Learn His Lesson

As a Congressman, Republican Bill McCollum cosponsored and advocated for a controversial piece of legislation in 1999 that repealed the too-big-to-fail financial safeguards, a repeal that has been directly linked to the cause of the financial crisis even by others who once advocated for it.

McCollum insists on denying his role in the financial crisis. But even the former chairman of Citibank has recanted his support for McCollums 1999 law and apologized for its role in the national economy.

McCollum is yet to make an apology, or even an acknowledgement, of his own.

Former Citibank Chairman John S. Reed apologized in a Nov. 6 interview for helping engineer the bank's merger with Travelers and for his role in building a company that took $45 billion in U.S. assistance. Reed also recanted his advocacy of the repeal of Glass-Steagall. The 1998 merger depended on Congress repealing Glass- Steagall before a five-year deadline that otherwise would have required Travelers to sell its insurance underwriting business. "We learn from our mistakes," Reed said in the interview. (BusinessWeek 12/15/2009).
After leaving Congress, McCollum became a high-powered Washington lobbyist with a firm that represented Citigroup, the parent group of Citibank.

Category:

News & Politics

Tags:

• Learn His Lesson
• Bill McCollum
• Florida Governor
• Governor's race
• Florida Democratic Party
• Florida Republican Party

[tim12crl]

I hope this wasn't meant to sway any undecideds. It's a horrible campaign ad. It's very informative and we all know McCollum is a crook, but it's just a really bad ad. When was the last time you had to read more than 2 sentences for any advertisement on TV?

[quatro126]

IF Mr McCollum really believes repealing the controls that held the credit card companies in check more than likely thinks , if you tell a thief don't steal he 0won't , but what can you expect from a polition who was in office for the benifits and not there for his constituents Too many politiicians are in office for what they can do for big business not whats good for the country. ASk him what benifits he took when he left office .