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Ex-Citi chief Weill urges bank break-up

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posted on Jul, 25 2012 @ 11:59 AM
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Ex-Citi chief Weill urges bank break-up


www.ft.com



Citigroup’s former chief executive Sandy Weill called for a break-up of large banks in an astonishing about-face from one of the architects of the modern financial conglomerate.
The intervention of Mr Weill – who remains a chairman emeritus of Citi – adds t
(visit the link for the full news article)


edit on Wed, 25 Jul 2012 22:18:56 -0500 by JacKatMtn because:





posted on Jul, 25 2012 @ 11:59 AM
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This is welcome news, I especially liked this:




“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,” Mr Weill told CNBC.


Whether or not his word's hold enough weight to spur a change, it's good to see some of those who were involved, come clean and say enough is enough.

www.ft.com
(visit the link for the full news article)


edit on Wed, 25 Jul 2012 12:00:27 -0500 by JacKatMtn because: (no reason given)



posted on Jul, 25 2012 @ 12:23 PM
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Another take on the same news....

In Defining Hypocrisy, Weill, Who Led Repeal Of Glass Steagall, Now Says Big Banks Should Be Broken Up



Zero hedge

While it does seem like a positive 'turn-around' for the uber-elite Weill, we have to remember; this new 'position' he espouses came only after the transfer of many trillions of dollars into a "black box" of private hands.

Iceland, England, Ireland, Portugal, Greece, Spain, Italy, the United States, and many MANY other countries are full of damaged citizens, business, and even governments because of his "slick" move during the Clinton era. In other words, he wants to fix the barn doors, AFTER the cows got out...

So now he wants to 'realize' the problem and offer a 'do-over'? Let's start again?

I have some better ideas... but they won't include anything that strengthens the image that the "market" and "banking system" wasn't totally corrupt and broken to begin with.

Great catch...



posted on Jul, 25 2012 @ 12:25 PM
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I do not see it making much difference. It does not address the problem at the source.

Standard Oil was broken up - did not fix the issue, only delayed the inevitable
MawBell was broken up - did not fix the issue, only delayed the inevitable

In fact, I bet the bankers have already aligned themselves so that in the event they can continue on business as usual. The only affect will be they will work it in to make another couple billion dollars in the process.

The only way to fix it, is to kick the banks out of the country and not allow them to do business.
edit on 25-7-2012 by Skewed because: (no reason given)



posted on Jul, 25 2012 @ 12:36 PM
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Thanks for the copy and paste, rather than the cut and paste mentioned


I'm glad some of you have got the bottom line of this story as I'm sure many wont bother to sign up to FT just to read the story, even if signing up is free..

I feel the banks should be the way I always imagined them when I was growing up..
Somewhere to put your money and your wages.
Somewhere to be able to get to your money anywhere so you can spend it.
Somewhere that you could get a bit of interest when you keep money in an account and don't touch it..

But knowing what I know now.. close the damned lot down, expose them all for all they have done and give someone else a chance.. wipe the system.. Let's all start at 1pence = 1 cent = 1 peso etc etc..

It does seem that they have realised the blindfold on our eyes is about to be lifted and now they want to limit the lynch mob that's coming to get them pretty soon..

spain is possibly the cause of this.. Spain could be on the brink of collapse and might be the start of the exposure (not that none of us know what the problem is) but could actually reveal scams and scandals far bigger and worse than we could have ever imagined..

I just wonder what an audit on the fed and the banks would really reveal..

we're in the midst of something that may be a global changer and we're just waking up to the storm..



posted on Jul, 25 2012 @ 05:48 PM
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reply to post by Maxmars
 


here is a link to video....


Former Citigroup CEO: It’s time to smash the ‘too big to fail’ banks



Sanford I. Weill, the former CEO of Citigroup, American Express and Travelers Group, said Wednesday morning that America’s “too big to fail” banks must be smashed and torn asunder in order to restore consumer confidence in the financial system.

“What we should probably do is go and split up investment banking from banking,” he opined on a Wednesday CNBC broadcast. “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 going to be too big to fail.”


video bottom of page

interesting that he made so much sense,
and on the MSM.

times are changing

xploder


edit on 25-7-2012 by XPLodER because: (no reason given)



posted on Jul, 25 2012 @ 07:08 PM
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reply to post by XPLodER
 


To me this just sounds like it is all planned. The banks are tightening the noose. Now it is time for the big boys to start pulling in resources and compressing themselves into a tighter knit infrastructure. It is just time to start sacrificing their dead weight.
edit on 25-7-2012 by Skewed because: (no reason given)



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