Reed Apologizes for Glass Steagall Repeal, Building Citigroup

Bob Ivry
Bloomberg
Friday, Nov 6th, 2009

John S. Reed, who helped engineer the merger that created Citigroup Inc., apologized for his role in building a company that has taken $45 billion in direct U.S. aid and said banks that big should be divided into separate parts.

“I’m sorry,” Reed, 70, said in an interview yesterday. “These are people I love and care about. You could imagine emotionally it’s not easy to see what’s happened.”

Citigroup was formed in 1998 when Citicorp, a commercial bank, combined with Sanford I. Weill’s Travelers Group Inc., which owned the investment firm Salomon Smith Barney Holdings Inc. The New York-based company lost $27.7 billion in 2008 and took $118 billion in writedowns. Now 34 percent-owned by the Treasury Department, Citigroup sought help in the wake of a credit freeze that claimed three of Wall Street’s biggest firms and led to the deepest recession in 70 years.

Congress’ overhaul of U.S. financial regulations should include ordering banks to hold more capital, ensuring executives’ compensation is aligned with long-term profitability and banning firms that take deposits from also engaging in equities and fixed-income trading, Reed said.

Full article here

“When the people find they can vote themselves money, that will herald the end of the republic.” – Fall Of The Republic – Buy the DVD here

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6 Responses to “Reed Apologizes for Glass Steagall Repeal, Building Citigroup”

1. guyfox Says:
   November 6th, 2009 at 5:26 am

   this is a kick ass short film about martial law, and police brutality, and the rise of the republic you must see this and pass it on very power short film- amazing how close it all really is! Rise of the Rattlesnake -> http://www.youtube.com/watch?v=Qx6tTH4RQfA

2. guyfox Says:
   November 6th, 2009 at 5:40 am

   short film called on edge revolution about gun rights and the right of the people and the history of abuse of power and katrina and so much more http://www.youtube.com/watch?v=-dqf88ZBnLM

3. will Says:
   November 6th, 2009 at 1:53 pm

   Break it up like the telephone company—–were was the anti-trust laws when all these “too big to fail” mergers were going around?

   

   zip Reply:
   November 6th, 2009 at 9:09 pm

   The point of all of this controlled catastrophe is consolidation. Consolidation of the financial industry into a few powerful giants. This is phase 2.
   Every 80 years, a lifetime, expect something to happen.
   Next small banks will be hit hard and not exist. That will probably be phase 3. And bye, bye cash when that happens.
   It is time to change our ways. Stop financing the big boys with our purchases. Pass up the drive thru window for the local guy. Keep it local. Buy local.

4. guyfox Says:
   November 6th, 2009 at 5:20 pm

   a powerful movie that will move your heart and make you think, short film about love freedom hope- gunrights martial law, rfid, jfk, you gotta see it ! the first light of dawn http://www.youtube.com/watch?v=LUY7dl7X_vo

5. Igigi Redpill Says:
   November 6th, 2009 at 7:58 pm

   You know …there seems to be alot of this “I’m sorry” bull shit coming around from these politicians .”mistakes were made” said Paul Kanjorski out of PA., Balarny Frank “apologised” about Fannie and Freddie. Let me be the first to give these people some NEWS….WE ARE TALKING ABOUT CRIMES AGANIST HUMANITY HERE !!!!! THE ONLY WAY YOUR ASS IS GETTING OFF IS BY BEING HUNG ON THE WHITE HOUSE LAWN AT HIGH NOON!!!!!