How the Clinton Treasury Caused the Current Stock Market Fall (Intermingling of Businesses)
In 1998, Travelers CEO Sandy Weill and Citicorp head John Reed announced plans to merge their two financial powerhouses. There was one problem: U.S. law prohibited the merger of commercial banks with insurance companies and securities firms. The two companies were not deterred. A loophole in the law barring such combinations gave the two companies a two-year window before the merger ban would kick in. That would be plenty of time, they figured, to change a centerpiece of U.S. banking laws that had stood in place for more than 50 years.
There already was momentum in Congress in support of the financial deregulation that proponents supported under the misleading banner of “financial modernization.” But there were also major legislative blocks and hurdles, and no assurance of passage.
Enter Citigroup. Though Citicorp has opposed the deregulation bill, the merged Citigroup became its most important advocate, with Sandy Weill pitching a tent in the halls of Congress to lobby legislators.
Still, the bill remained mired in Congress, thanks to jurisdictional disputes among federal agencies, intra-industry conflicts and consumer group opposition.
Former Clinton Treasury Secretary Robert Rubin sealed the deal. After having left his Treasury Department post, but amidst negotiating his new terms of employment as chair of the management committee at Citicorp, Rubin brokered the final compromise to ensure passage of the financial deregulation bill.
While Citi’s top priority was an after-the-fact legalization of the tainted Citicorp-Travelers merger, much more was at stake — for both the financial industry and consumers. The bill has enabled not just this particular corporate combination, but the intermingling of businesses that were formerly, properly and prudentially, kept apart.
http://multinationalmonitor.org/mm2002/02april/april02editorial.html
Oh yes, all of this is "alleged"...
Citi-Group (previously Citi-Banc) is as dirty as they come, and D.C. Hill folk used the banking and "other services" for at least the last 15 years.
Hello, Mr. Dirty Alphabet agent who had been fired, released from duty, or "couldn't be accounted for", etc. that would be hired to "clean up" the "loose ends".
The rogues could walk into any scene and gather all the info, including evidence, and would not be questioned, since these different offices never "talked" to one another.
Catching the drift?
Wanna guess who never turned in their badges or stash of firearms?
A "throw down" or whatever the slang is these days still means the same thing.
Or who continued to have access to the most wide-based (inclusive of international) fingerprint and personal data, and have even been caught falsifying (exchanging) prints to field officers?
And who have obtained releases for and recruited convicts for wet ops against civilians who could expose the workings of all of the above?
These expose's will favorably affect the market...Back to a modicum of initial honesty in more than just the market sector.
The larger question is how many of your "honoured" lying bastard Congressmen and Representatives is this going to take down.
The latest votes in the Senate may give you a clue....or not...