|Sandy Weill Lives In Glass (Steagall) House|
An editorial in Investors Business Daily July 27 states:
Subprime Scandal: The ex-CEO of Citibank "shocked the world" by arguing for breaking up big banks and in effect reinstating the Glass-Steagall Act. But deregulation wasn't the problem. He was.
Sandy Weill, who left Citi's helm after the crisis, last week told CNBC that if the government divests banks from Wall Street and just lets them make "real estate loans," everything will be hunky-dory.
"What we should probably do is go and split up investment banking from banking, have banks be deposit takers (and) make commercial loans and real estate loans (and) not do something that's not going to risk the taxpayer dollars," Weill opined.
Read more here.
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