"Born in Providence, Rhode Island, Toomey was raised by working-class Catholic parents, and was one of six children. Through scholarships and work-study, he was able to attend La Salle Academy and later, Harvard University. After graduating from Harvard with a political science degree, Toomey was hired by Chemical Bank in 1984, where he was involved in currency swap transactions. In 1986, Toomey was hired by Morgan, Grenfell & Co., where he dealt in multiple foreign currencies, interest rates, and currency-related derivatives.<4> In 1991, Toomey resigned from the firm when it was acquired by Deutsche Bank in order to avoid the decreased flexibility and entrepreneurship that the acquisition would have caused.<4>"
"Since his first days as a freshman Congressman, Toomey has strongly advocated for deregulation of the financial services industry.<4> While serving on the House Banking Committee, Toomey, in 1999, helped write House Resolution 10, which led to the repeal of parts of the Depression-era Glass-Steagall Act.<4><5> The repeal of the Act, which had regulated the separation of banks and investment firms, allowed the creation of huge companies that combined banking and investment operations. Toomey commented, "I would like to see us continue to deregulate on many fronts, including the financial services industry."<4>"
http://en.wikipedia.org/wiki/Pat_ToomeyYep, he was instrumental in repealing the Glass-Steagall Act, which led to our current recession. Thanks, Pat. That was very helpful to the citizens of Pennsylvania and the whole country.