"What we should do is split up investment banking from banking, have banks be deposit takers, have banks make … loans, have banks do something that's not going to be too-big-to-fail.”
Paul Volcker? Barack Obama? Tim Geithner? Academic Simon Johnson, author of 13 Banks? Nope – as you probably know by now, that comment last week came from none other than Sandy Weill, the former chairman of Citigroup (C) who in the years prior to the 1999 repeal of the Glass-Steagall Act, which had mandated the separation of investment and commercial banking, was the single largest public advocate of creating today’s megabanks.
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