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Guest Post: The Absurdity Of Sandy Weill

Tyler Durden's picture


Submitted by John Aziz of Azizonomics

The Absurdity of Sandy Weill

I’m suggesting the big banks be broken up so that the taxpayer will never be at risk, the depositors won’t be at risk and the leverage will be something reasonable.

This from the guy who provided the impetus and the funds to end Glass-Steagall? Totally absurd — akin to Joe Stalin renouncing Marxism-Leninism and the gulag archipelago on his deathbed.

Glass-Steagall’s separation between depository and speculative institutions — especially during the Bretton Woods period — was a relatively robust system; there was never a large-scale banking calamity of the nature of 2008 or 1929 under its regime. Certainly, it had its imperfections — above all else that it never prevented bankers like Weill from chipping away at it up to the point of repeal — but the proof of the pudding is in the eating, and Glass-Steagall presided over a period of growth and stability.

While the data tends to show that the end of Bretton Woods in 1971 was the real catalyst of the financialisation, globalisation, deindustrialisation and debt buildup that ultimately flung the US into a depressionary deleveraging trap, the end of Glass-Steagall was profound.

Depositors’ funds became a medium for the creation of the huge and sprawling shadow banking and derivatives webs.

The blowout growth in shadow banking was presaged by the end of Glass Steagall in 1999:

And the slow contractionary deleveraging of shadow banking has been a significant force in keeping the economy depressed since 2008. Any contrition on the part of Weill for his role in repealing Glass-Steagall might as well be an attempt to close the stable door after the horse has bolted. It’s like trying to uninvent the atom bomb after Hiroshima. Weill was the guy who — above anyone else — was responsible for the damage done.

Coming out and claiming that reimposing Glass-Steagall would fix the problem is inadequate. If he wants to be taken seriously he should match every dollar he spent trying to get Glass-Steagall repealed with new lobbying funds to reimpose a separation between banks that accept deposits and the shadow banking and derivatives casinos.

Beyond that, I think that this is very telling. The financial institutions will do anything to avoid the ultimate free market solution — the disorderly liquidation of the system they created via default cascade. If high-ranking members of the financial elite are willing to talk about reimposing Glass-Steagall, they must be seriously concerned that the system they built is getting dangerously close to self-destruction.


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Fri, 07/27/2012 - 19:08 | 2658261 Jay Gould Esq.
Jay Gould Esq.'s picture

The hypocrisy of Sandy Weill knows no bounds.

Fri, 07/27/2012 - 19:09 | 2658263 veyron
veyron's picture

Don't bite the hand that feeds you ...

Fri, 07/27/2012 - 20:44 | 2658383 Precious
Precious's picture

Martin Luther's very thoughts.

Fri, 07/27/2012 - 21:21 | 2658432 Dr Benway
Dr Benway's picture

Yeah there are few things worse than a hypocrite. A crooked cop is worse than a straightup criminal.

Fri, 07/27/2012 - 21:43 | 2658455 Thomas
Thomas's picture

I am torn on this one. What if he really does see that he hosed the system. He hasn't yet had any Greenspan moments in which he explciitly pretends not to be a big problem. Jack Abramoff also seems to be trying to repent. We should let these guys denounce the evil doers. They have a bigger audience than anybody else. If, on the other hand, Sandy tries to pretend like he did not screw up the system, deracinate his nuts.

Sat, 07/28/2012 - 00:45 | 2658608 markmotive
markmotive's picture

Just another symptom of the retreat of financialization.

Sat, 07/28/2012 - 07:54 | 2658749 economics9698
economics9698's picture

Glass-Steagall is a red herring designed to get people, usually on the left, to focus away from the fundamental problem of banking, the Federal Reserve and fractional reserve banking.

Glass-Steagall (passed 1933 as a payback to JP Morgan for the 1890 Sherman and 1914 Clayton anti trust acts designed to break up Rockefellers empire) was the law during part of the Great Depression from 33-40, 1953 recession, 1957 recession, 1969 recession, 1975 recession, and 1981 recession as well as the stock market “Black Monday” in 1987.  Then we had the S&L bust as well as the Dot Com boom that exploded a year after the 1999 repeal.

