Financial-Crisis-Precursor

Gramm-Leach-Bliley Act Repeals Glass-Steagall, Enables 2008 Crisis

1999-11-12 00:00:00 +0000 UTC | Importance: 10/10

President Bill Clinton signs the Gramm-Leach-Bliley Act (Financial Services Modernization Act) into law on November 12, 1999, repealing key provisions of the Glass-Steagall Act of 1933 that separated commercial banking from investment banking and insurance. The Senate passes the final bill 90-8 on …

Phil Gramm Jim Leach Thomas J. Bliley Jr. Bill Clinton Robert Rubin +4 more deregulation regulatory-capture neoliberalism banking-deregulation financial-crisis-precursor +3 more

Citigroup Merger Violates Glass-Steagall, Forces Deregulation

1998-04-06 00:00:00 +0000 UTC | Importance: 10/10

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 Weill John Reed Citicorp Travelers Group Federal Reserve +3 more deregulation regulatory-capture neoliberalism banking-deregulation corporate-power +2 more