There was a lot of money thrown around Washington in the 1990's to make this happen, and the effort was shephered by a number of prominent financiers, regulators and politicians. Prominent among them are Phil Gramm, Alan Greenspan, Robert Rubin, Larry Summers, and Sandy Weill. And of course a willing President in Bill Clinton.
And the sad, sad truth is that nothing has really changed. The Banks were able to seriously weaken, if not cripple, the Dodd-Frank financial reform bill with a generous application of money and influece.
The people of the US need to find and elect an honest and effective President, and a Congress with a conscience and some balls to serve the public. Let's see, Mitt Romney or Barack Obama...
Oops, there's the problem. Time for Plan B? Or should I say Plan P?
Maybe voting all of the non-Progressive incumbents out of the Congress would be a way to send a message.
Byron Dorgan on Making Banks Play by the Rules
See also Mr. Weill Goes to Washington: The Long Demise of Glass-Steagall
