Comments on: Former Chair of Citigroup: Restore Glass-Steagall http://www.ritholtz.com/blog/2009/10/former-chair-of-citigroup-restore-glass-steagall/ Macro Perspective on the Capital Markets, Economy, Geopolitics, Technology, and Digital Media Wed, 15 Feb 2012 00:33:57 +0000 hourly 1 http://wordpress.org/?v=3.0.5 By: Will the US Reinstate Glass Steagall ? | The Big Picture http://www.ritholtz.com/blog/2009/10/former-chair-of-citigroup-restore-glass-steagall/comment-page-1/#comment-242206 Will the US Reinstate Glass Steagall ? | The Big Picture Wed, 16 Dec 2009 15:46:31 +0000 http://www.ritholtz.com/blog/?p=42465#comment-242206 [...] Former Chair of Citigroup: Restore Glass-Steagall (October 27th, 2009) http://www.ritholtz.com/blog/2009/10/former-chair-of-citigroup-restore-glass-steagall/ [...] [...] Former Chair of Citigroup: Restore Glass-Steagall (October 27th, 2009) http://www.ritholtz.com/blog/2009/10/former-chair-of-citigroup-restore-glass-steagall/ [...]

]]> By: The Gold Standard » John Reed writes in http://www.ritholtz.com/blog/2009/10/former-chair-of-citigroup-restore-glass-steagall/comment-page-1/#comment-231068 The Gold Standard » John Reed writes in Sat, 31 Oct 2009 16:09:12 +0000 http://www.ritholtz.com/blog/?p=42465#comment-231068 [...] from here. The original is [...] [...] from here. The original is [...]

]]> By: The Strident Centrist Blog»Blog Archive » John Reed, Former Citicorp CEO: Restore Glass-Stegall http://www.ritholtz.com/blog/2009/10/former-chair-of-citigroup-restore-glass-steagall/comment-page-1/#comment-230175 The Strident Centrist Blog»Blog Archive » John Reed, Former Citicorp CEO: Restore Glass-Stegall Wed, 28 Oct 2009 14:45:53 +0000 http://www.ritholtz.com/blog/?p=42465#comment-230175 [...] that position when this wall was demolished by the passage of the Gramm-Leach-Bliley Act of 1999. Reed, who thus has both before and after perspectives, has come out in favor of rebuilding that barr... As another older banker and one who has experienced both the pre- and post-Glass-Steagall world, I [...] [...] that position when this wall was demolished by the passage of the Gramm-Leach-Bliley Act of 1999. Reed, who thus has both before and after perspectives, has come out in favor of rebuilding that barr… As another older banker and one who has experienced both the pre- and post-Glass-Steagall world, I [...]

]]> By: Rikky http://www.ritholtz.com/blog/2009/10/former-chair-of-citigroup-restore-glass-steagall/comment-page-1/#comment-230163 Rikky Wed, 28 Oct 2009 13:42:39 +0000 http://www.ritholtz.com/blog/?p=42465#comment-230163 >>Former AMD CEO Hector Ruiz allegedly shared confidential information about the chip maker with a defendant in the Galleon case. i met with Hector quite a few times when evaluating AMD technology for my firms data centers. Quite a slick talker and definitely one that keeps a close network which feeds each other to get ahead. He was forced out in part due to some questionable ethical moves which you didn't read about (and never will) in the press releases. >>Former AMD CEO Hector Ruiz allegedly shared confidential information about the chip maker with a defendant in the Galleon case.

i met with Hector quite a few times when evaluating AMD technology for my firms data centers. Quite a slick talker and definitely one that keeps a close network which feeds each other to get ahead. He was forced out in part due to some questionable ethical moves which you didn’t read about (and never will) in the press releases.

