The Banker Most Responsible for Allowing the Too Big to Fail Banks Says We Must Break Them Up

Even Sandy Weill Says We’ve Got to Restore Separation Between Banking and Financial Gambling

Every independent economist and financial expert says that failing to break up the giant banks is ruining the American economy.

Former Fed chairmen Greenspan and Volcker agree, as do presidents of various Federal Reserve banks  and high-level Treasury officials, and  the “central banks’ central bank.

But now even the banker most responsible for the creation of the too big to fails – former Citi boss Sandy Weill, who lobbied vigorously for a repeal of the Glass-Steagall act separating real banking from financial gambling – has called for them to be broken up:

What we should probably do is go and split up investment banking from banking, have banks be deposit takers, have banks make commercial loans and real estate loans, have banks do something that’s not going to risk the taxpayer dollars, that’s not too big to fail …

I’m suggesting that [the big banks] be broken up so that the taxpayer will never be at risk, the depositors won’t be at risk, the leverage of the banks will be something reasonable, and the investment banks can do trading, they’re not subject to a Volker rule, they can make some mistakes, but they’ll have everything that clears with each other every single night so they can be marked-to-market …

This [too big to fail] system is really immobilizing the banking system:

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  • http://www.infowars.com Anon

    Audit the Fed Passes the House! 327(Y)-98(N)
    http://www.campaignforliberty.org/profile/7788/blog/2012/07/25/audit-fed-passes-0

    THIS FIGHT ISN’T OVER YET, FOLKS! MOMENTUM. WE HAVE IT NOW. LET’S USE IT, TO THE FULLEST EXTENT!

    CONTACT Sen. Harry Reid on H.R. 459′s Passage (327-98) – TODAY!

    I did! Here is the text of my message:

    “I was just informed, that the House voted, 327-98, on H.R. 459, & AUDIT THE ‘FED’ passed! I was also just informed, that ‘Sen. HARRY REID is refusing to put Audit the Fed up for a vote in the Senate.’ And, to ‘Please contact his office today and tell him to support AUDIT THE ‘FED’ and allow for a Senate vote!’

    327-98, Senator, is a CLEAR MAJORITY. THE PEOPLE have spoken. Question: Do you represent THE PEOPLE? You may wish to think about this question when it comes time for your re-election”

    CONTACT SEN. HARRY REID TODAY! LET’S FLOOD HIS EMAIL ON THIS ISSUE!
    (Feel free to Copy and Paste the message above, if you wish)
    http://www.reid.senate.gov/contact/index.cfm

 

 

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