90.9 WBUR - Boston's NPR news station
Top Stories:
PLEDGE NOW
Here and Now with Robin Young and Jeremy Hobson
Public radio's live
midday news program
With sponsorship from
Mathworks - Accelerating the pace of engineering and science
Accelerating the pace
of engineering and science
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that prohibited commercial banks from doing risky investments in order to keep depositors’ money safe and was repealed in the 90s.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

Please follow our community rules when engaging in comment discussion on this site.
Spotlight

We now have a digital bookshelf! Explore all our books coverage or browse by genre.

Robin and Jeremy

Robin Young and Jeremy Hobson host Here & Now, a live two-hour production of NPR and WBUR Boston.

January 22 Comment

The Playwright Behind ‘Vanya And Sonia And Masha And Spike’

Christopher Durang's Tony Award-winning comedy is currently being performed in 27 regional theaters across the U.S.

January 22 25 Comments

EdX CEO Lays Out Disruptive Vision For Higher Ed

Anant Agarwal believes MOOCs — massive online courses — can be a disruptive force for good in higher education.

January 21 22 Comments

What Happens When Your Sibling Makes More Than You?

Sociologist Dalton Conley explains what it means for family dynamics when one sibling is significantly richer or poorer.

January 21 2 Comments

Obama’s Proposal On Inequality: Is It Enough?

Nobel Prize-winning economist Joseph Stiglitz offers his take on the president's plan and whether it goes too far or not far enough.