I’m having trouble thinking of the proper simile to describe the news that Sandy Weill — the creator of Citigroup, the ur-mastermind of Too-Big-To-Fail banking, the man most responsible for repealing Glass-Steagall — now thinks that the big banks should be broken up.
Genghis Khan, on his deathbed, declaring that pacifism is the way to enlightenment? Karl Marx embracing the invisible hand of the free market as the best possible way to organize society? Ronald Reagan announcing that, guess what, government is the solution?
Am I exaggerating? You make the call.
Andrew, you are not exaggerating. I am still trying to figure this one out myself. Sandy Weill was the single minded empire builder of Citibank. Now he says it was all a mistake. What has happened? Things have changed. Huh?
The only thing I can figure is that Sandy is worried about his legacy. He wants to be known as the guy who at least repented and did the right thing.