The Wall Street boom was spurred partly by the anti- regulatory moves of Bill Clinton - Mercedes-Benz Forum

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post #1 of 1 (permalink) Old 02-26-2009, 12:58 AM Thread Starter
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The Wall Street boom was spurred partly by the anti- regulatory moves of Bill Clinton


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The Wall Street boom was spurred partly by the anti- regulatory moves of Bill Clinton’s administration. In 1998, then Treasury Secretary Rubin and his deputy Summers fended off a proposal by Brooksley Born, who headed the Commodity Futures Trading Commission, to regulate over-the-counter derivatives. A year later, both men advocated that Congress repeal the 1933 Glass-Steagall Act, which had separated the activities of investment and commercial banks. Nine days before Congress acted, Rubin joined Citigroup as chairman of the executive committee.

Under CEO Sanford “Sandy” Weill, Citi took advantage of the deregulation, buying securities companies and building the world’s largest financial services company. Rubin declined to comment for this article.
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