January 27, 2011
Sandy Weill was CEO of Citigroup. He was the one person most instrumental in convincing our Republican-controlled Congress and then-President Bill Clinton that banks should not be regulated. And it didn’t hurt that Clinton’s treasury secretary was ex-Goldman Sachs “honcho” Robert Rubin.
The Man Who Shattered Our Economy – November 2010
Thanks to legislation that [Sandy] Weill got President Clinton to sign off on, Citigroup was allowed to become too big to fail, and when fail it did, the taxpayers had to bail the humongous bank out—to the tune of $50 billion in a direct subsidy and $306 billion more for the housing mortgage-backed securities Citigroup was holding. The Treasury still owns a good chunk of Citigroup common stock, now trading at a paltry four dollars and change per share.
However, like all of the other top dogs involved in this scandal, Weill has emerged from a housing crisis that has impoverished tens of millions of Americans with his own personal fortune intact. Indeed, as evidenced by his vineyard purchase, he has quite a bit of money to throw around.
……. not only [did he enlist] the bipartisan support of Washington politicians but the enthusiastic backing of the establishment media. [bold added]
Read the entire article if the above isn’t enough to make your blood boil.
Never underestimate the difficulty of changing false beliefs [with] facts.
Economist Henry Rosovsky