Sandy Weill, the former Citigroup chief executive and shatterer of Glass-Steagall says the industry needs a return to the separation of commercial and investment banks, while a recent study on HFT reveals that the practice costs long-term investors $2.5 billion per year.
July 27, 2012
1. About Face
What we should probably do is go and split up investment banking from banking. Have banks do something that's not going to risk the taxpayer dollars, that's not going to be too big to fail.
— Sandy Weill, the former chief executive of Citigroup
Source: NY Times Dealbook: Weill Calls for Splitting Up Big Banks
