Why Jamie Dimon Wants to Silence Paul Volcker

November 11, 2009 10:34am by Barry Ritholtz

Charlie gives good interview to Aaron task about his new book:

This week marks the 10-year anniversary of one of the great bipartisan failures in modern American history: the repeal of Glass-Steagall. On November 12, 1999, President Bill Clinton signed the Gramm-Leach-Bliley Act, which repealed the Depression-era separation of commercial and investment banks.

Repealing Glass-Steagall was “obnoxious” and a bipartisan “absurdity,” says Charlie Gasparino, author of The Sellout and CNBC’s on-air editor. The end result of the repeal was you have “taxpayers subsidizing risk-taking” on Wall Street, he continues. “It’s the most anti-capitalist thing I’ve ever heard of in my life.”

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