Buy This Document Now

Price: $6.95

ADD TO CART

100% Money back guaranteed

Document provided by...: www.proquest.com; (Learn more...); ProQuest creates specialized information resources and technologies that propel successful research, discovery, and lifelong learning.

Are you the owner of this document? Click here for information on why it's on Docstoc.

About This Document: Weill's bank heist was an inside job. Removing the law that formed the rocksolid foundation of America's financial structure would require a lot of demolition work by U.S. Secretary of the Treasury Robert Rubin, who recommended that Congress repeal Glass-Steagall and oversaw the Treasury as it helped to relax similar global financial regulations. Bob Rubins jackhammer on Glass-Steagall was effective - the law's demolition was signed on November 12, 1999, just four months after Rubin left Treasury and just two weeks after he joined Sandy Weill to help run Citigroup.Rubin's deputy secretary, [Larry Summers], would apply the same solution he had suggested earlier, in 1991, regarding chemical toxins. Then chief economist of the World Bank, Summers wrote a memo stating that poor nations are "UNDER-polluted" (his own caps), so the West should dump more toxins there. When the memo leaked, Summers said it was a joke. It was certainly a joke, but it was also, under Summers, World Bank policy. Summers would make the rest of the planet swallow toxic financial assets. Let Ireland, Brazil, Portugal and Greece pay cash money to take on the U.S. bankers' risk.If a country wanted to trade with the United States, it would have to buy the bankers' financial "products." It was a brilliant idea. If a nation wanted to sell American goods, they would have to swallow American bads- the derivatives, swaps and all the other exotica coming out of the mad bankers' laboratories. Furthermore, Citibank, JP Morgan and other banks would be allowed to jump into these nations' markets and suck out capital at will Local banks would be deregulated.

Stats: Type:
Acrobat PDF; Size:
6616 kb; Pages:
5; Views:
0; Posted:
12/12/11

Categories: DocStore > Periodicals > Social Sciences
Tags: In These Times, Dec 2011, True Crime Finance Stories, Palast, Greg, Commentary, Global economy, Economic crisis

Embed

True Crime Finance Stories

Document Sample

True C

By registering with docstoc.com you agree to our
privacy policy

Buy This Document Now

Price: $6.95

True Crime Finance Stories

Successfully added document to cart!

You have already registered, we just need your password.

Successfully added document to cart!

You have already registered, we just need your password.

Buy This Document Now

Price: $6.95

True Crime Finance Stories

Also From This Publisher

Successfully added document to cart!

You have already registered, we just need your password.

Register and get access to “True Crime Finance Stories”

Successfully added document to cart!

You have already registered, we just need your password.

Login to continue downloading: “True Crime Finance Stories”