The New York Times has an article about how a former aide to Eliot Spitzer, Eric Dinallo, is attracting backing from Spitzer foes like Kenneth Langone and Richard Grasso for Mr. Dinallo's campaign for attorney general of New York State. The article says:
Congress needs to undo the damage from two pieces of legislation: the Gramm-Leach-Bliley Act of 1999, which repealed the Glass-Steagall Act and allowed for mergers of traditional banks with investment banks, and the Commodity Future Modernization Act in 2000, which deregulated the derivatives market. "They were profound, once-in-a-century missteps" that "destroyed our economy," Mr. Dinallo said.
Interestingly enough, given that Mr. Dinallo is a Democrat, both laws were signed into law by President Clinton at a time when the Treasury secretary was Lawrence Summers, who is now a top economic aide to President Obama.
