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Pastimes : Where the GIT's are going -- Ignore unavailable to you. Want to Upgrade?

To: Augustus Gloop who wrote (170565)	12/2/2008 5:21:02 PM
From: SmoothSail	Respond to of 225578

What I meant was to be there for him if he needs to talk, etc. It can feel pretty lonesome when you're facing monumental problems like he has. As for Citicorp - back in the waning days of Clinton's presidency, Sandy Weill, CEO of Citi now and CEO of Travelers then, was instrumental in getting Clinton rescind the Glass-Steagall Act, which was enacted following the Great Depression and which forbade banks to merge with insurance underwriters. This allowed the merger between Citicorp and Travelers Group, which in turn enabled Travelers to market mutual funds and insurance to Citicorp's retail customers while giving the banking divisions access to an expanded client base of investors and insurance buyers. This opened the door to combining a wide variety of financial services including commercial banking, investment banking, insurance underwriting and brokerage services - and finally allowed all the abuses for which we are now suffering.