The Aristocracy remains the Guild of Gild~djo "Shocked by newly elected President Teddy Roosevelt’s moves against Wall Street, J. P. Morgan went to the White House. “If we have done anything wrong,” said Morgan, “send your man to my man and they can fix it up.” “That can’t be done,” said Roosevelt. “We don’t want to fix it up,” his Attorney General added, “we want to stop it.” The year was 1902, and 19th-century privilege was over for Wall Street. Now it’s back, and so are the “men”—and as the recent foot-dragging over female Fed chair candidate Janet Yellen highlights, they almost always are men. The chief architects of deregulation in the 1990s included Sen. Phil Gramm, President Bill Clinton and Treasury Secretaries Robert Rubin and Larry Summers. That deregulation cost millions of Americans their jobs and millions more their life savings. But the parties behind it did just fine. Gramm went to work for UBS bank immediately upon leaving the Senate in 2002, and is now vice-chairman of its investment banking division. Robert Rubin eventually headed up Citigroup, the megabank whose creation was made possible when his Treasury Department pushed for a then-illegal merger between Travelers and Citibank. Rubin was to become deeply implicated in the fraud and scandal which led to the 2008 crisis, although he claimed ignorance of his own bank’s doings and never faced prosecution."
Posted on: Sat, 05 Oct 2013 15:49:56 +0000
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