Sallie Weeps Blood, Greg Smith Cashes In, Breaking Up the Banks and More
3. Break-Up Day
To me the shareholder is getting cheated. The bank is trading at half of book. They should consider spinning off some of the businesses that you know would sell for 1.5, 2.5, 3 times book.
—Phil Purcell, the former CEO of Morgan Stanley, tells big banks to spin off some businesses.