Glass-Steagall has nothing to do with nothing.  Its one of those conspiracy theories that never dies.  Less than 4% of the housing loans would have been affected by the law. 

The problem is the Federal Reserve.  The Federal Reserve counterfeits money and creates monetary expansion of credit.  The expansion of credit to unworthy investments creates the boom, and misallocation of resources, and the eventual bust. 

Banking 101.

To fix the problem have 100% reserve banking.  Banks issued their own currencies back by gold or silver. 

Its not hard to figure out, the elites only want to make it hard to figure out.  The more regulations and bull shit they can throw at the peasants to complicate the real issue the better for the elites.  They live for complexity hoping the peasants never look at their theft closely.

You need to do better than this.

Sat, 07/28/2012 - 08:53 | 2658785 SheepDog-One
SheepDog-One's picture

Great points. Glass Steagall is no panacea.

Sat, 07/28/2012 - 09:23 | 2658807 overmedicatedun...
overmedicatedundersexed's picture

there is a rumor that he was the inspiration for JABBA THE HUT, uncanny they look so similar.

Sat, 07/28/2012 - 11:19 | 2658951 Precious
Precious's picture

The obvious question on everyone's mind is exactly when will this cocksucker return the money he made from the mistake.

Mon, 07/30/2012 - 02:02 | 2661626 sharkieboy
sharkieboy's picture

And i thought that repealing Glass Steagall and getting back  to  the gold standard will solve all the problem of the world.  The world seen plenty of boom and bust when the gold standard was king. It is all comes down to human behavior and fear and greed. Get used to  it...

Sat, 07/28/2012 - 10:02 | 2658848 Baron Robber
Baron Robber's picture

The fed and the criminal banking cartel are the problem, and Glass Steagall had a huge role. You are wrong. Your 4% mortgage figure is a canard.

Sat, 07/28/2012 - 16:06 | 2659349 economics9698
economics9698's picture

The 4% number comes from CATO economist Dan Mitchell.  If GS was repealed in 99 and the boom started in 2003 not much time to change.  You can look for yourself with the FDIC web site and the records of deposits.

The concentration of banking and wealth comes from increased regulation and the Fed bailing out the TBTF banks.

Sat, 07/28/2012 - 10:51 | 2658917 lightning
lightning's picture

Like many, you have some information, but it is incomplete, considers only part of the whole, and selectively picks what to examine.  You are correct in saying that the 1999 repeal has limited impact on the housing crisis.  Problem with that statement is it ignores exactly how these defaulting mortgages caused/created a systemic loss within the entire financial industry.  It is the systemic domino effect that created the financial cisis.  If we had classic Glass-Stegall bad housing loans wouldn't have created a systemic crisis throughout the industry.  It would have banckruped some banks, but would have limited the damage to the banks making the bad loans.  It was mortgage backed CDS and derivatives that created the "systemic crisis", which was a result of the 1999 repeal that allowed classic banking to combine with speculative banking.  That brings me to the next point in which you are partially correct.  The Glass-Stegall that was repealed in 1999 was not the act as it was passed in 1932.  Glass-Stegall was eroded over a couple of decades by the banks.  Hence, although you are correct in saying that Glass-Stegall is not soley responsible for the crisis, you are incorrect in saying it played no role whatsoever.  The erosion and eventual repeal of Glass-Stegall along with the Federal reserve, fractional reserve banking, and fiat currency play a role in the mess we are in.  We need to address each of these points in order to ensure a stable economy. 

Sat, 07/28/2012 - 16:27 | 2659383 economics9698
economics9698's picture


You have some good points but the banking market has been becoming more concentrated for decades.  You are right but you need to go back even further to look at the banking concentration.  It started with the creation of the Federal Reserve as a institution to limit competition.

