And your proposal to clean up the mess that is Citibank is...?
In any case, I don't see how Citigroup would not be a mess without repeal of G-S (which Citi's Sandy Weill pretty much "imposed" or "forced" upon Congress and his friend Bill Clinton, by merging Citibank, Travelers and Smith Barney in late '90s, ostensibly to compete with much larger foreign financial groups which didn't have nor needed the restrictions) - under the tutelage of Weill and Bob Rubin, and spurning Jamie Dimon (who went on to merge several banks into powerhouse JPM) in favor of Weill's crony (Weill's daughter Jessica Bibliowicz) it might have been two or three individually smaller messes, but not in toto lesser ones.
I don't think that the idea of government denying the banks capital to "save them from themselves" - which is what G-S is, in essence - ever made any sense. It didn't prevent what it was ostensibly supposed to prevent in 1930s and since, and its repeal wasn't the cause or contributing factor in the latest of many financial and liquidity crises.
In the mean time... does McCain or anyone pay attention to the real culprits - government-sponsored and government-run entities which are getting bigger still? - Fannie quest for billionsFannie quest for billions - NYP, 2009 December 16
Federal officials are also debating whether to lower dividend payments on their Treasury borrowings, according to these people. The pair have used $111.6 billion of their $400 billion in backup financing in less than a year...Fannie Mae and Freddie Mac's regulator is renegotiating their financing plan with the Treasury Department and may seek an increase to their $400 billion federal lifeline before Dec. 31, according to people familiar with the talks.