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Politics : Liberalism: Do You Agree We've Had Enough of It? -- Ignore unavailable to you. Want to Upgrade?

To: Kenneth E. Phillipps who wrote (86878)	6/30/2010 4:04:34 PM
From: chartseer	1 Recommendation Read Replies (1) \| Respond to of 224720

oh bummer! Why did you omit the dates in the preceding sentence to the sentence you posted. Did you think the dates maybe contradicted the spin you were trying to spin? "Those two measures -- the 1994 law and the 1999 law -- accelerated the trend toward increased concentration of financial assets, aggravating the problem of "too big to fail." HHhmmmnnn? 1994 and 1999? And may I add these questions "Who is robert rubin? who did he work for? and what did he have to do with any of this? Don't worry! Be happy! the stupid hopeless comrade chartseer in the new era of rewriting history

To: Kenneth E. Phillipps who wrote (86878)	6/30/2010 4:06:20 PM
From: lorne	2 Recommendations Read Replies (2) \| Respond to of 224720

ken...."The Gramm-Leach-Bliley Act repealed Glass-Steagall."... Gramm–Leach–Bliley Act From Wikipedia, the free encyclopediaJump to: navigation, search en.wikipedia.org The Gramm-Leach-Bliley Act (GLBA), also known as the Financial Services Modernization Act of 1999, (Pub.L. 106-102, 113 Stat. 1338, enacted November 12, 1999) is an act of the 106th United States Congress (1999-2001) signed into law by President Bill Clinton which repealed part of the Glass-Steagall Act of 1933, opening up the market among banking companies, securities companies and insurance companies. The Glass-Steagall Act prohibited any one institution from acting as any combination of an investment bank, a commercial bank, and an insurance company. The Gramm-Leach-Bliley Act allowed commercial banks, investment banks, securities firms, and insurance companies to consolidate. For example, Citicorp (a commercial bank holding company) merged with Travelers Group (an insurance company) in 1998 to form the conglomerate Citigroup, a corporation combining banking, securities and insurance services under a house of brands that included Citibank, Smith Barney, Primerica, and Travelers. This combination, announced in 1998, would have violated the Glass-Steagall Act and the Bank Holding Company Act of 1956 by combining securities, insurance, and banking, if not for a temporary waiver process.[1] The law was passed to legalize these mergers on a permanent basis. Historically, the combined industry has been known as the "financial services industry".