Parsons: Glass-Steagall repeal helped create financial crisis

04/23/2012 | Bloomberg

The repeal in 1999 of the law that separated banks, investment banks and insurers -- the Glass-Steagall Act -- is partly to blame for the financial crisis, said Richard Parsons, who stepped down as Citigroup chairman last week. The change left financial firms without executives experienced in running the businesses that previously were managed separately, he said. "We are going to have to figure out how to manage in this new and dynamic world because there are good and sufficient business reasons for putting these things together," he said.

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