Bring back Glass-Steagall says erm Sandy Weill

Written by Ashwin Rattan Wednesday, 25 July 2012 20:28
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Sanford “Sandy” Weill is widely credited with taking down Glass-Steagall, the law that separated investment banking from deposit banking for decades in the United States.


In fact, he’s so happy with the results that he is reported to have a large wood engraving of his image with the title “The Shatterer of Glass-Steagall.”


So it’s a bit surprising that he took to CNBC today to argue, in essence, that the law should be brought back: that investment banks and depository institutions ought to be kept separate, in order to protect taxpayers from providing a backstop.


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