Can you believe this idiot has the cajones to show his face in this situation again. It was his ideas that screwed us in the first place. Friggin Phil (I got a second grade education) Gramm. Geeez. What do you have to do to kill these morons? Put a stake through their hearts?

Phil Gramm, the former U.S. senator who helped write the 1999 law that enabled the creation of financial giants such as Citigroup Inc. (C) and Bank of America Corp., said his legislation didn’t make the system any riskier.

The Gramm-Leach-Bliley Act repealed the 1933 prohibition against federally insured depository institutions combining with securities firms and insurers. While his law allows deposit- taking banks to affiliate with securities firms through holding companies, depositors and taxpayers are protected because affiliates can’t take capital out of the banks, Gramm said in a telephone interview yesterday.

“I don’t see any evidence that allowing them to affiliate through holding companies had anything to do with the financial crisis nor has anybody ever presented any evidence to suggest that it did,” said Gramm, 70. Companies that failed such as Lehman Brothers Holdings Inc. “tended to be narrowly focused.”

Sanford “Sandy” Weill, who created Citigroup and pushed for the Gramm-Leach-Bliley Act, said yesterday on CNBC that he would now support dismantling financial holding companies.

“What we should probably do is go and split up investment banking from banking,” Weill, 79, said in the interview. “Have banks do something that’s not going to risk the taxpayer dollars, that’s not going to be too big to fail.”

John Reed, who helped found Citigroup with Weill, and former Merrill Lynch & Co. CEO David Komansky have said they regretted fighting to overturn the Depression-era Glass-Steagall Act. Richard Parsons, speaking two days after ending his 16-year tenure on the board of Citigroup and one of its predecessors, said the repeal contributed to the financial crisis

Repeal’s Impact
“To some extent what we saw in the 2007-2008 crash was the result of the throwing off of Glass-Steagall,” Parsons said in April at a Rockefeller Foundation event in Washington. “Have we gotten our arms around it yet? I don’t think so because the financial-services sector moves so fast.”

Thomas J. Bliley Jr., a former Republican congressman from Virginia and another co-author of Gramm-Leach-Bliley, said that the financial industry had been lobbying ever since the 1930s to overturn Glass-Steagall.

“All of a sudden in the late ’90s they all came together and agreed that we should get rid of it and of course we did,” said Bliley, 80, who now lives in Richmond, Virginia, and is a senior government affairs adviser for Steptoe & Johnson LLP. “I don’t know enough to really give you an answer” on whether it was a mistake.

Breaking Up Banks Won?t Make Them Safer, Ex-Senator Says - Bloomberg

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Truth, Justice and the American way

From wiki...

So you attack someone not only in the most unreasonable way possible, but throw in a slander for good measure...

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"You get the respect that you give" - cnredd

Phil Gramm is not well liked in some Texas circles credd......

Mikeyy's, not that far off actually....

He's right that 1999 law changed the way banks were allowed to do business and Gramm is all lobbyist to the bone. Forget about his education, he gets paid and told what to do.....

Former Texas Senator Phil Gramm is a lobbyist for the mortgage industry Foreclosure Buzz

McCain economic policy shaped by lobbyist - msnbc - Countdown with Keith Olbermann - NBCNews.com

In other words, disregard the whole point of my post...

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"You get the respect that you give" - cnredd

The education part......?


I thought my point mentioning a lobbyist for hire trumped that......?

Actually cnredd it was gramm himself who claimed to have flunked that is well known enough that everyone was talking about it.

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Truth, Justice and the American way

This reminds me of the worthless POS who called into WGN radio when Cubs pitcher at that time Mark Prior said he was voting for Bush when directly asked.

The POS said "What an uneducated piece of crap baseball player"

Prior graduated from USC. In fact he's now going after his masters while trying to resume his playing career.

By the way the reporter was badgering players for this answer. They weren't offering it up.

The moron reporter even asked Carlos Zambrano who he was voting for. At that time Carlos was not a citizen. (He is now - ask him about Hugo Hitler Chavez the bff of the left or anyone actually from Venezuela).

The point is however that Gramm was the one who used to joke about flunking several grades. he then pushed to have safeguards destroyed that ended up hurting our entire economy. Banks are too big to fail still and he doesn't see the need to break them up. He is a fool I don't care where he graduated from. There is a thing we call "the educated idiot" and I think Gramm fits that description well. As Dave pointed out the guy ended up being a lobbyist for the firms he worked for in congress.

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Truth, Justice and the American way