Oh dear God! The table of contents alone of the Gramm-Leach-Bliley Act of 1999 is five pages long! Title I, Sec. 114 is titled "Prudential Safeguards." Yeah. So much for that. So, it turns out, the GLBA repealed part of the The Glass-Steagall Act of 1933. Hmmm...1933...that rings a bell...what was going on in 1933? Oh, wait a minute, I remember! The fucking total collapse of our economy! We don't need no stinkin' regulations. In May 2008, economist Paul Krugman called Phil Gramm (R-TX) the "father of the financial crisis".
Ok, so we can add the GSA of 1933 to the GLBA in our "make them swoon" arsenal. Next, the Commodity Futures Modernization Act of 2000. Progress! The table of contents is only three pages long. Ok, now this is getting interesting: The aforementioned Phil Gramm was a co-sponsor of the bill. According to a NYT article in 2008, Gramm is accountable for "The Enron Loophole," section of the CFMA, basically co-written by...wait for it...Enron lobbyists!
The more I dig into this shit, the more pissed off I become. However, I have many multi-syllabic lines for the bar. "As I'm sure you realize, Sen. Gramm was responsible for both the Gramm-Leach-Bliley Act, and the Commodity Futures Modernization Act, which contains the "Enron Loophole" that allowed Enron executives to set that shit on fire. Can I buy you a drink?"
In a lighter mode, DorkFactor on this is 9.6 out of 10.
"In a lighter mode, DorkFactor on this is 9.6 out of 10."
ReplyDeletebut in an excellent way.
Absolutely "in an excellent way."
ReplyDelete