{"id":190756,"date":"2009-10-28T18:19:00","date_gmt":"2009-10-28T23:19:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2009\/10\/28\/signs-of-the-apocalypse-19\/"},"modified":"2009-10-28T18:19:00","modified_gmt":"2009-10-28T23:19:00","slug":"signs-of-the-apocalypse-19","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2009\/10\/28\/signs-of-the-apocalypse-19\/","title":{"rendered":"Signs of the Apocalypse"},"content":{"rendered":"<p><img decoding=\"async\" src=\"http:\/\/img399.imageshack.us\/img399\/1687\/staypuftmarshmallowman1jj2.jpg\" style=\"margin: 0px 0px 10px 10px; float: right; cursor: pointer;\" width=\"400\" \/>A retired chairman of Citigroup writing to the <span style=\"font-style: italic;\">New York Times<\/span> suggesting that the Glass-Steagall separation between commercial and investment banks <a href=\"http:\/\/www.nytimes.com\/2009\/10\/23\/opinion\/l23volcker.html?_r=2\">should be re-instituted post haste<\/a>:<\/p>\n<blockquote style=\"color: rgb(0, 0, 153);\"><p>To the Editor:<\/p>\n<p>Re \u201cVolcker\u2019s Voice, Often Heeded, Fails to Sell a Bank Strategy\u201d (front page, Oct. 21):<\/p>\n<p>As another older banker and one who has experienced both the pre- and post-Glass-Steagall world, I would agree with Paul A. Volcker (and also Mervyn King, governor of the Bank of England) that some kind of separation between institutions that deal primarily in the capital markets and those involved in more traditional deposit-taking and working-capital finance makes sense.<\/p>\n<p>This, in conjunction with more demanding capital requirements, would go a long way toward building a more robust financial sector.<\/p>\n<p>John S. Reed<br \/>New York, Oct. 21, 2009<\/p>\n<p><span style=\"font-weight: bold;\"><span style=\"font-variant: small-caps;\">The writer is retired chairman of Citigroup.<\/span><\/span><\/p><\/blockquote>\n<p>Seriously, this is Stay-Puft Marshmallow Man kind of news.<\/p>\n<p>H\/t <a href=\"http:\/\/www.ritholtz.com\/blog\/2009\/10\/former-chair-of-citigroup-restore-glass-steagall\/\">The Big Picture<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A retired chairman of Citigroup writing to the New York Times suggesting that the Glass-Steagall separation between commercial and investment banks should be re-instituted post haste: To the Editor: Re \u201cVolcker\u2019s Voice, Often Heeded, Fails to Sell a Bank Strategy\u201d (front page, Oct. 21): As another older banker and one who has experienced both the &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1004,1064,985],"tags":[],"class_list":["post-190756","post","type-post","status-publish","format-standard","hentry","category-finance","category-media","category-regulation"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/190756"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=190756"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/190756\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=190756"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=190756"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=190756"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}