Opinion: Break up Citigroup — now

And while you’re at it – repeal and rewrite UCC 3-301. At least take it back to the original (New York) version for now!

Justice League

WASHINGTON, D.C. — America’s presidential campaign is already well under way. The election is not until November 2016, and very few candidates have formally thrown their hats into the ring, but the competition to promote and develop ideas — both behind closed doors and publicly — is in full swing.

Earlier this month, Citigroup C, -0.20%  took advantage of this formative political moment by seizing an opportunity to score a tactical victory — but one that amounts to a strategic blunder. Using legislative language apparently drafted by Citigroup’s own lobbyists, the firm successfully pressed for the repeal of some of the 2010 Dodd-Frank financial reforms. The provision was then passed after it was attached to a last-minute spending bill, a tactic that ensured little debate in the House of Representatives and none at all in the Senate.

At a stroke, Citigroup executives demonstrated both their continued political clout in…

View original post 117 more words

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s