Break Up the Banks.

One by one the money folks have a belated change of heart – about financial monopolies and playing with other people’s money.

Latest is Citigroup’s Sandy Weill – one of the architects behind too big to fail:

But watch the female reporter at 3:05 – she can’t wrap her head around this. Mr. Weill puts her softly to place – it’s better to regulate this stuff.

Matt Taibbi has more.

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7 thoughts on “Break Up the Banks.

  1. The fact that this really didn’t garner much attention is astounding. I mean, here is the guy, who essentially created the Too Big To Fail model, saying that we should break up the banks and, more or less, reinstate Glass-Steagall! It’s unreal! How could he even posit that idea with a straight face?

    • I’m reminded a bit of Alan Greenspan some time after the ’08 crash.. admitting that trickle-down and eternal credit didn’t work in the end. No kidding.

      As for Weill – I’m just hoping it garners some attention among those who corrupt politics for personal profit. As a wake up call. It’s just not the middle class who will suffer.

      But chances are – as with cults – that defectors are dismissed, perhaps in the case of Weill because he appears to be near “broke”.

      And last time I checked – the banks are bigger than ever – with record profits.

    • But that said – I totally agree with the unreal part! There he is.. talking like a liberal, about preserving the country and making fairer rules in the economy.
      Could be he really regrets this stuff.
      Money and greed are way too strong drugs for most people. Maybe some clarity came with time and distance.

  2. Just getting back to you on this…yeah I don’t think many of the people in positions of power are going to wake up, as a result of this kind of thing. I mean, right now, we’re seeing tons of activity revealing the continuation of corrupt practices, with the LIBOR scandel, money laundering, and the JP Morgan $9 billion loss, just to name a few. It’s like deja vu, all over again.

    • Yep.
      But, (always looking for positive signs..) – there is a clear change of “political climate” towards finance and the question of HOW in regards to money and success I think. Some of the Bain attacks would’ve been very differently received just five or ten years ago. And projects like Occupy are making a big difference and educating the public.
      But things are just sooooo slow.

      • I too am hopeful about Occupy. I’m often attacked for speaking favorably about the movement, but I see it as the most (potentially) legitimate counter to the current system that I’ve seen in my lifetime. And just like all great social/political movements that have preceeded it, it will take time until we feel its full affect.

      • Yep. They got sidelined with all this “fighting police” stuff after a while I think, but it was a very important statement – and I’m guessing history will point to the fall of 2011 as the start of a broader counter-movement against the 1% agenda. The factual basis is just so glaringly unfair.

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