The FDIC on line records go back to 1994 and the trend is indisputable, only today it is worse.  The top 8 banks now have over 50% market share or “moderately concentrated” which is very dangerous.

I am sure the repeal of G-S had some affect on the markets, how could it not?

But I think you are looking past the solution to market concentration and that is to allow the free market to work.

At this late stage if the authorities want to break up the top four I would not protest but unless banks are allowed to fail they will continue to commit the same errors over and over, get bailed out, and continue their march towards centralization and control over market share.

The intent and propose of the Federal Reserve is to;

1.  Stop competition.

2.  Create money out of nothing to lend and get the nation addicted to cheap credit.

3.  Control bank reserves so the more reckless banks will not be exposed to bank runs.  In other words set the reserve requirement at the same level for all banks to get equally leveraged.

4.  Get taxpayers to bail out banks when they fail.

5.  Convince the public it is in their best interest to have a central bank.

Even with a central bank if the TBTF were allowed to fail then this would not be a issue but when JP Morgan, GS, and the other old world banks are going under you saw the results in 2008.


Sat, 07/28/2012 - 20:36 | 2659637 lightning
lightning's picture

Not sure exactly what your point is.  I was merely pointing out that Glass-Stegall played a role - and yes a significant role - in the financial crisis.  In no way am I trying to minimize the role the Fed, fractional reserve banking, or fiat currency has played in the current financial crisis.  As to a few specifics in your post, the mergers of banks has been alarming.  Although not solely responsible for it, Glass-Stegall facilitated this acceleration quite a bit.  However, TBTF became an issue due to CDS and derivatives and the fact that conventional banking was co-mingled with the banks own speculation.  Breaking up the big banks won't solve the problem.  Why?  Because it will simply be another bank who steps up to the plate and begins the process of mergers, acquisitions, etc. and become the new TBTF.  We need to address the root causes of our financial problems.  These roots are plentiful, and if not killed, another plant will grow in the place of the one you knock down.

Sun, 07/29/2012 - 09:34 | 2659989 Escapeclaws
Escapeclaws's picture

Great post! The whole securitization enterprise was dressed up in mathematics that very few have the intellectual wherewithal to understand, like so many scams. From Wikipedia:

David X. Li (born in China in the 1960s as Chinese: ???; pinyin: L? Xiánglín[1]) is a quantitative analyst and a qualified actuary who in the early 2000s pioneered the use of Gaussian copula models for the pricing of collateralized debt obligations (CDOs).[2][3] The Financial Times called him "the world’s most influential actuary,"[1] while in the aftermath of the Global financial crisis of 2008–2009, to which Li's model has been credited partly to blame,[1][2] his model has been called a "recipe for disaster".[2]

Without this patina of scientific rigor, the whole enterprise might never have taken flight. See this excellent and readable article from Wired on David X Li and Credit Default Swaps:

Li is a perfect example of how the frontal-cortex-challenged elites hire "talent" to do their bidding. These "stars" provide the necessary window-dressing for Wall Street's dirty business, both by their personal prestige and by their product. He gave the craven rating agencies, S&P's, Moody's, and Fitch, an easy out for avoiding their fiduciary responsibility, which was undoubtedly cynically used to generate fees. I would guess that it was their responsibility in particular to question the specious mathematics behind this and search through the historical data themselves to ascertain divergences from Li's model. They just had to know that this is bullshit--this idea of rating a parcel of low grade securities Triple A. At the same time, ignorant people--a specialty of our education system--are capable of believing anything that is dressed up in fancy mathematics; they may hate mathematics themselves, having avoided actually having to learn any mathematics above barely-assimilated calculus--kind of like a painful kidney stone for them--which only makes them greater suckers for this kind of flim-flam. Of course, the whole American approach to regulation is to let private concerns police themselves, avoiding conflicts of interest be damned. Clearly the "market" did not do its job in this case. I hope one day that Americans will realize the front and center fraudulent role of the rating agencies in this crisis.

