HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Main » General Discussion (Forum) » The Dark Age of Money: Mi... » Reply #21

Response to Uncle Joe (Reply #4)

Wed Oct 24, 2012, 03:50 PM

21. You are welcome, Uncle Joe! Didya see this about Sanford Weill?

A guy who got bounced* from his column at the LA Times reports:



For He’s a Jolly Good Scoundrel

By Robert Scheer
Posted on Apr 18, 2012

How evil is this? At a time when two-thirds of U.S. homeowners are drowning in mortgage debt and the American dream has crashed for tens of millions more, Sanford Weill, the banker most responsible for the nation’s economic collapse, has been elected to the American Academy of Arts & Sciences.

So much for the academy’s proclaimed “230-plus year history of recognizing some of the world’s most accomplished scholars, scientists, writers, artists, and civic, corporate, and philanthropic leaders.” George Washington, Ralph Waldo Emerson and Albert Einstein must be rolling in their graves at the news that Weill, “philanthropist and retired Citigroup Chairman,” has joined their ranks.

Weill is the Wall Street hustler who led the successful lobbying to reverse the Glass-Steagall law, which long had been a barrier between investment and commercial banks. That 1999 reversal permitted the merger of Travelers and Citibank, thereby creating Citigroup as the largest of the “too big to fail” banks eventually bailed out by taxpayers. Weill was instrumental in getting then-President Bill Clinton to sign off on the Republican-sponsored legislation that upended the sensible restraints on finance capital that had worked splendidly since the Great Depression.

Those restrictions were initially flouted when Weill, then CEO of Travelers, which contained a major investment banking division, decided to merge the company with Citibank, a commercial bank headed by John S. Reed. The merger had actually been arranged before the enabling legislation became law, and it was granted a temporary waiver by Alan Greenspan’s Federal Reserve. The night before the announcement of the merger, as Wall Street Journal reporter Monica Langley writes in her book “Tearing Down the Walls: How Sandy Weill Fought His Way to the Top of the Financial World ... and Then Nearly Lost It All,” a buoyant Weill suggested to Reed, “We should call Clinton.” On a Sunday night Weill had no trouble getting through to the president and informed him of the merger, which violated existing law. After hanging up, Weill boasted to Reed, “We just made the president of the United States an insider.”

CONTINUED...

http://www.truthdig.com/report/item/for_hes_a_jolly_good_swindler_20120418/



Just-us.

* and replaced by Jonah Goldberg, of all people.

Reply to this post

Back to OP Alert abuse Link to post in-thread

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 44 replies Author Time Post
Octafish Oct 2012 OP
byeya Oct 2012 #1
Octafish Oct 2012 #2
byeya Oct 2012 #9
NYC Liberal Oct 2012 #14
Starry Messenger Oct 2012 #3
Octafish Oct 2012 #13
HiPointDem Oct 2012 #23
Starry Messenger Oct 2012 #25
HiPointDem Oct 2012 #38
Uncle Joe Oct 2012 #4
LineLineReply You are welcome, Uncle Joe! Didya see this about Sanford Weill?
Octafish Oct 2012 #21
Uncle Joe Oct 2012 #22
Octafish Oct 2012 #24
GeorgeGist Oct 2012 #5
Octafish Oct 2012 #31
Blue_Tires Oct 2012 #6
Octafish Oct 2012 #41
Stainless Oct 2012 #7
Octafish Oct 2012 #42
JackN415 Oct 2012 #8
Octafish Oct 2012 #43
HiPointDem Oct 2012 #10
byeya Oct 2012 #11
Egalitarian Thug Oct 2012 #15
Selatius Oct 2012 #28
Egalitarian Thug Oct 2012 #12
hifiguy Oct 2012 #16
librechik Oct 2012 #17
byeya Oct 2012 #20
bobthedrummer Oct 2012 #18
Initech Oct 2012 #19
WinkyDink Oct 2012 #26
laundry_queen Oct 2012 #27
byeya Oct 2012 #39
socialist_n_TN Oct 2012 #29
byeya Oct 2012 #40
AntiFascist Oct 2012 #30
hifiguy Oct 2012 #34
Bozita Oct 2012 #32
woo me with science Oct 2012 #33
tex-wyo-dem Oct 2012 #35
Kurovski Oct 2012 #36
HCE SuiGeneris Oct 2012 #37
Ron O Nov 2012 #44
Please login to view edit histories.