Reply #38: Interesting link from that DailyKos entry..1999 article makes predictions [View All]

When he stepped down from his Treasury post this past summer, Rubin left
unfinished a legislative effort to re-write the nation's banking laws.
Misnamed "financial modernization" legislation was really a deregulatory
initiative -- reminiscent of the S&L deregulation that led to a corporate
crime spree, the collapse of the industry and the subsequent taxpayer
bailout of epic proportions.

The centerpiece of the deregulatory bill, which different fragments of the
finance industry have pushed for a decade and a half, is the repeal of the
revered Glass-Steagall Act, which bars the common ownership of banks on
the one hand, and insurance companies and securities firms on the other.
...
Enter Robert Rubin. According to a report in the New York Times, Rubin
helped broker the final compromise language on financial deregulation.

Create too-big-to-fail institutions that are someday likely to drain the
public treasury as taxpayers bail out imperiled financial giants to
protect the stability of the nation's banking system;