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.