| inbluevt | Date: Thursday, 2013/07/11, 12:56 PM | Message # 1 | DMCA |
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Elizabeth Warren is making good on her promise to scare the living bejeezus out of Wall Street. Today, she'll introduce a bill to reenact Glass-Steagall.
Glass-Steagall is the 1933 law that separated commercial and investment banking. Back in 1999 it was repealed by the Gramm-Leach-Bilely Act at the urging of Wall Street heavyweights like then-Citi CEO Sandy Weill.
Then the financial crisis happened. Most banks failed, those that didn't swallowed the failures and became massive.After all that, Sandy Weill said he was wrong on national television.
Elizabeth Warren was sent to the Senate for being a crusader against Wall Street excess. For many, this is one massive way to do that. Arizona Republican John McCain (no slouch), Washington Democrat Maria
Cantwell and Maine Independent Angue King are co-sponsoring the bill.
Read more: http://www.businessinsider.com/warren-....lEW47mg
Message edited by inbluevt - Thursday, 2013/07/11, 12:57 PM |
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