During a March 27, 2008, speech at New York's Cooper Union, Obama proclaimed:
"...instead of establishing a 21st century regulatory framework, we simply dismantled the old one -- aided by a legal but corrupt bargain in which campaign money all too often shaped policy and watered down oversight. ... A decade later, we have deregulated the financial services sector, and we face another crisis. A regulatory structure set up for banks in the 1930s needed to change because the nature of business has changed. But by the time the Glass-Steagall Act was repealed in 1999, the $300 million lobbying effort that drove deregulation was more about facilitating mergers than creating an efficient regulatory framework."
Later that year, President-elect Obama named Larry Summers -- former Treasury Secretary during Bill Clinton's presidency -- to be the director of his National Economic Council.Yes, the same Larry Summers who successfully advocated for the repeal of Glass-Steagall (the 1933 law designed to prevent "too-big-to-fail"), who, in congressional testimony, supported a ban of derivatives regulation and who has been the recipient of millions of dollars in compensation from troubled financial institutions.