But it is far from clear that the kind of changes Weill proposes, splitting investment banking from retail and commercial banking, would have prevented the near-collapse of Citi or avoided the financial crisis. Citi's problems arose from its extreme exposure to mortgage loans — something that could have happened even if it never engaged in investment banking. It was considered too big to fail not because of its investment banking operations but because of it sheer size.
You have to wonder whether Weill, who once had a fireplace installed in his office on the 106th floor of the World Trade Center, is in legacy-preservation mode. He knows he built the monster but now wants to be thought of as one of the good guys? So he's saying the monster needs to be taken apart. Perhaps he's hoping that he'll be remembered as a reformer instead of the evil scientist.
Hate to break it to you, Sandy, bro. You're always going to be the guy who built the monster.
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