Former Citigroup Chairman and CEO Sandy Weill advocated breaking up big banks in an interview with CNBC today, saying that was the only way to rebuild the reputation of the financial system. Weill was an advocateof the 1999 repeal of the Glass-Steagall Act, which separated commercial and investment banks, a repeal that allowed him to build Citigroup.
Weill suggested that banks separate completely from investment banks and operate with leverage of 12 to 15 times their balance sheet, while maintaining transparency about their financials. He also argued that banks' hedging positions be marked to market.
For the full story.
Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.
Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
- Informative weekly newsletter featuring news, analysis, real-world case studies, and other critical content
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