Addendum: It strikes me in reading that article, which also quotes Nassim Taleb, that the essence of what went wrong was not discerned by the author of the article and possibly by Taleb himself. Essentially, what may have happened is that the prices of CDS, which were used in lieu of actual historical data of defaults to create the so-called gamma correlation constant, became themselves dependent on that constant's role in the copula function. Thus a feedback loop was created, which leads to resonance, like putting a microphone up to a speaker. Both the article and Taleb failed to point out the dynamical nature of this phenomenon. It seems to me that Li must have known this, so unlike the author of the article, I do believe he has to answer for the resulting disaster that was created. Perhaps that is what he had in mind in a sort of double entendre when he claimed that Wall St misunderstood his equation. Maybe Li is back in China laughing at the destruction he unleashed in the West, a brilliant application of using your enemy's weaknesses against him à la Art of War of Sun Zu.

You see, lack of virtue is weakness.

Sat, 07/28/2012 - 13:20 | 2659081 derryb
derryb's picture

While the FED is at the heart of most economic problems, Glass-Steagall did in fact prevent banks from foolishly gambling with the funds created out of fractional lending. Repeal of Glass-Steagall was important to the gamblers in that it completed their plan and enabled them to take advantage of their fractional lending. Its importance is best demonstrated by the expense and effort put into removing it. The Glass-Steagall repeal has everything to do with the scope of a financial crisis as demonstrated in 2008 vs. the contained LTCM blowup under the watch of Glass-Steagall.

Enforcement of regulatory controls protects the depositor, the investor and the taxpayer. Removal of the regulations, the enforcement of regulations, or as is now the case, both, will result in our current economic malise, regardless of the FEDs involvement.

Sun, 07/29/2012 - 05:58 | 2659636 Escapeclaws
Escapeclaws's picture

Terrific Website, PlanBEconomics. I watched the film at that website by Aaron Russo on America becoming fascist. It neatly ties together the Federal Income Tax, The Federal Reserve, and the evolving NWO. I found the film quite shocking. There was an unforgetable episode where a man orders a pizza--you wouldn't believe it could get that bad. If this is just propaganda, then Russo is an expert, and I confess I do have reservations that it could just be paranoia, but it will definitely make you lose sleep, if nothing else.

Now, because I don't care what people think of the messenger delivering this message, I will give the solution to what is happening in the world: The Pope must consecrate Russia to the Immaculate Heart of Mary. When things get really bad for all of us, people will realize this, but by then it will be too late.

Sat, 07/28/2012 - 11:52 | 2658995 dumpster
dumpster's picture

sandy is leading a charge to break up banks and destroy all evidence of criminal behavior.. Like Enron break up the banks shred all evidence and the top crooks are off the hook.

No change in behavior just getting the folks use to the break up the looting banks .

and destroy all the old records and i repeat my self



Sat, 07/28/2012 - 12:56 | 2659063 rayduh4life
rayduh4life's picture

Anyone here not think Kenny Lay is hanging on a beach in the carribean laughing?

Sat, 07/28/2012 - 16:45 | 2659407 CompassionateFascist
CompassionateFascist's picture

Kenny is lying under a house in L.A., and he don't smell too good.

Sat, 07/28/2012 - 14:22 | 2659177 WillyGroper
WillyGroper's picture

>>>>>>>>We should let these guys denounce the evil doers. 


Words mean jack, it's actions that count. Nice gold bracelet SW has on, wouldn't you say?

Fri, 07/27/2012 - 19:32 | 2658291 Rainman
Rainman's picture

Phil Gramm's out on defense too...these ' didn't happen on my watch ' snakes are squirming as the fire gets closer and hotter.

Fri, 07/27/2012 - 19:52 | 2658315 macholatte
macholatte's picture


If he wants to be taken seriously he should match every dollar he spent trying to get Glass-Steagall repealed with new lobbying funds to reimpose a separation between banks that accept deposits and the shadow banking and derivatives casinos.


And that would be about $300M in Clinton dollars = $4 Gazillion Obama dollars


A chronology tracing the life of the Glass-Steagall Act, from its passage in 1933 to its death throes in the 1990s, and how Citigroup's Sandy Weill dealt the coup de grâce.



