Blog on the Run: Reloaded

Sunday, November 8, 2009 10:20 pm

Well, that’s nice. Ten years and $14 trillion too LATE and all, but nice.

Filed under: I want my money back. — Lex @ 10:20 pm
Tags: , ,

John Reed, the guy who led the merger that created zombie bank Citigroup, now says he’s sorry he did that.

He also says he was wrong to support the repeal of Glass-Stegall. Well, duh; any number of people, myself included, could have told him that at the time, if he’d been willing to listen. But he wasn’t.

Instead, he thought to himself, “Hmm, why don’t we just repeal this little law that has worked perfectly well for 65 or so years in preventing a recurrence of the Depression and create a whole bunch of both moral and financial hazard for some of the largest financial institutions in America. What could possibly go wrong?

Here’s my favorite part:

“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.”

Well, you learn from your mistakes. And that’s good, I guess. But me and other taxpayers? We’re paying for them. And that’s not so good. In fact, it sucks toe cheese.

Also, interesting admission there: What’s right for the stockholders apparently isn’t right for citizens. Something else plenty of people could have told him if he’d been willing to listen.



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