John Reed on Big Banks and Corporatism

Bill Moyers talks to former Citicorp and Citigroup head John Reed about what’s wrong in the banking sector. John Reed readily acknowledges his role in bringing down the Glass-Steagall Act (Hat tip Finance Addict).

For more on Citi’s history, also see Plus ça change – LDC edition and On releasing Citi from TARP and banking by accounting subterfuge.

Reed wants Glass-Steagall re-imposed, as he wrote in an Op-Ed on the New York Times that I covered in 2009.

P.S. – When Clinton signs the repeal of Glass-Steagall at 4:40 in the video, I see tall Paul Volcker on the far right clapping in celebration with everyone else. My question is why? Isn’t he a pro-Glass Steagall guy? Maybe that was someone else. Anyone know what’s going on there.

  1. Tim says

    Kind of confirms it all, doesn’t it?

  2. Anonymous says

    His comments around 16 mins in support my comments about risk management. At least he realises that his decision was wrong. 

  3. GS says

    That tall guy is Sen. Bob Bennett from Utah, former member of the Senate Banking Committee.

    1. Edward Harrison says

      Thank you. I was wondering why Volcker would be there in the first place.

Comments are closed.

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