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Thursday, July 26, 2012

‘Shatterer Of Glass-Steagall’ Does About Face

Sandy Weill speaking on CNBC.

New York Magazine’s Kevin Roose writes that Sanford Weill is the godfather of the “too-big-to-fail” movement. As Citigroup chief, now retired, Weill once described himself as the “shatterer of Glass-Steagall” — a regulation that prohibited commercial banks from doing risky investments in order to keep depositors’ money safe and was repealed in the 90s.

Weill and other big bankers pushed the repeal so that their banks could grow into the behemoths they are today. But Wednesday on CNBC, Weill announced he had had a change of heart and supports separating investment banks from commercial ones.

“What we should probably do is split up investment banking from banking, have banks be deposit takers… have banks do something that’s not going to risk tax payer dollars, that’s not going to be too big to fail,” Weill said on CNBC.

Guest:

  • Kevin Roose, New York Magazine

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  • http://www.facebook.com/ken.palosi Ken Palosi

    Anyone with any common sense at all sees the logic behind Glass-Steagall. The repeal of Glass-Steagall was motivated solely by greed. The same greed that caused the George W. Bush great recession. I hope that Mr. Weill and the others involved in the repeal carry the guilt of their actions to their grave.  The protections repealed could very well have avoided a large amount of the economic woes that now plague our country.

  • BHA_in_Vermont

    You let the horse out of the barn. A bit late to close the door.

    You can’t change your “history”. You got rid of the safety system and the greed that followed took down the economy of not only the USA but the world. How many tens of millions did YOU personally make after the repeal.

    You WILL be remembered but it won’t be fondly. 

  • Charles Vigneron

    Repealing Glass-Steagal wasn’t enough for their greedy purposes. The following year they had to change Federal Gaming Law—that’s right, gambling.
    If your retirement funds are losing value, it may in part, by lost bets. 

  • Sam

    I suppose years later after all the pressure from the lobbyists are fading, there is a change of heart over Glass-Steagal.
    Now we see how the international banksters have nearly destroyed the US economy.
    Nothing new here.
    This is what you get when the politicians, banksters and the lobbyists all get together.
    Add to that a compliant media who doesn’t report all the details to keep the public in the dark and this is what you get.
    Pure greed.

  • J Frog

    Reminiscent of Howard Cosell coming out for banning boxing…AFTER he retired from broadcasting it.  I think Mr. Weill is trying to resurrect his reputation.

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