Comments on: John Reed apologizes A slice of lime in the soda Sun, 26 Oct 2014 19:05:02 +0000 hourly 1 By: E. Earl Person Mon, 09 Nov 2009 15:08:17 +0000 What was the industru activity doing to get the Glass-Steagall Act repealed? Was big money paving the way for the repeal by our “Trusted Lawmakers” like it is being done today?

By: Casper Mon, 09 Nov 2009 12:59:12 +0000 Glass-Seagull, TSarbox, Glass-Seagull, TSarbox, Glass-Seagull, TSarbox, its all you bloody hear all day, is it a secret call code ? How about simply writing a new law or issuing an executive order as with the public sector fleet decree ? Maybe that is what is required re Afghanistan. What goes for vehicles, should go for Hummers.

By: Don the libertarian Democrat Fri, 06 Nov 2009 20:27:38 +0000 You missed this though:

“I would compartmentalize the industry for the same reason you compartmentalize ships,” Reed said in the interview in his office on Park Avenue in New York. “If you have a leak, the leak doesn’t spread and sink the whole vessel. So generally speaking you’d have consumer banking separate from trading bonds and equity.”

Glass-Steagall Repeal

Lawmakers were wrong to repeal the Depression-era Glass- Steagall Act in 1999, Reed said. At the time, he supported overturn of the law, which required the separation of institutions that engaged in traditional customer banking services from those involved in capital markets.

“We learn from our mistakes,” said Reed, who wrote an Oct. 21 letter to the editor of the New York Times endorsing a division of banking activities. “When you’re running a company, you do what you think is right for the stockholders. Right now I’m looking at this as a citizen.”

I agree.