Bill Moyers interviewed John Reed, former head of Citibank who was instrumental in the deal to overturn Glass-Steagall Act back in 1999, which served as a firewall between conventional banks and investment banks. While the interview is a little long (30+ minutes), it's interesting to see how the "old guard" evaluates what happened to the US financial system and how they frame where it is now.
http://billmoyers.com/segment/john-reed-on-big-banks-power-and-influence/
He has a cool disconnection from the suffering that has arisen from the financial collapse, yet calmly acknowledges the repeal of Glass-Steagall was a big mistake, and it should be back. At the time of the repeal, they were full of "exuberance" (i.e. drunk on power) and opened the door to psychopaths (those who "self-selected" as he puts it), who orchestrated systemic fraud in record time--oops.
Some viewers thought Moyers let him off easy, but on the other hand, the calm discussion is more telling I think than a hostile one. An interview with Byron Dorgan follows, also worth a watch.
The historical context of the financial events of 2008 are slowly starting to be digested in the mainstream...too little too late, that horse left the barn and got run over by a bus full of bankers.
http://billmoyers.com/segment/john-reed-on-big-banks-power-and-influence/
He has a cool disconnection from the suffering that has arisen from the financial collapse, yet calmly acknowledges the repeal of Glass-Steagall was a big mistake, and it should be back. At the time of the repeal, they were full of "exuberance" (i.e. drunk on power) and opened the door to psychopaths (those who "self-selected" as he puts it), who orchestrated systemic fraud in record time--oops.
Some viewers thought Moyers let him off easy, but on the other hand, the calm discussion is more telling I think than a hostile one. An interview with Byron Dorgan follows, also worth a watch.
The historical context of the financial events of 2008 are slowly starting to be digested in the mainstream...too little too late, that horse left the barn and got run over by a bus full of bankers.
