July 26, 2012
Sandy Weill, former CEO of banking giant Citigroup and widely regarding as the creator of the “financial supermarket” model that dominates global capitalism, made waves today by saying that he believes the largest US banking conglomerates are unnecessary, harmful, and should be broken up.
“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 said to CNBC’s morning financial show “Squawk Box” on Wednesday.
Given an opportunity to walk back his comments by the show’s moderators, Weill refused and clarified that his position was exactly as he stated it. When the moderators suggested he was being tougher on Wall Street than former Fed Chair and Obama financial advisor Paul Volcker, Weill said, “I don’t know if it’s tougher or not, but I want to see [the United States] to be a leader” when it comes to financial industry reform.
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