"1. Wall Street with help of the Clinton Administration pushes for and gets repeal of Glass-Steagall Act of 1933. This allows retail and investment banks to exist under one roof, a big no-no since it allows them to lend to themselves. The Bush Administration follows suit by putting Wall Street loyalists in key positions in government; the result was Fannie/Freddie became a piggy bank while rendering the SEC virtually toothless."

Goldman Sacks...Paulson

"From 1990 to November 1994, he was co-head of Investment Banking, then, Chief Operating Officer from December 1994 to June 1998;[8] eventually succeeding Jon Corzine (now Governor of New Jersey) as its chief executive" 2006.

John William Snow, (born August 2, 1939, in Toledo, Ohio) served as the 73rd United States Secretary of the Treasury. He replaced Secretary Paul O'Neill on February 3, 2003 and was succeeded by Henry Paulson on July 3, 2006, in a move that had been anticipated for several weeks [1] [2] [3] [4]. Snow submitted a letter of resignation on May 30, 2006, effective "after an orderly transition period for my successor."[5] To replace him, U.S. President George W. Bush nominated Henry M. Paulson, Jr.. Snow announced on Thursday, June 29, 2006 that he had completed his last day on the job; Robert Kimmitt served as acting secretary until Paulson was sworn in.

http://en.wikipedia.org/wiki/John_W....

Where is Mr Snow in this mess? Why did he resign? He wasn't hanging around that for sure.

doni