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Steven Pearlstein: Shattering the Glass-Steagall myth - The Washington Post
Keywords:
Glass Steagall, the "Citigroup Authorization Act," and Sanford Weill
01/15/2009
Sanford Weill pushed hard for repeal of the Glass Steagall Act, so much so that the legislation to repeal it was called the Citigroup Authorization Act. Weill said in July 2012 that the times had changed and he regretted repeal of Glass Steagall. He called for a breakup of the biggest banks because the experience of the housing bubble and the financial crisis had proved that this posed too many risks.
Grouped Articles
Weâre All Still Hostages to the Big Banks
New York Times 08/25/2013
New York Times 04/10/2009
Wall Street Journal 07/15/2014
Big-Bank Pioneer Now Seeks Breakup
Wall Street Journal 07/25/2012
Sandy Weill Regrets Breaking Glass
Wall Street Journal 07/26/2012
Weill Calls for Splitting Up Big Banks
New York Times 07/25/2012
The Glass-Steagall Act, its repeal and "too big to fail" in 2011-2014
04/10/2009
Grouped Articles
Weâre All Still Hostages to the Big Banks
New York Times 08/25/2013
Soothing Words on 'Too Big to Fail' But With Little Meaning
New York Times 12/11/2013
New York Times 04/10/2009
Big-Bank Pioneer Now Seeks Breakup
Wall Street Journal 07/25/2012
Sandy Weill Regrets Breaking Glass
Wall Street Journal 07/26/2012
Weill Calls for Splitting Up Big Banks
New York Times 07/25/2012
Letters to the Editors of the Wall Street Journal on the trading losses at JP Morgan Chase, the Volcker Rule and Glass-Steagall repeal
04/10/2009
Losses at Societe Generale by a single trader with losses over $7 billion in 2010, followed by a novice traders loss of $2 billion at UBS in 2011, and the ongoing loss at Chase of $2 billion in 2012, point to the dangers facing the banking systems in Europe and the U.S. without adequate regulatory oversight over risktaking by banks.
Grouped Articles
Volcker Rule to Curb Bank Trading Proves Hard to Write
Wall Street Journal 09/10/2013
The Volcker Rule on Bank Risks Approaches Its Final Edits
New York Times 12/03/2013
New York Times 04/10/2009
The Lessons of JPMorgan's Trading Loss
New York Times 05/14/2012
Hedge or Bet? Parsing the J.P. Morgan Trade
Wall Street Journal 05/16/2012
Wall Street Journal 05/18/2012
The perverse effects of lobbying in damaging the public interest.
04/10/2009
Finance industry lobbying, with $300 million alone spent to repeal the Glass Steagall Act which kept banks from getting involved in the securties business, is having the effect of making changes without the due diligence and care necessary for changing legislation that had deep reason embedded in experience during the Great Depression. Citigroup's failure is a result of its involvement in the securities business, and it was a principal backer for the repeal. Similar situation is playing out in the U.S. health-care area which has overtaken the finance industry in money spent for lobbying. Lobbying of this magnitude is having distortional effects on national priorities on necessary regulation, and on creating sustainable economical systems for health care in health care laws.
Grouped Articles
Banks' Lobbyists Help in Drafting Financial Bills
New York Times 05/23/2013
New York Times 04/10/2009
Finance Lobby Cut Spending as Feds Targeted Wall Street
Wall Street Journal 07/02/2009
New York Times 07/20/2009
New York Times 07/20/2009
Doctors' Payments Snag Health Bill
Wall Street Journal 07/20/2009
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