Here’s an informative  account of Sandy Weill’s creation of the first full-service superbank, Citigroup, and the repeal of the Glass-Steagall Act that stood in his way .

This is from a report by Frontline that discusses the end of Glass Steagal and  interviews of former SEC Chairman Arthur Levitt, former Federal Reserve Board member Alan Blinder, New York State Attorney General Eliot Spitzer, financial historian Charles Geisst, the Precusor Group’s Scott Cleland, and Kenneth Guenther of the Independent Community Bankers of America.

Excerpt: Arthur Levitt,  SEC chairman  from 1993 to 2001:

 “It was apparent to me that the protections of Glass-Steagall had already largely eroded. But Congress, at several times, nearly passed a bill to do away with Glass-Steagall. It was clear that it was a question not of whether but when Glass-Steagall would go. Millions of dollars were pouring in the campaign coffers of senators…

Here, here.. And I concur…

You may remember my recent column on Richard Bowen, the Dallas banker who blew the whistle on Citigroup and is considered by many to be an unsung American hero.

The 68-year-old senior lecturer of accounting was once a top executive with Citigroup’s mortgage lending organization. When his warnings of internal malfeasance got him sacked, Bowen filed a complaint under Sarbanes-Oxley and later testified before Congress.

He has nothing to show for his efforts.

Well, he’s not done.

On Friday morning, Bowen appeared on Bloomberg Television’s Market Makers hosted by Stephanie Ruhle. He announced that he’s requested a congressional investigation into possible cover-ups he says he witnessed at the Financial Crisis Inquiry Commission.

But time is running out for charges to be filed.

Read on.