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Yes it is. CRA started it all.

Google the Gramm-Leach-Bliley Act.(1999) That was the one that repealed the Glass-Steagal Act and allowed banks to merge with Ins. groups. (Citicorp and Travelers Group)
Heavily lobbied by Treas. Secy. Rubin and Sanford Weill of Citicorp so that the merger would not meet congressional dis-approval. Rubin quit soon after passage and went to Citicorp.

Google the Gramm-Leach-Bliley Act.(1999) That was the one that repealed the Glass-Steagal Act and allowed banks to merge with Ins. groups. (Citicorp and Travelers Group)

I didn't know this. Phil Gramm was in on it??? That's really disappointing. Thanks for providing the info, Roccus.

Heavily lobbied by Treas. Secy. Rubin and Sanford Weill of Citicorp so that the merger would not meet congressional dis-approval. Rubin quit soon after passage and went to Citicorp.

That's disgusting.

thanks - i hope this meltdown stays simple enough to be reported in a 2 minute news segment - seems these huge financial scandals get so complex that most of us can only shrug and go back to funny cat videos on youtube

this sounds encouraging

Major shareholders are pursuing an effort to try to help pay off the federal government’s loan to American International Group Inc. in time to avoid having Washington take an 80% stake in the company, according to a person familiar with the matter.

Hurdles to these shareholders’ efforts could be high, as they and other investors they may attract would have to put up significant sums. This week, the government agreed to lend AIG up to $85 billion to help it avoid possible bankruptcy, in exchange for a right to take a controlling stake in the giant insurance conglomerate.

http://wsj.com/article/SB122184279931357357.html