Byron Dorgan's Financial Plan: Common Sense From The Senator Who Saw This Coming

First Posted: 11-12-09 02:02 PM | Updated: 11-12-09 03:37 PM

He got it right last time.

Senator Byron Dorgan, Democrat of North Dakota, was one of eight senators who stood up to oppose the repeal of the Glass-Steagall act in 1999. That repeal, which was signed into law by President Clinton exactly 10 years ago today, broke down the barriers between commercial banking and investment banking, and led to the growth of behemoth financial firms that were able to take enormous risks with impunity, because they were "too big to fail."