By DataAnalytics - (Video via Bill Moyers Show)
“There’s no clearer example of the collusion between government
and finance than the deal that created Citigroup in the first place.”
Bill Moyers talks with former Citigroup Chairman John Reed to explore
how the mid-90’s merger of Citicorp and Travelers Group – and a friendly
Presidential pen (one Bill Clinton), brought down the Glass-Steagall Act.
While there were many people of power and influence involved, there
were three main players who were key in enabling the death of Glass-Steagall
were Fed Chairman, Alan Greenspan, Republican Senator, Phil Gramm
and Democratic Secretary of the Treasury, Robert Rubin.
(who was also former co-chair of Goldman Sachs)
All were heavily ‘pressed’ (and probably compensated) by Sandy Weill, head of
the investment bank and insurance company Travelers Group.
(Travelers merged with Citibank to form Citigroup)
In the prior weeks leading up to the repeal of Glass-Steagall, Rubin resigned his
government post to join Citigroup’s board, the very financial giant made possible
by the subsequent Glass-Steagall Act’s elimination.
While the darling of the media and the left-wing, former president Bill Clinton,
willingly and knowingly signed the bill eliminating Glass-Steagall. On the
April 1998 night before the signing, Weill stated:
“The President (Clinton) was in fact told last evening about what was going to happen.”
So, those who think or refuse to believe that Clinton was unaware or had no part
in the what was to be the creation of “Too Big to Fail” are dead wrong or just plain ignorant.
Among the legislation’s many detractors, was Senator, Byron Dorgan.
“We are with this piece of legislation moving towards greater risk.
We are almost certainly moving towards substantial new concentration
and mergers in the financial services industry, that is almost certainly not
in the interest of consumers.”
Senator Dorgan stated that in ten years we will look back and regret what was
enacted and sure enough in 2008, exactly ten years later, he was dead-on right.
What is without a doubt most apparent, is the full cooperation and collusion between
major players in BOTH political parties. As we have been stating for years, the majority of Republicans and Democrats are corrupt, deceitful and only looking to advance their
careers and fatten their wallets on the backs of the American tax paying public.
It’s time to start voting for alternative parties, period.