Clinton’s Role In U.S. Financial Meltdown Exposed

Sen. Hillary Clinton, (D-N.Y.), in her presidential campaign, has much to say on how she will “reform the mortgage industry”, which has been devastated by risky schemes that have made billions for bankers and more debt for the people. What she doesn’t talk about is how she and her husband, Bill, played a big role in loosening the regulations on Wall Street that were in place to counter this very greed and corruption! After the 1929 stock market crash, mixed in with massive fraud on the part of international bankers, Congress took action in 1933 to pass the Glass-Steagall Act, which essentially prevented banks from the schemes that caused the meltdown. That all changed in 1999, when President Clinton received a call from Sandy Weill, the CEO of financial giant Citicorp, at the time. Weill wanted Clinton to support the “Financial Services Modernization Act”, which would do away with the restrictions imposed by the Glass-Steagall Act. Clinton promptly signed the “modernization” act into law in 1999. The irony is that Citigroup now faces federal and state investigations related to fraud. There is no doubt that the Clintons are mainly responsible for the repeal of the Glass-Steingall Act, and this is a major factor in the gross displays of greed that have lead to the current mortgage bubble and the troubled financial situation today!

Comments Please!