The Banker Most Responsible for Allowing the Too Big to Fail Banks Says We Must Break Them Up

Even Sandy Weill Says We’ve Got to Restore Separation Between Banking and Financial Gambling

Every independent economist and financial expert says that failing to break up the giant banks is ruining the American economy.

Former Fed chairmen Greenspan and Volcker agree, as do presidents of various Federal Reserve banks  and high-level Treasury officials, and  the “central banks’ central bank.

But now even the banker most responsible for the creation of the too big to fails – former Citi boss Sandy Weill, who lobbied vigorously for a repeal of the Glass-Steagall act separating real banking from financial gambling – has called for them to be broken up:

What we should probably do is go and split up investment banking from banking, have banks be deposit takers, have banks make commercial loans and real estate loans, have banks do something that’s not going to risk the taxpayer dollars, that’s not too big to fail …

I’m suggesting that [the big banks] be broken up so that the taxpayer will never be at risk, the depositors won’t be at risk, the leverage of the banks will be something reasonable, and the investment banks can do trading, they’re not subject to a Volker rule, they can make some mistakes, but they’ll have everything that clears with each other every single night so they can be marked-to-market …

This [too big to fail] system is really immobilizing the banking system:

The Banker Most Responsible for Allowing the Too Big to Fail Banks Says We Must Break Them Up was originally published on Washington’s Blog

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Comments
2 Responses to “The Banker Most Responsible for Allowing the Too Big to Fail Banks Says We Must Break Them Up”
  1. charley rice says:

    JUST GET RID OF THEM AND LET THE PEOPLE TAKE BACK THEIR RIGHTS.

    SEND IT BACK TO THE OLD SCHOOL.

    • Dianne says:

      You know I would normally be thrilled at this information… but what we all fail to recognize… is it is NOT the banks stealing our homes… It is the Obama Administration aka Fannie Mae.

      Behind each home that is stolen, there is one hidden recipient of that theft… Fannie Mae aka you and I, aka the United States Federal Government that is really the United States People.

      Each of you can go to the Fannie Mae website, enter your property address, and see they (you and I) claim to hold the note on each of your homes. Fannie Mae is not Obama … it belongs to you and I, the tax payers.

      Suffice it to say, there is no bank stealing your home, you are stealing your own home through Fannie Mae and Freddie Mac… you and me… the United States Government . File your Federal lawsuit tomorrow or the next day… tell the Federal Court you really don’t wish to foreclose upon yourself.

      The Federal Government doesn’t provide funds for their evil, racketeering deeds… You fund them, I fund them … The Federal Government is you, not them … It is me, not them !!!!!

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