Glass Steagall

Finally , this morning on CNBC's Sqwak Box , Sandy Weill former Chairman and CEO of Citigroup, said clearly that the big banks on Wall Street should be broken up. In other words we should bring back Glass Steagall. Part of his statement we completely disagree with. Considering that Weill was also member of the Fed for five years and considering that the (Clinton) repeal of Glass Steagall, allowed and directly encouraged the big banks to buy up small community banks, with the Clinton promise of funding sub prime mortgages.