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Posted by: Radiofreeeuropa 12 months ago

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Radiofreeeuropa12 months ago

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On Phil Gramm
"In 1999, as chair of the Senate Banking Committee, he had the power to implement some of his cockamamie dogmas. First, he pushed through a bill to dissolve the 1933 Glass-Steagall Act, a New Deal reform that prohibited banks, investment houses, and insurance companies from combining into one corporation. By keeping these components of our financial system separate, Glass-Steagall made sure that the crash of one of them would not bring down the other two. But a number of Wall Street banks, led by what would become Citigroup, saw a profit windfall for themselves if only they could scuttle the old law and merge banking, investment, and insurance into huge financial conglomerates. The senator was their ideological soul mate, and he was delighted to rig the system for them."

Anyone see the news about Citigroup today??
50,000 jobs axed.

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  italymeetsdixie12 months ago
  
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  I heard this morning on one of the big MSM's, I watched four, so am unsure which one I heard it from, that Citigroup execs are still keeping their bonuses this year, even with the massive layoff, stock price fall, and receipt of government funds. Shameful. Absolutely shameful.
  
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