Reply #2: Remember when Summers told Citi & NBNA they could ignore the Glass Steagall act? [View All]

[Leopolds Ghost]

So long as they changed their corporate name from "bank" to "banc"?

This allowed banks to begin buying up other financial institutions
illegally, a year BEFORE the Gramm Deregulation Act got passed --

with the full support of the Clinton Administration.

Clinton's folks at Justice publically said there would be
no prosecution because the Glass Steagall Act (a cornerstone
of New Deal anti-trust and banking reform) was about to be
repealed by Summers' ally in the senate, Gramm.

Shades of FISA anyone?

That is the crime that made those banks the powerhouses they are
today -- big enough to avoid prosecution or disclosure of their
own toxic mortgage-backed assets.

Billions of dollars in illegal acts explicitly
condoned in public by Rubin, Summers, and Clinton.

Of course Bush was even further to the right.

Notice how Dems quoted in the article say we can't go on record
saying this is illegal because it would undermine the financial
stability of recently bailed out firms?

There are not gradations of "unacceptable" when it
comes to right-wing "centrism" and the crimes publically
rendorsed by "centrists" here on DU.