When the father of the too-big-to-fail bank suddenly announces that it’s time to break up the too-big-to-fail banks, it’s probably time to break them up.
In what will go down in history of a classic example of “Now, he tells us,” former Citigroup CEO Sandy Weill told CNBC the big banks should be broken up so that they do not impose additional risks on taxpayers. Citigroup, which he built through a series of mergers, required a $45 billion bailout from the federal government.
Weill’s comments are just more proof that even bankers are getting sick of banks. Or maybe they are just beginning to realize that they will be more valuable in pieces.
Click here to read my column in The Sunday Wall Street Journal.