Steve Rattner, head of Wall Street for Obama, a former Lazard and Lehman banker turned hedge fund honcho, former advisor to Timothy Geithner's Treasury Department named as Obama's "Car Czar" to lead the fight to defeat Lyndon LaRouche's Economic Recovery Act to save the U.S. manufacturing base, is most unhappy that Citibank's Sandy Weill uncorked the fight to restore Glass-Steagall last week. Rattner took to the op-ed pages of the New York Times this Wedneday to hiss and spit at Weill for shaking "the New York-Washington axis by calling for the dismantling of megabanks."
"It was as if John D. Rockefeller had proposed the breakup of Standard Oil," the two-bit hedge fund operator complained. Weill's "musings are an ill-advised distraction;" he has "diverted attention to a tiresome debate over whether the Glass-Steagall Act, the 1933 banking law that separated commercial banking from investment banking, should be reinstated."
Rattner ranted on about how Dodd-Frank can be made to work. Focus on the Volcker rule, he whined, "and devising better ways to deal with financial giants — not distractions like Mr. Weill's call for reinstating an outmoded concept like Glass-Steagall."