Former Chairman of Citigroup: Restore Glass-Steagall

The former chairman of Citigroup, John S. Reed, wrote a letter to the editor of the New York Times calling for a reinstatement of Glass-Steagall:

As another older banker and one who has experienced both the pre- and post-Glass-Steagall world, I would agree with Paul A. Volcker (and also Mervyn King, governor of the Bank of England) that some kind of separation between institutions that deal primarily in the capital markets and those involved in more traditional deposit-taking and working-capital finance makes sense.

But for Barney Frank, Tim Geithner and the rest of the boys, it is business as usual.

Hat tip Barry Ritholtz.

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  • http://Anonymousnoreply@blogger.com Anonymous

    All this presumes the laws of this country mean something.I am reminded of the immigration laws, the laws against too many things that are unenforced, and, many more that are only selectively enforced -for every bad reason ever considered.And the queazy rememberance of all this -makes me sick.Is someone really still pinning some faint hope on the law?You can count on one thing in this world, -human nature.The law doesn't mean jack shit against human nature.

  • http://www.blogger.com/profile/15487885623049116291 Lori

    Barney and Dodd are in bed with them too bad clinton let glass steagall go and too bad democrats brought back usury the protesters in Chicago should be protesting the democrats!http://www.youtube.com/watch?v=01HJA5dinQI

  • http://Anonymousnoreply@blogger.com Anonymous

    …and you have cited that "but there was also a religion of deregulation", and that that in your opinion was the cause of the fall of the us empire.You're calling yourself Washington? And in truth you are pro-regulation? You want the government to suffocate everything with their regulation and bureaucracy?how disgusting…

  • http://Anonymousnoreply@blogger.com Anonymous

    …and you have cited that "but there was also a religion of deregulation", and that that in your opinion was the cause of the fall of the us empire.You're calling yourself Washington? And in truth you are pro-regulation? You want the government to suffocate everything with their regulation and bureaucracy?how disgusting…

  • http://Anonymousnoreply@blogger.com Anonymous

    HEY LORI, IT WAS REPUB MAJORITY THAT PUT THE BILL THROUGH, ARE YOU FORGETTING……..SEN "AMERICAN WHINERS" GRAHAM……….MCCAIN ECON ADVISOR………..THE 2 PARTIES ARE DIVIDING EVERYONE, WITH YOU HELPING BY TOWING THE DIVISIVE LINE………DIVIDED AND CONQUER………AND DIVIDED WE FALL…..PARTISANS ARE STOPPING ANY REFORM

  • http://Anonymousnoreply@blogger.com Anonymous

    Little late on that one John. The damage is already done. Mission accomplished

 

 

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