The former head of Citibank, Sandy Weil, now says break up the mega banks and safeguard depositors' money. Technically, he is advocating bringing back the Glass-Steagall Act, as I proposed in my May 29, 2012 blog. This is a good thing. The investment banking function would be split off from the retail banking function, which would safeguard customer deposits. His voice carries even more weight because Weil was one of the chief backers of doing away with Glass-Steagall in the 1990s. Are you listening Congress?
finance.yahoo.com/blogs/breakout/mega-bank-creator-sandy-weill-reverses-course-says-153653712.html
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