General Discussion

ProSense

(116,464 posts)

20. Still, it's

Wed Jul 25, 2012, 11:47 AM

Jul 2012

time to break up the big banks, and that can be done now.

<...>

The Federal Reserve and the Financial Stability Oversight Council should use section 121 of the Dodd-Frank Act – which gives the Fed the ability to mitigate the “grave threat” that a financial institution poses by limiting banks’ activities or forcing it to divest assets – to break Bank of America into separate institutions. If crafted properly, these smaller institutions would be less likely to fail, would not endanger the U.S. financial system in the event of failure and would be easier to liquidate in an orderly fashion should it become necessary, the petition said.

http://www.citizen.org/pressroom/pressroomredirect.cfm?ID=3511

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Highlight:

Major Breaking News - Former Citicorp CEO calls for return of Glass Stegall & bank breakup. [View all] grantcart Jul 2012 OP

I hope this gets noticed Tom Rinaldo Jul 2012 #1

Sounds like he wants to run for office, to me. dixiegrrrrl Jul 2012 #33

Too late, Mr. Weill. annabanana Jul 2012 #2

It will but Romney and other Republicans in a very difficult position. grantcart Jul 2012 #3

This is a ProSense Jul 2012 #18

my point is that when it comes up in the debates or in MASS with Brown/Warren it is a huge weapon to grantcart Jul 2012 #25

That would be a happy day!!! goclark Jul 2012 #19

Still, it's ProSense Jul 2012 #20

It should have been done in 2009. girl gone mad Jul 2012 #39

Well done, well supported. Festivito Jul 2012 #44

Just what I was thinking. lilithsrevenge12 Jul 2012 #46

Wow. K&R myrna minx Jul 2012 #4

I worked for a Citi subsidiary in the late 90's when they bought Travelers. Snarkoleptic Jul 2012 #5

AL Williams grantcart Jul 2012 #9

Yup, Sherman A1 Jul 2012 #42

Very interesting information... virgdem Jul 2012 #14

The heist must be completed. Greybnk48 Jul 2012 #6

What CONGRESS did. They make the decisions. randome Jul 2012 #8

Repeal Graham-Bliley-Leach and bring back Glass-Steagall. n/t BumRushDaShow Jul 2012 #7

LOL "former" Javaman Jul 2012 #10

What now that thinks are fucked you... lonestarnot Jul 2012 #11

Glass-Steagall isn't coming back. Congress lacks the spine to stand up kestrel91316 Jul 2012 #12

WTF does he care... he's cashed in his chips. redqueen Jul 2012 #13

+1T. magical thyme Jul 2012 #30

+1 pam4water Jul 2012 #32

Agree - we have the power of taxation and the IRS can confiscate TBF Jul 2012 #45

Given that he opposed the lavish bonuses taken by investment bankers ... ieoeja Jul 2012 #15

"Weill left Citigroup in 2006" ProSense Jul 2012 #16

Sure, it was "right for the time." malthaussen Jul 2012 #23

Former. No one cares about the obvious anymore. nt valerief Jul 2012 #17

disagree. the folks at CNBC were stunned, and they still like him. grantcart Jul 2012 #24

Youbetcha Berlum Jul 2012 #21

Good to see someone of his former stature out in front on this, elleng Jul 2012 #22

Good it's about time gopiscrap Jul 2012 #26

he knew glass-stagall was in everyone's interests except his own at the time. unblock Jul 2012 #27

He and his friends got theirs. salib Jul 2012 #28

No One will trust you if you don't Regulate and lovuian Jul 2012 #29

Except how is Weill ever going to get Lil Timmy to agree? truedelphi Jul 2012 #41

Sure, sure go ahead and close it...... DeSwiss Jul 2012 #31

k&r n/t RainDog Jul 2012 #34

Thanks for the info FailureToCommunicate Jul 2012 #35

Shorter Weill: JoeyT Jul 2012 #36

I see it different. Once the big fish have eaten all the little fish, they become afraid they will rhett o rick Jul 2012 #37

My response to him is "get fucked, and I hope you die pennyless, asshole". nm rhett o rick Jul 2012 #38

Another 1%-er pulls a Wendell Potter eridani Jul 2012 #40

he says it after he made his pile. just wants to make it hard for other 'entrepreneurs' of finance. HiPointDem Jul 2012 #43