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Politics : View from the Center and Left

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To: epicure who wrote (105173)	2/28/2009 7:56:23 PM
From: greenspirit	Read Replies (2) of 540835

Exhibit 3: Citigroup: Don't believe me, believe the liberal Nation Magazine. thenation.com Citigroup is a monstrosity created in its current state wholly by the Democrats, not right-wing Republicans, just as the original financial deregulation enacted in 1980 was achieved by a Democratic President and Democratic Congress, not Reaganites. That legislation abolished interest-rate controls and decriminalized usury (for an example of legalized usury, check the interest charges on your credit card). The 1998 legislation that created all-purpose megabanks was achieved by Bill Clinton, but with advanced regulatory approval from Fed Chairman Alan Greenspan. Treasury Secretary Robert Rubin--author of Clinton's finance-friendly economic policy--then returned to New York to chair Citi's executive committee. When the Enron fiasco broke in 2001, it was Rubin who phoned a Treasury official to suggest the government come to Enron's rescue. The Bush Administration wisely kept its distance.

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