Fri, 07/27/2012 - 20:00 | 2658325 CompassionateFascist
CompassionateFascist's picture

What's needed is a complete separation of Organized Jewry (e.g., Sandy Weill) from government, finance, and law. And the liquidation of all Shabbatz Goyim (e.g., Phil Gramm).

Fri, 07/27/2012 - 20:10 | 2658343 fourchan
fourchan's picture

he may as well said "i fucked up, thanks for the billion".

Fri, 07/27/2012 - 20:34 | 2658346 The Big Ching-aso
The Big Ching-aso's picture



All of a sudden years later he's contrite.   Before that he was living large, uncontrite, and out of the limelite.  WTF. 

Sat, 07/28/2012 - 08:00 | 2658752 Thomas
Thomas's picture

He has donated over a $1 billion to non-profits. Obviously, he did well, but also he has not hoarded it.

Sat, 07/28/2012 - 08:04 | 2658755 overmedicatedun...
overmedicatedundersexed's picture

hey thommy boy, I guess he did not take the tax write offs for the donations, or the expenses, the big dinners and awards the stering of money to friends pet projects..well too fine a point on it sorry.

Sat, 07/28/2012 - 08:06 | 2658758 overmedicatedun...
overmedicatedundersexed's picture

those that try to justify this guy by posting how he can change, he was so giving ,,don't they remind you of RENFRO the servant of Dracula?

Sat, 07/28/2012 - 14:25 | 2659185 WillyGroper
WillyGroper's picture

might want to look into some of those so called non-profits & check out the administrative costs. it's circular.

Fri, 07/27/2012 - 22:43 | 2658505 Anusocracy
Anusocracy's picture

Separation of all sociopaths will do.

In one of Arthur C. Clarke's novels, he offered an interesting way to select the President.

They screened the population for all those that were qualified and capable of being President. Then they eliminated all those that wanted to be President and had a computer randomly select one of the remaining as President.

Very likely to be better than the current choices.

Sat, 07/28/2012 - 00:13 | 2658590 JOYFUL
JOYFUL's picture


double dose of truth-tellin...just the antidote for the the past three days' disinfo extravaganza courtesy of the moneypowers' local franchisee, Komrade George....who now reads us bedtime stories from his kozy nest full of 'top' ekonomists' 'bottom' banksters, and 'two way' truth torturers.

Aziz has nailed this sucka...and yes, it's the complicit goy sidekicks who deserve the most kontempt....the Weills et al are merely [dual]citiizens of convenience*...the Gramm's are sellout traitors to their own peeples!

*never forget, the dualies are also only 'jews' of convenience....kryptos hidin behind a sympathy-ploy sio-scam that will throw 'real jews' under the bus with the rest when the time is ripe! First step in freeing Merika from it's folly...handing in of ALL israeli passports!

Fri, 07/27/2012 - 19:56 | 2658320 pods
pods's picture

I think that comes from his Irish roots.


Fri, 07/27/2012 - 23:14 | 2658524 AGuy
AGuy's picture

"The hypocrisy of Sandy Weill knows no bounds."

I see no hypocrisy if your follow the money. Weill just has an angle to profit from the break up the big banks. It does matter if its right, wrong, left, right, top, bottom. All that matter is there is a way to profit from changes in the law.



Sat, 07/28/2012 - 11:15 | 2658948 escargot
escargot's picture

Are you saying it does matter or it doesn't matter?  I hate to be a spelling snob, dude, but Jesus...


Sat, 07/28/2012 - 07:42 | 2658741 BeetleBailey
BeetleBailey's picture

Sandy Weill: The modern day Joe Valachi (kinda)......only with a shitload more money.



Fri, 07/27/2012 - 19:11 | 2658265 AetosAeros
AetosAeros's picture

OR, now bear with me now, instead of him spending every dollar to put the horse back in the stable; he should spend every dollar to make sure all his creditors are whole, then....... and it's a leap...........

