Several months ago I copied and posted a video-clip to YouTube. The original video from which I copied my video-clip was published on C-SPAN. My copied video-clip is a brief slice of the opening comments from the March 4, 2010 meeting of the Congressional Troubled Asset Relief Oversight Panel. The panel's Chairperson, Elizabeth Warren [d. MA] opens the meeting with a monologue reciting Citigroup’s history as an entity which has apparently settled into the too-big-to-fail syndrome, and which has a substantial history at the federal rescue trough.
With my tongue-in-cheek, I titled my YouTube posted video-clip: Too Big To Fail: Citigroup under the TARP
In Ms. Warren’s statements (March 4, 2010) she describes how Citigroup grew to be such a ‘systemically important’ financial institution, and she mentions that as Citigroup grew in importance, and in order to accommodate the kinds of growth Citigroup wanted, the federal government eviscerated The Glass-Steagall Act.
Considering that Elizabeth Warren is an extremely liberal Democrat, and considering that former President Bill Clinton and Clinton's Treasury Secretary, Robert Rubin were significant campaigners for Citigroup’s federal favors, it’s kind of interesting that Ms. Warren would bring attention to how the democrat brand of 'crony capitalism' has benefitted Citigroup and contributed to its too-big-to-fail stature.