In his latest column in the September issue of Rough Notes, “AIG and the Meth Labs of Finance: How the GLBA came to replace Glass-Steagall and led us astray”, Kevin P. Hennosy references a letter to the editor written by Michael Erlanger in response to one of his earlier columns.
“I was pleased to receive and interested to read Mr. Michael Erlanger’s letter to the editor, (page 10 of the August issue) concerning my column in the June 2011 edition of Rough Notes.
Mr. Erlanger offers an insightful and well-reasoned response on the commentary that I offered with regard to the failure of American International Group (AIG). In general terms, I agree with his assessment, although he is correct that I place more blame on American insurance regulators than I believe he does.”
Mr. Hennosy goes on to explain the history of Glass-Steagall and its replacement, the GLBA, and to claim that the repeal of Glass-Steagall was a mistake, and that the GLBA should be repealed instead.
Both articles and Michael Erlanger’s response make interesting reading, and we highly recommend taking a look.
You can read the entire column here.
You can also click here to read the original column in the June 2011 Issue of Rough Notes, “Supervision & Regulation Aren’t The Same: NAIC chief rejects McCarran-Ferguson Act, again and again.”
And finally, you can read Michael Erlanger’s response here.