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Wall Street Legend Sandy Weill: Break Up the Big Banks
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Contributor | RP |
Last Edited | RP Jul 25, 2012 12:54pm |
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Category | Interview |
News Date | Wednesday, July 25, 2012 01:05:00 PM UTC0:0 |
Description | Former Citigroup Chairman & CEO Sanford I. Weill, the man who invented the financial supermarket, called for the breakup of big banks in an interview on CNBC Wednesday.
“What we should probably do is go and split up investment banking from banking, have banks be deposit takers, have banks make commercial loans and real estate loans, have banks do something that’s not going to risk the taxpayer dollars, that’s not too big to fail,” Weill told CNBC’s “Squawk Box.”
He essentially called for the return of the Glass–Steagall Act, which imposed banking reforms that split banks from other financial institutions such as insurance companies. |
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