# Professor Lawrence White explains why he does not believe the repeal of Glass-Steagall caused the financial crisis

1 Faculty News August 19, 2015 ![PolitiFact logo](/sites/default/files/styles/246w/public/assets/images/con_030740.jpg?itok=AksI8GU5)>

Excerpt from [PolitiFact](http://www.politifact.com/truth-o-meter/statements/2015/aug/19/bill-clinton/bill-clinton-glass-steagall-had-nothing-do-financi/) -- "[Lawrence White](http://w4.stern.nyu.edu/faculty/bio/lawrence-white), an economist at New York University, doesn’t see Glass-Steagall playing any role in the financial crisis whatsoever. He pointed to the crisis’ biggest culprits: firms such as Lehman Brothers, Bear Stearns, Goldman Sachs and AIG, to name a few. He added that much of the crisis hinged on activity by these institutions that would have been possible with or without Glass-Steagall, such as mass investment in notoriously bad mortgage loans. (Clinton’s staff linked us to commentary by several other experts who share White’s view.)"

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