In what the Huffington Post today called “a stunning reversal,” Sandy Weill, the former Citigroup CEO, now believes that the mega-banks need to be broken-up into smaller banks for the financial system to work properly.
Now that vast sums have been lost, people’s lives impoverished, and legislative efforts to better regulate banks have been weakened, Weill, the long-time champion of the “too big to fail” system says “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, and have banks do something that’s not going to risk the taxpayer dollars, that’s not going to be too big to fail.”
This comes years too late, of course, following economic devastation for many and ridiculous levels of wealth-building for the few.
But it’s still a good time to break-up with your mega-bank if you are using one – and to switch to a community development bank or credit union. Pledge to move your money – and find new banking options – at www.BreakUpWithYourMegaBank.org You’ll be glad you did!