Why the Right Wants to Break Up the Banks, Too

Every now and then conservatives play against type. George Will, Peggy Noonan, and Senator David Vitter want to break up the big banks. So does Sandy Weill, the former chairman of Citigroup. In 1999, Congress repealed Glass-Steagall, the 1933 law separating commercial and investment banking, in large part so that Weill wouldn’t be inconvenienced as he merged his company with Travelers Group to create the largest financial institution in our solar system. Then, last year, Weill said it had been a mistake to repeal Glass-Steagall. Now he tells us!