that Clinton signed the bill killing Glass-Steagall in 1999, the move was merely symbolic:
http://www.pbs.org/wgbh/pages/frontline/shows/wallstreet/weill/demise.ht ml
I find it ironic that Greenspan bailed just before the economy tipped over the edge... akin to a brick on the accelerator petal while you bail out.
On the link... there is a space on the end in... html... ditch the space to make the link work... sorry
Whole-heartedly agree with you!! Well put.
The TRUTH will set you "FREE" . I knew it,and I been writing about Bubba lately, and what he did to America while monica was giving him his blow job, he was screwing America with NAFTA and DEREGULATION like I said and been saying,he did his part in the New Global Order and is part of the freemason secret society agenda,there in both partys ....!
"NOW" when are they going to put it back in place so we can stop the screwing of american citizens and there retirement 401k that was designed to get americans to put there money in the hands of GAMBLERS.
President Obama there it is, WHAT ARE YOU GOING TO DO its in your lap,Mr.Reed just gave you a present, is Timmy the boy wonder of finance going to work to put it back in place, This is disgraceful what he admitted ,But he manned up to his "SIN" and confessed it to america, I give the man credit ,none of they other "SLUGS" will admit it.........! THIS IS A WAKE UP CALL to you President Obama he gave you a opening to fix this theft and make it right..............!
nice post
Thank you.
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