Fri Aug 3, 2012, 09:35 PM
marmar (63,335 posts)
Matt Taibbi: When Did Sandy Weill Change His Mind About Too Big To Fail? And Why?
from Rolling Stone:
When Did Sandy Weill Change His Mind About Too Big To Fail? And Why?
POSTED: August 3, 11:30 AM ET
There were a great many fascinating moments in the now-legendary Squawk Box interview of former Citigroup chairman Sandy Weill, in which the creator of the Too-Big-To-Fail model told an astonished Andrew Ross Sorkin that it was time to break up the Too-Big-To-Fail banks. But one moment in particular flew under the radar:
SORKIN: But did this come to you in 2008, 2009, was there a conversation you had with someone, because this is a true revolution.
WEILL: Change. You know I think it is something Iíve been thinking about a lot over the last year and I wanted to really get my thoughts together before I said anything. But I think good things are simple and I think what Iím saying is very simple.
For the moment we can ignore the fact that Weill throughout the interview kept patting himself on the back for his "good thing" of an idea. (Although, if close attention is paid, one does get the impression that Weill sincerely believes he came up with the "break up the banks" idea on his own, and itís almost like heís preparing to take credit for it if it happens; this is just one of the many layers of delicious comedy that can be peeled back through careful re-examination of this interview). We can just call all that background noise for now.
Instead, letís just focus on the "when" question Sorkin raised. Because interestingly enough, Weill addressed this very issue at the close of the year Sorkin mentioned, 2009.
It was back then that Weillís former co-C.E.O. at Citi, John Reed, paved the way for Weillís future conversion by issuing his own mea culpa on the issue of Too-Big-To-Fail. Reed wrote a letter to the New York Times on October 22, 2009 calling for the same division of commercial banks and investment banks, saying the repeal of the Glass-Steagall Act, which had kept those companies separate, was a mistake. ................(more)
The complete piece is at: http://www.rollingstone.com/politics/blogs/taibblog/when-did-sandy-weill-change-his-mind-about-too-big-to-fail-and-why-20120803#ixzz22XMBWX5S
"For to be free is not merely to cast off one's chains, but to live in a way that respects and enhances the freedom of others." -- Nelson Mandela
2 replies, 969 views
Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Matt Taibbi: When Did Sandy Weill Change His Mind About Too Big To Fail? And Why? (Original post)
|kenny blankenship||Aug 2012||#2|
Response to marmar (Original post)
Sat Aug 4, 2012, 12:18 PM
kenny blankenship (15,634 posts)
2. You guys are still talking about the zombie banksters???
Don't you know that they're all fixed and reformed now, and the only thing we have to fear is Mitt Romney?
Authoritarian refrain: Someone posted something on Facebook, therefore the Bill of Rights is revoked for everyone, forever.