WALL STREET’S FAST AND FURIOUS

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13. Year 1999: The Glass-Steagall Act, repealed.

My financial advice practice started in February 1999 at Salomon Smith Barney. Soon after, I was the in the midst of the biggest financial fiasco since the great depression…the U.S. economy paid the price a decade later. Over the years, legislators and regulators chipped away at Glass-Steagall leading to its repeal in 1999. The law prevents Insurance, Investment Banking, Brokerages, and Banking from commingling their services. Soon after, my beloved Salamon Smith Barney, became Citigroup – A collaboration of Salamon Smith Barney (investments and investment banking), Citibank (banking) and Travelers (insurance) become the 1st giant, too big to fail, under the leadership of a wise man, Sandy Weil. This was the beginning of the end…

Lesson learned – Bigger is seldom Better. Greed is bad.

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12. Year 2000: Bursting of the dot.com, or technology, bubble
The Internet was hip. Entrepreneurs’ potential in online business made…

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