Latest topics
» BREAKING! More Whistleblowers Come Out Of The Clinton Foundation Woodwork
Today at 5:59 pm by PurpleSkyz

» NIBIRU News ~ Black Star Update
Today at 5:58 pm by PurpleSkyz

» Illinois Odd Radar Anomaly and Reported BOOMS WAS NOT What They Thought..
Today at 5:54 pm by PurpleSkyz

» I'll Be Home For Christmas - Christmas Classic - Puddles Pity Party
Today at 3:48 pm by PurpleSkyz

» UFO News ~ Giant Angelic UFO Leaving The Sun In NASA Photo plus MORE
Today at 1:30 pm by PurpleSkyz

» NIBIRU News ~ NIBIRU SYSTEM NOW HERE IN FULL EFFECT plus MORE
Today at 1:26 pm by PurpleSkyz

» MIDWEEK BY ZAP SCAMKOWSKI THE LAPIS POISON GHOUL- DANGER DO NOT BUY THIS!!!
Today at 1:07 pm by 4-truth

» Tennessee U.S. Rep.-elect Dr. Mark Green(MD) alleges vaccines may cause autism
Today at 12:40 pm by PurpleSkyz

» CDC Whistleblower case to resurface in 2019?
Today at 12:29 pm by PurpleSkyz

» Good People Doing Good Things — A Few Surprises!
Today at 12:26 pm by PurpleSkyz

» #Q Anon Drama Theater: Wonderful Holiday Drops plus more
Today at 12:16 pm by PurpleSkyz

» FULL Benjamin Fulford 12-10-18… “Secret war centers on SWIFT after George Bush Sr. is executed”
Today at 12:13 pm by PurpleSkyz

» OH OH! FACT CHECKING DARK JOURNALIST: PINE GAP AND UFO MYTHOLOGIES with Maarit
Today at 11:56 am by PurpleSkyz

» Massive 9/11 Breakthrough!
Today at 11:50 am by PurpleSkyz

» California Wants to Tax Your Text Messages
Today at 11:39 am by PurpleSkyz

» Mysterious rock-comet 3200 Phaethon
Today at 11:36 am by PurpleSkyz

» The Mysterious Bush-Clinton Funeral Envelope and Catch 22 Game Theory
Yesterday at 8:49 pm by PurpleSkyz

» "Undeniable" Massive Unknown Craft Rendezvous With SpaceX's Dragon!
Yesterday at 8:43 pm by PurpleSkyz

» FADE to BLACK Jimmy Church w/ Kerry Cassidy : Project Camelot
Yesterday at 8:13 pm by PurpleSkyz

» #LIVE #QANON - #JaredRand - Time for Change Nov 14, 2018 @potus
Yesterday at 5:59 pm by LadyDragon

» #Q Anon Drama Theater: SerialBrain2 - The Reason Trump Tweeted Smocking Gun plus more
Yesterday at 5:18 pm by PurpleSkyz

» Several Strange Black Objects Surrounding The Curiosity Rover On Mars?
Yesterday at 5:13 pm by PurpleSkyz


CLICK THE SUBSCRIBE BUTTON BELOW TO RECEIVE OUR DAILY NEWSLETTER

A 2ND EMAIL COMPLETES THE ACTIVATION PROCESS




CLICK THE PURPLE BUTTON TO VIEW OUR LATEST POSTS




You are not connected. Please login or register

Out Of Mind » THE INSANITY OF REALITY » CABAL AGENDA & WORLD DOMINATION » Sandy Weill: Break up the big banks

Sandy Weill: Break up the big banks

Go down  Message [Page 1 of 1]

1 Sandy Weill: Break up the big banks on Wed Jul 25, 2012 3:45 pm

PurpleSkyz

avatar
Admin
From CNN.com



NEW YORK (CNNMoney) -- The man responsible for creating Citigroup -- the world's first financial supermarket -- said Wednesday that the nation's largest banks should be broken up in order to protect taxpayers.
Former Citigroup chairman Sandy Weill -- who engineered a series of corporate takeovers and lobbying efforts to create Citigroup -- explained during an interview on CNBC why he now thinks a firewall between commercial and investment banks is needed.

"What we should probably do is go and split up investment banking from banking," Weill said. "Have banks do something that's not going to risk the taxpayer dollars, that's not too big to fail."
Weill's call to break up the nation's largest banks comes a little more than a decade after he helped orchestrate the merger of Travelers Group and Citicorp, a deal that created what was the world's largest financial services company.
The deal was not have been possible with Glass-Steagall, a Depression-era law that prevented commercial banks from dabbling in investment banking, on the books.

But after intense lobbying by Weill and his associates, Congress repealed the act in 1999. Some critics argue that its demise paved the way for deposit-taking banks to make colossal bad bets, while bank traders chased profits and big bonuses.
Citigroup, where Weill would serve as chairman until 2006, would eventually receive taxpayer-funded bailouts during the financial crisis.
On Wednesday, Weill attributed many of the problems faced by banks in the run-up to the financial crisis to over-leveraging and a lack of transparency. The end result, he said, is a banking system that now lacks innovation and is distrusted by the public.
Sandy Weill just wants to move on
"There is such a feeling among people, among regulators, among the political system all over the world, against the banking system, and I don't think that's going to change so soon," Weill said.
Weill said he hasn't discussed his views with current Citigroup (C, Fortune 500) CEO Vikram Pandit or JPMorgan's (JPM, Fortune 500) Jamie Dimon.
The comments from Weill, who also served on New York Fed Board of Governors, indicate a remarkable evolution in his thoughts on the risks posed by large financial institutions.
The New York Times has reported that as recently as 2010, Weill had a 4-foot wide portrait of himself hanging in his office that was etched with the words "The Shatterer of Glass-Steagall."
But on Wednesday, Weill said that current conditions demand something new.
"Well, you know I think the world changes, and the world that we live in now is different than the world we lived in 10 years ago," Weill said.
First Published: July 25, 2012: 10:57 AM ET
Share



  

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum