Wednesday, November 17, 2010

Robert Scheer: The Man Who Shattered Our Economy

Robert Scheer: The Man Who Shattered Our Economy

Rejoice, the housing market is back. Sandy Weill just picked up a humdinger of a wine vineyard estate in Sonoma, Calif., for a record $31 million, so the foreclosure crisis -- which the former CEO of Citigroup did so much to create when he successfully lobbied then-President Bill Clinton to sign off on radical deregulation of the banking industry -- must be over.

After all, Weill wasn't desperate for shelter, already being in possession of a 14-acre estate in ├╝ber-exclusive Greenwich, Conn., and a 120-acre spread in New York state's Adirondacks. Let's also not forget the penthouse that he bought for $42.4 million in New York City in 2007 as the banking collapse he helped engineer was fast developing. Not too shabby for a guy who ran Citigroup into the ground by trafficking in what proved to be toxic mortgage-based securities.

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