In September 1998, the Federal Reserve Board granted Citicorp a temporary waiver allowing its merger with Travelers Group, effectively circumventing the Glass-Steagall Act and Bank Holding Company Act. This strategic regulatory maneuver created Citigroup, the first ‘universal bank’ since …
Federal ReserveAlan GreenspanCiticorpTravelers GroupSandy Weill+4 morefederal-reservecitigroupglass-steagall-violationregulatory-waiversystemic-corruption+3 more
Citicorp CEO John Reed and Travelers Group CEO Sanford Weill announce on April 6, 1998, the merger of their companies to form Citigroup, a $140 billion conglomerate combining banking, securities, and insurance services under brands including Citibank, Smith Barney, Primerica, and Travelers. The …
Sanford WeillJohn ReedCiticorpTravelers GroupFederal Reserve+3 morederegulationregulatory-captureneoliberalismbanking-deregulationcorporate-power+2 more
Approximately 25,000 silk workers in Paterson, New Jersey walked out on February 25, 1913, beginning one of the most significant industrial conflicts of the Progressive Era. The IWW-led strike united diverse immigrant workers - Italian, Jewish, German, and native-born - demanding the eight-hour day, …
Industrial Workers of the World (IWW)Big Bill HaywoodElizabeth Gurley FlynnCarlo TrescaJohn Reed+1 morelabor-suppressioniwwprogressive-eratextile-industrystrike