July 26, 2012

Former Citigroup CEO Weill Says Banks Should Be Broken Up

Sanford “Sandy” Weill, whose creation of Citigroup Inc. (C) (C) ushered in the era of U.S. banking conglomerates a decade before the financial crisis, said it’s time to dismantle the nation’s largest lenders.

“What we should probably do is go and split up investment banking from banking,” Weill, 79, said today in an interview on CNBC. “Have banks do something that’s not going to risk the taxpayer dollars, that’s not going to be too big to fail.” Read more.

Bloomberg

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