â€œWhat we should probably do is go split up investment banking from banking, have banks be deposit-takers, have banks make commercial loans and real estate loans, have banks do something thatâ€™s not going to risk the taxpayer dollars, thatâ€™s not too big to fail,â€
So Sandy Weill, the man who pushed hard for the end of Glass-Steigel when Citicorp and Travelers merged, is now thinking it would be best to break banks up.
My guess is that he won’t be giving back any of the money he accumulated in the lead up to the crisis that he helped create.
The above article closes with:
Thank you, Mr. Weill, for your courageous declaration. Why couldnâ€™t you have made it a decade ago?
Exactly! Although, I’m not sure that this is a “courageous declaration” at this point in the game.
Also, while on google, looking for articles on this matter, I came across one that said Weill’s motivation may be that banks are worth more broken up. That would explain Weill’s change of heart.
Maybe this is Weill’s way of pulling the rug out from under Jamie Dimon, his protÃ©gÃ© that he fired who went on to eventually manage JP Morgan Chase.