]]> By: FT.com | Money Supply | Economics news headlines http://www.ritholtz.com/blog/2009/10/former-chair-of-citigroup-restore-glass-steagall/comment-page-1/#comment-230161 FT.com | Money Supply | Economics news headlines Wed, 28 Oct 2009 13:31:54 +0000 http://www.ritholtz.com/blog/?p=42465#comment-230161 [...] Former Citi chair calls for reinstatement of Glass Steagall - Ritholtz [...] [...] Former Citi chair calls for reinstatement of Glass Steagall – Ritholtz [...]

]]> By: FT.com | Money Supply | Economic news digest http://www.ritholtz.com/blog/2009/10/former-chair-of-citigroup-restore-glass-steagall/comment-page-1/#comment-230154 FT.com | Money Supply | Economic news digest Wed, 28 Oct 2009 13:23:34 +0000 http://www.ritholtz.com/blog/?p=42465#comment-230154 [...] a sense in which the bankruptcy of Lehman was a triumph of capitalism, not a failure.” Even former Citi chair John Reed has called for a reinstatement of the Glass Steagall Act (see a history, [...] [...] a sense in which the bankruptcy of Lehman was a triumph of capitalism, not a failure.” Even former Citi chair John Reed has called for a reinstatement of the Glass Steagall Act (see a history, [...]

]]> By: flipspiceland http://www.ritholtz.com/blog/2009/10/former-chair-of-citigroup-restore-glass-steagall/comment-page-1/#comment-230127 flipspiceland Wed, 28 Oct 2009 11:02:07 +0000 http://www.ritholtz.com/blog/?p=42465#comment-230127 That so many hundreds of millions of people are depending on the notion that simply saving or worse, borrowing money, or printing money and having it multiply exponentially with a keyboard and internet hookup, over time is one that needs to be seriously scrutinized. And then expectations need to drastically decline. It's so rarely ever going to happen. And only then for a tiny few, relatively. One might as well depend on the Powerball. And you know the odds of that victory lap. The flimsy edifice that an economy based on the ephemeral gains of compound interest, capital gains, and dividends promises, with the FED printing money, devaluing the currency and Quants with 1000X leveraged risk trying to skirt that problem, is empty in the extreme. It becomes clearer every day that the only path to genuine riches, or even a modestly comfortable living, and in the future even survival, are the ones of ingenuity or invention, real talent employed in the application of marketable skills, persistence, intelligence, energy, cleverness, and street smarts. How many in this world possess these traits or if they do, how many have traded them for a career in trying to turn lead into gold on Wall Street? Like anyone, I lust after a 10,000 share buy at the '87 IPO of Microsoft, or AAPL, or some other Grandest of Slams, but really, what chance do hundreds of millions of people have that this will happen to them? About 5% would be my guess. What happens then to the other 95% that are holding up that tiny fraction? That so many hundreds of millions of people are depending on the notion that simply saving or worse, borrowing money, or printing money and having it multiply exponentially with a keyboard and internet hookup, over time is one that needs to be seriously scrutinized. And then expectations need to drastically decline. It’s so rarely ever going to happen. And only then for a tiny few, relatively. One might as well depend on the Powerball. And you know the odds of that victory lap.

The flimsy edifice that an economy based on the ephemeral gains of compound interest, capital gains, and dividends promises, with the FED printing money, devaluing the currency and Quants with 1000X leveraged risk trying to skirt that problem, is empty in the extreme.

It becomes clearer every day that the only path to genuine riches, or even a modestly comfortable living, and in the future even survival, are the ones of ingenuity or invention, real talent employed in the application of marketable skills, persistence, intelligence, energy, cleverness, and street smarts.

How many in this world possess these traits or if they do, how many have traded them for a career in trying to turn lead into gold on Wall Street?

Like anyone, I lust after a 10,000 share buy at the ’87 IPO of Microsoft, or AAPL, or some other Grandest of Slams, but really, what chance do hundreds of millions of people have that this will happen to them? About 5% would be my guess. What happens then to the other 95% that are holding up that
tiny fraction?

