Or even a bigger problem, Clinton repealed Glass-Steagal. That was the beginning of the end.
If you dont know what that act is, go read about it.
3 Republicans proposed GLBA which was the repealing of parts of the Glass-Steagall Act.
Clinton signed it too.
Excerpt from wikipedia...i know it's a copy paste but it's useful.
A year before the law was passed, Citicorp, a commercial bank holding company, merged with the insurance company Travelers Group in 1998 to form the conglomerate Citigroup, a corporation combining banking, securities and insurance services under a house of brands that included Citibank, Smith Barney, Primerica, and Travelers. Because this merger was a violation of the Glass–Steagall Act and the Bank Holding Company Act of 1956, the Federal Reserve gave Citigroup a temporary waiver in September 1998.[1] Less than a year later, GLB was passed to legalize these types of mergers on a permanent basis. The law also repealed Glass–Steagall's conflict of interest prohibitions "against simultaneous service by any officer, director, or employee of a securities firm as an officer, director, or employee of any member bank.