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  • jeyebolt2003 jeyebolt2003 Nov 9, 2011 4:29 PM Flag

    My Rants about the Glass Steagall Act

    That was gutted in 1999 that Clinton signed,but pushed by Republicans. Well some go along with me now.

    The repeal of Glass-Steagall of course happened in 1999 when Republican senators Phil Gramm (who incidentally received $4.6 million in contributions from the finance, insurance, and real estate -- or FIRE -- sector over the '90s) and Jim Leach introduced the euphemistic Financial Services Modernization Act, which removed the wall between commercial and investment banks, and also allowed them to also merge with or acquire securities firms and insurance companies.
    Among the financial firms that lobbied Congress extra hard to pass this bill was Citi. Led then by John Reed and Sandy Weill, Citicorp had merged with insurance company Traverlers to form Citigroup, the world’s largest financial services firm. But the merger was illegal under Glass-Steagall rules, so Reed and Weill launched an aggressive lobbying campaign to get the law repealed (in 1997-98, the banking, insurance, and brokerage industries spent some $300 million on the issue, the New York Times' Dealbook notes). And Gingrich was a strong advocate of killing the law -- he “scurried through the afternoon to line up the necessary votes” in a failed attempt in 1998.

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