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Documents Show Wall Street Deregulation That Helped Smash The Global Economy Was Secretly Pushed by Clinton Advisers — Many of Whom Infiltrated The Obama Administration

John Podester was one of the Wall Street moles in the Clinton Administration who  pushed for banking "reforms"
John Podester was one of the Wall Street moles in the Clinton Administration who
pushed for banking "reforms" that ultimately helped shatter the global economy. The
policies he advocated made his friends richer and impoverished millions. Podester
would go on to work in the Obama Administration. (Screen capture from YouTube
Wall Street deregulation, blamed for deepening the banking crisis, was aggressively pushed by advisers to Bill Clinton who have also been at the heart of current White House policy-making, according to newly disclosed documents from his presidential library.

The previously restricted papers reveal two separate attempts, in 1995 and 1997, to hurry Clinton into supporting a repeal of the Depression-era Glass Steagall Act and allow investment banks, insurers and retail banks to merge.

A Financial Services Modernization Act was passed by Congress in 1999, giving retrospective clearance to the 1998 merger of Citigroup and Travelers Group and unleashing a wave of Wall Street consolidation that was later blamed for forcing taxpayers to spend billions bailing out the enlarged banks after the sub-prime mortgage crisis.

The White House papers show only limited discussion of the risks of such deregulation, but include a private note which reveals that details of a deal with Citigroup to clear its merger in advance of the legislation were deleted from official documents, for fear of it leaking out...

[One such adviser, John] Podester, currently works at the White House as special adviser to President Barack Obama. [Gene] Sperling stood down as director of Obama's National Economic Council last month.

Along with [Bo] Cutter, who worked on Obama's transition committee, all three men were close allies of Rubin, who spearheaded the deregulation of Wall Street before joining the board of Citigroup in 1999. In 2007, he briefly became its chairman.

The closeness of Obama's team to the deregulation policies of the late 1990s is well known and has been criticized by campaigners as a reason for the current administration's reluctance to institute more aggressive Wall Street reforms after the banking crash.

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