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Mar 13, 2016 · Rubin reportedly blessed the increased risk taking at Citi in the mid-2000s. By late summer 2007, Citi’s direct exposure to subprime bonds was $55 billion, according to the crisis commission.
What Glass-Steagall Was. Officially known as the Banking Act of 1933, it was one of the landmark pieces of legislation associated with Franklin Roosevelt’s New Deal. The measure established the concept of deposit insurance and set up the Federal Deposit Insurance Corporation to provide it. Glass-Steagall 2 also erected a firewall between ...
Oct 27, 1999 · TimesMachine is an exclusive benefit for home delivery and digital subscribers. Robert E. Rubin, arguably the best-known financier of his generation and the recently retired Treasury Secretary ...
Sep 18, 2018 · Congress responded to the Great Depression by passing the Glass-Steagall Banking Act of 1933. Two of Glass-Steagall’s key provisions – Sections 20 and 32 – separated commercial banks from the capital markets. As discussed below, Congress repealed Sections 20 and 32 in 1999, after a prolonged period of erosion during the 1980s and 1990s.
May 8, 2012 · Former Secretary of Labor Robert Reich critiques President Obama’s handling of the economic crisis and the Clinton administration’s repeal of the Glass-Steagall Act, a key deregulatory move ...
Sponsors Sen. Carter Glass (D–Va.) and Rep. Henry B. Steagall (D–Ala.-3), the co-sponsors of the Glass–Steagall Act. The sponsors of both the Banking Act of 1933 and the Glass–Steagall Act of 1932 were southern Democrats: Senator Carter Glass of Virginia (who by 1932 had served in the House and the Senate, and as the Secretary of the Treasury); and Representative Henry B. Steagall of ...
Apr 27, 2008 · Robert Rubin, the former Treasury secretary, is a major player at Citigroup, but his exact role is unclear. ... eroding the Glass-Steagall legal restrictions enacted in the 1930s to rein in ...
