Sandy Weill -- architect of mega-financial group Citigroup -- calls for break-up of big banks
On Wednesday, Sanford “Sandy” Weill, the architect of the mega-financial group Citigroup that was bailed-out by the US government in 2008, called for the break-up of big banks. The creation of Citigroup in 1998 required the Federal Reserve to temporarily waive the Depression-era Glass-Steagall Act that mandated the separation of commercial and investment banking. Robert Rubin, President Clinton's Treasury secretary and a former head of Goldman Sachs, helped shepherd the repeal of the Act through Congress in 1999 and he then moved to Citigroup.
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