OUT OF MIND
Would you like to react to this message? Create an account in a few clicks or log in to continue.
Latest topics
» Report: Newly Released Records Reveal What Really Happened in Epstein’s Final Moments
Sandy Weill: Break up the big banks EmptyToday at 11:19 am by PurpleSkyz

» Huge Freedom Protests Again Bring Australian Cities to a Standstill
Sandy Weill: Break up the big banks EmptyToday at 10:57 am by PurpleSkyz

» Big Pharma Unveils Its Plans For Omicron Strain
Sandy Weill: Break up the big banks EmptyToday at 10:45 am by PurpleSkyz

» ‘Planet Ponzi’, The Magic Money Tree of Modern Monetary Theory
Sandy Weill: Break up the big banks EmptyToday at 10:42 am by PurpleSkyz

» 301 new extra-solar planets to Kepler’s total count
Sandy Weill: Break up the big banks EmptyToday at 10:33 am by PurpleSkyz

» Scientists Create Genetically Modified E Coli Bacteria for 3D Ink Printing
Sandy Weill: Break up the big banks EmptyToday at 10:30 am by PurpleSkyz

» Omicron Virus Variant Holds A Startling Message
Sandy Weill: Break up the big banks EmptyToday at 10:26 am by PurpleSkyz

» The Great Narrative and The Metaverse, Part 1&2
Sandy Weill: Break up the big banks EmptyYesterday at 1:10 pm by PurpleSkyz

» Curiosity Team Releases Stunning Panorama of Martian Landscape
Sandy Weill: Break up the big banks EmptyYesterday at 12:57 pm by PurpleSkyz

» CERN Physicists Detect Collider Neutrinos for First Time
Sandy Weill: Break up the big banks EmptyYesterday at 12:54 pm by PurpleSkyz

» Football: Where Money Trumps “The Virus” by Jon Rappoport
Sandy Weill: Break up the big banks EmptyYesterday at 12:47 pm by PurpleSkyz

» NY City Teachers Back in Court to Argue City’s COVID Vaccine Mandate Policy Violates Constitution
Sandy Weill: Break up the big banks EmptyYesterday at 12:42 pm by PurpleSkyz

» LA Firefighter Under Investigation for Literally Wiping His Butt With Vaccine Mandate Letter
Sandy Weill: Break up the big banks EmptyYesterday at 12:38 pm by PurpleSkyz

» RFK Jr. Sends Out Urgent Message on the New World Order: “This Is Armageddon. This Is the Final Battle. We Need To Win”
Sandy Weill: Break up the big banks EmptyYesterday at 12:35 pm by PurpleSkyz

» Significantly elevated cardiac risk caused by the vaccines justifies an immediate halt
Sandy Weill: Break up the big banks EmptyYesterday at 12:30 pm by PurpleSkyz

» 365 Studies Prove the Efficacy of Ivermectin and HCQ in Treating COVID-19
Sandy Weill: Break up the big banks EmptyYesterday at 12:25 pm by PurpleSkyz

» German Euthanasia Association Says Assisted Death Only Allowed For The Vaccinated
Sandy Weill: Break up the big banks EmptyYesterday at 12:21 pm by PurpleSkyz

» Due to the Seriousness of the New Omicron COVID Variant, the Biden Admin Has Decided to Leave Open the US Southern Border
Sandy Weill: Break up the big banks EmptyYesterday at 12:17 pm by PurpleSkyz

» A Man’s Decade-Long Migraine Attacks Cured After Trying Plant-Based Diet For 3 Months
Sandy Weill: Break up the big banks EmptyYesterday at 12:01 pm by PurpleSkyz

» Watch THRIVE II: This Is What It Takes
Sandy Weill: Break up the big banks EmptyYesterday at 11:57 am by PurpleSkyz

» "DOONT" — A Bad Lip Reading of Dune
Sandy Weill: Break up the big banks EmptyFri Nov 26, 2021 1:08 pm by PurpleSkyz

» ‘Severe Reactions’ to Covid Vaccines are Far More Common Than Official Data Show: Here is the Stunning New Evidence
Sandy Weill: Break up the big banks EmptyFri Nov 26, 2021 12:42 pm by PurpleSkyz





Holistic Alternative
Health Care
by Bridgette Lyn Dolgoff

CONTACT HERE TO SCHEDULE ONLINE SESSIONS
www.https://coe-llc.com

NEW ETSY SHOP FEATURING HERBAL SALVES

NOW MAKING A MEDICATED OIL FOR PEOPLE WHO HAVE PCR DAMAGE
www.https://coe-llc.com










Sway on Out Of Mind:
Sway's Website:
josuemercadoproductions.tk
Buy Me A Coffee:
PayPal:www.paypal.me/swaymerk CashApp:

You are not connected. Please login or register

OUT OF MIND » THE INSANITY OF REALITY » ILLUMINATI AGENDA & WORLD DOMINATION » Sandy Weill: Break up the big banks

Sandy Weill: Break up the big banks

Go down  Message [Page 1 of 1]

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

PurpleSkyz

PurpleSkyz
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