Basically none of this could have happened without the repeal of the Glass-Steagal Act which separated Commercial Banks from investment banking. So here’s my list:
1) Citibank who has spent the last 30 years trying to repeal the Glass-Steagal Act. In 1998 Citi was trying to merger with Travellers which was illegal under the Glass-Steagall Act. The merger was approved in 1998. Which was by the way illegal since the repeal of Glass-Steagal didn’t happen until Nov of 1999.
2) Senator Phil Gramm (R), the guy who just recently called americans a bunch of whiners. Actually Phil should be numero uno, considering his role in this mess.
3)Senators Leach and Biley (R)
The Gramm-Leach-Biley Act
All of the above were responsible for the repeal of the Glass-Steagall Act.
4)The Republican Congress in power at the time
5)President Bill Clinton who threatened to veto the bill until it was rewritten so minorities and farmers could get screwed too.
6) Clintons Secretary of the Treasury Robert Rubin who resigned just days before the Gramm-Leach-Biley act and went to work for Citigroup for $40 mil. By the way he still works for Citigroup today.
