Because Citibank BRIBED AND BROWBEAT “our” Congress into that action in order to allow Citi (and other large banks) to continue what they were already doing without fear of prosecution or interference.
Note: For the 40+years that Glass Stegall was the law we had 0 (yes, zero) major economic “disruptions” due to banking practices. Within just Two years after it was removed (at the behest of Citi, and Wells Fargo, et al) we had several scandals…. coincidence? Could Be…BUT no one in Congress wants to even look at (much less actually discuss) the smoking gun!…. how “convenient” for them all!