07/26/2012
It is amazing that someone who puts up a tough battle advocating for deregulation nows wants to return to the heavy regulations days of banking. I have been a proponent of reinstating Glass-Steagall Act since it would require banks, investment banks and insurance companies to operate separately, therefore protecting deposits from risky bets. Hopefully, Mr. Weill speaking out will carry some momentum to add more teeth to the current regulations that exist for the financial services industry. Also, this will protect consumers and small businesses in the long-run.
Sandy Weill, who practically invented the mega-bank when he ran Citigroup in the 1990s, said such banks should be broken up. Weill pushed for a return of the Glass-Steagall Act, which separated banks' deposit-taking operations from trading businesses. "Have banks do something that's not going to ris...