Posted by Karl Denninger
May 5 (Bloomberg) — Former Merrill Lynch & Co. Chief Executive Officer David Komansky said he regrets promoting the 1999 repeal of the Glass-Steagall Act that separated commercial and investment banks.
“Unfortunately, I was one of the people who led the charge to try to get Glass-Steagall repealed,” Komansky, 71, said in a Bloomberg Television interview today. “I regret those activities and wish we hadn’t done that.”
John S. Reed, former co-chief executive officer of Citigroup Inc., also said in January that U.S. lawmakers were wrong to repeal Glass-Steagall.
Now do it Congress.
You were conned. We won’t hold it against you – if you put it back now. If you pull the curtain down on Greenspan’s meddling and your ex-post-facto legalization of his unlawful act of approving a merger he knew was illegal.
This is the solution to the problem and you know it.
It kept the banking system safe for 50 years.
It was 14 pages.
And you can put it back in force with one.