Friday, February 13, 2009

Congress - One of the most powerful - considered the most responsible for our current economic condition - Phil Gramm - never trust this kind of smile

As chairman of the Senate Banking Committee from 1995 through 2000, Gramm was Washington's outspoken champion of deregulation. And he got it, by playing a lead role in the writing and passage of the 1999 repeal of the Depression-era Glass-Steagall Act, which had separated commercial banks from Wall Street. Then he inserted a provision into the 2000 Commodity Futures Modernization Act that exempted derivatives like credit-default swaps from regulation.

he was financed by the 8 largest Investment banker's lobbyists - Bear Stearns, Merrill Lynch, Goldman Sachs, JP Morgan, etc....... - Time Magazine

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