Sanford I. Weill, what a hypocritical ass. Back in the Clinton administration, before they finally killed Glass Steagall, Weill put together Citigroup.
At the time, it was a violation of Glass Steagall.
He did it anyway, believing, correctly, that Congress and the regulators would do nothing. He was right, they did nothing but repeal Glass Steagall.
In an interview in the 1990s, he actually said that Glass Steagall was not necessary and the bank would be so big that the safety net would be the U.S. government. He’s always been on my list of one of the destroyers of our financial system. Now, look what this ass says below.
An apology at least would be nice!
From CNBCFormer Citigroup Chairman and CEO Sanford I. Weill, the man who invented the financial supermarket, called for the breakup of big banks in an interview on CNBC Wednesday. "What we should probably do is go and split up investment banking from banking, have banks be deposit takers, have banks make commercial loans and real estate loans, have banks do something that's not going to risk the taxpayer dollars, that's not too big to fail," Weill told CNBC's "Squawk Box."
He essentially called for the return of the Glass-Steagall Act, which imposed banking reforms that split banks from other financial institutions such as insurance companies. "