]]> By: Mark E Hoffer http://www.ritholtz.com/blog/2009/10/former-chair-of-citigroup-restore-glass-steagall/comment-page-1/#comment-230115 Mark E Hoffer Wed, 28 Oct 2009 08:05:45 +0000 http://www.ritholtz.com/blog/?p=42465#comment-230115 BR, as contrabandista13 points out @ 19:30 “…..This is pretty amazing:….” -- BR Not so amazing, it’s John Reed not Sandy Weill…. Huge difference…..! ~~ I, too, think you've the wrong Citibank CEO, it would have been 'amazing' if Wriston had said it.. http://clusty.com/search?input-form=clusty-simple&v%3Asources=webplus&query=Walter+Wriston+Free+Banking http://www.wired.com/wired/archive/4.10/wriston.html ~~ past that, G-S is, hardly, the curative pallative for all our ills.. to garner such astonishment, one would think that Reed came out in support of H.R. 1207 http://clusty.com/search?input-form=clusty-simple&v%3Asources=webplus&query=H.R.+1207 BR,

as contrabandista13 points out @ 19:30

“…..This is pretty amazing:….” — BR

Not so amazing, it’s John Reed not Sandy Weill…. Huge difference…..!
~~
I, too, think you’ve the wrong Citibank CEO, it would have been ‘amazing’ if Wriston had said it..
http://clusty.com/search?input-form=clusty-simple&v%3Asources=webplus&query=Walter+Wriston+Free+Banking
http://www.wired.com/wired/archive/4.10/wriston.html
~~
past that, G-S is, hardly, the curative pallative for all our ills..

to garner such astonishment, one would think that Reed came out in support of H.R. 1207
http://clusty.com/search?input-form=clusty-simple&v%3Asources=webplus&query=H.R.+1207

]]> By: Links 10/28/09 « naked capitalism http://www.ritholtz.com/blog/2009/10/former-chair-of-citigroup-restore-glass-steagall/comment-page-1/#comment-230114 Links 10/28/09 « naked capitalism Wed, 28 Oct 2009 07:58:20 +0000 http://www.ritholtz.com/blog/?p=42465#comment-230114 [...] Former Chair of Citigroup: Restore Glass-Steagall Barry Ritholtz (hat tip reader Scott) [...] [...] Former Chair of Citigroup: Restore Glass-Steagall Barry Ritholtz (hat tip reader Scott) [...]

]]> By: tsk tsk http://www.ritholtz.com/blog/2009/10/former-chair-of-citigroup-restore-glass-steagall/comment-page-1/#comment-230103 tsk tsk Wed, 28 Oct 2009 03:45:33 +0000 http://www.ritholtz.com/blog/?p=42465#comment-230103 It makes sense that he would say that. As Chairperson he must have seen that there were diseconomies of scale as Citi continued to grow. Analysts have been saying Citi should be broken up/selling off pieces for years now. It simply wasnt able to continue to grow without acquistion and continued to fight itself for business throughout several markets. Citi became To Big To Grow a long time ago. Though it may have been the best way to 'unlock shareholder value' (which btw is a favorite BS wall street euphemism of mine), breaking up or selling off divisions would have sent a message that the company made a mistake and that is unacceptable to pigheaded executives. Bringing back Glass-Steagall is a regulatory cop out for another company, or in this case, Board Member, that made bad business decisions. It makes sense that he would say that. As Chairperson he must have seen that there were diseconomies of scale as Citi continued to grow. Analysts have been saying Citi should be broken up/selling off pieces for years now. It simply wasnt able to continue to grow without acquistion and continued to fight itself for business throughout several markets. Citi became To Big To Grow a long time ago. Though it may have been the best way to ‘unlock shareholder value’ (which btw is a favorite BS wall street euphemism of mine), breaking up or selling off divisions would have sent a message that the company made a mistake and that is unacceptable to pigheaded executives. Bringing back Glass-Steagall is a regulatory cop out for another company, or in this case, Board Member, that made bad business decisions.

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