Robert Scheer: The Man Who Shattered Our Economy

[Stoic]

I'll never forgive Bill Clinton for not vetoing this. He proved to be a NEW kind of Democrat: one who is in the pocket of the Kleptocracy. His defense of Obama for the latter's colluding with the repukes over the tax debacle is part and parcel with the corruption of the Democratic Party. I have been a loyal Democrat all my life. I'm ashamed.

Truthout

Thanks to legislation that Weill got President Clinton to sign off on, Citigroup was allowed to become too big to fail, and when fail it did, the taxpayers had to bail the humungous bank out—to the tune of $50 billion in a direct subsidy and $306 billion more for the housing mortgage-backed securities Citigroup was holding. The Treasury still owns a good chunk of Citigroup common stock, now trading at a paltry four dollars and change per share. However, like all of the other top dogs involved in this scandal, Weill has emerged from a housing crisis that has impoverished tens of millions of Americans with his own personal fortune intact. Indeed, as evidenced by his vineyard purchase, he has quite a bit of money to throw around.

[xchrom]

1. recommend

[snappyturtle]

2. K&R This is the second time I have read this article and it still angers me.

From the article: Bill Clinton's statement:

"Today what we are doing is modernizing the financial services industry, tearing down those antiquated laws and granting banks significant new authority." Clinton then handed Weill a pen he used in signing the bill, and that pen ended up framed on the wall at the CEO's office near a plaque that paid tribute to Weill as "The Man Who Shattered Glass-Steagall."

IMHO the banks used that new autority to stomp on unsuspecting bank customers and then reaped the wealth.