Basel Too wrote
"phil gramm has a somewhat valid argument. most of the institutions that have failed, or under government conservatorship, participated in activities that would have been allowed irrespective of GLBA.
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basel that is total nonsense
"theGramm-Leach-Bliley Act allowed commercial banks, investment banks, securities firms and insurance companies to consolidate."*
ie travelers and citigroup one of the biggest infestations out there!
this multiplied counter party risk and systemic risk
"Nobel Prize-winning economist Joseph Stiglitz has argued that the Act helped to create the crisis in an article in The Nation has made the same argument."
"Contrary to Phil Gramm's claim that "GLB didn't deregulate anything" (see Defense), the GLB Act that he co-authored explicitly exempted security-based swap agreements (a derivative financial product based on another security's value or performance) from regulation by the SEC by amending the Securities Act of 1933, Section 2A, and similarly the Securities Exchange Act of 1934, Section 3A,"*
didnt you watch the warning re brooksley born two weeks ago on frontline....sheesh
*quotes are from wikipedia GLBA
http://en.wikipedia.org/wiki/Gramm%E2%80%93Leach%E2%80%93Bliley_Act
sorry hommie
but i gotta call BULL SHIT on this claim
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