Go to Wall Street and JUMP!!

Fri, 07/27/2012 - 20:21 | 2658353 fonzannoon
fonzannoon's picture

Great post. That look on Geithners face at 4.40 mins in is tremendous.

Fri, 07/27/2012 - 20:31 | 2658366 Daily Bail
Daily Bail's picture

Thanks.  I had to go back and watch that part again.  He looks severely constipated.

Fri, 07/27/2012 - 20:34 | 2658370 fonzannoon
fonzannoon's picture

At some point one of thes guys (Geithener etc.) are going to pull a "you want me on that wall" response out of frustration and all of the sudden the world will see them completely naked.

Fri, 07/27/2012 - 22:08 | 2658478 Yen Cross
Yen Cross's picture

  +1  Thanks for teaching me, "a thing or two" , last week.

Fri, 07/27/2012 - 21:33 | 2658444 Debt-Is-Not-Money
Debt-Is-Not-Money's picture

I think it was Albert Einstein that said; The government can issue money directly, why does it need a middleman (the Fed).

Obviously the Fed "needs" the government like a termite needs wood. What it has left is a hollowed out structure with no substance that will be destroyed by a gentle breeze.

Fri, 07/27/2012 - 19:13 | 2658268 machineh
machineh's picture

'Weill was the guy who — above anyone else — was responsible for the damage done.'

He ran a close race with Al 'Magoo' Greenspan, America's most notorious second-rate economist.

But history will decide the winner of their deadweight-loss economic destruction derby.

Gentlemen -- reverse your engines!

Sat, 07/28/2012 - 15:08 | 2659256 WillyGroper
WillyGroper's picture

>>>>>>>Al 'Magoo' Greenspan

+10  roflmao

Fri, 07/27/2012 - 19:15 | 2658271 Zero Govt
Zero Govt's picture

well we have 2,400 regulations, most of them broken... why not throw 1 more (Glass Steagal) on the steaming junkyard of the bloody useless (ie. the entire legal system)

for all those predesposed to rearranging the deckchairs before setting the Titanic on the exact same course, please jump aboard the legal system with another new Law/Rule

the legal system is a complete farce, an expensive joke, a total failure (hundreds of years of failure as evidence M'Lord)

your icy dip is 100% assured

Sat, 07/28/2012 - 01:17 | 2658621 Aziz
Aziz's picture

Getting rid of Glass-Steagall definitely meant more and more complex regulation. Glass-Steagall was relatively simple and comprehensible and took a long time to loophole and even longer to gut. Everything since — Gramm-Leach-Bliley and especially the absurd 2400-page Dodd-Frank (Glass-Steagall was 37 page) has been complex, messy and much easier to game. 

Seems pretty clear to me: a few simple regulations worked reasonably well, a lot complex regulations made things much worse.

After our icy dip I hope we get back to a very few simple, clear regulations. 

Fri, 07/27/2012 - 19:16 | 2658275 Random_Robert
Random_Robert's picture

When the sociopathic greed suddenly switches to fear...  it might be time to get a little nervous

Fri, 07/27/2012 - 19:34 | 2658295 kito
kito's picture

exactly ..........this is pure fear......a futile attempt to have his last words associated with the mindset of the restless masses.........who will come for him with pitchforks in the night........he knows the time draws near........

Fri, 07/27/2012 - 20:25 | 2658359 fonzannoon
fonzannoon's picture

September 17th 2012

"The dow jones dropped 994 points today when it became obvious that Quantiative easing programs by the federal reserve will not be initiated for a 3rd time. Wall Street was filled with panic and distress"

"In related news a local man was severely injured in a hailstorm of turkey sandwiches apparently owed to him in wagers on a popular underground blog site"

Sat, 07/28/2012 - 00:21 | 2658595 kito
kito's picture

Nice fonz :)

Fri, 07/27/2012 - 21:36 | 2658447 Debt-Is-Not-Money
Debt-Is-Not-Money's picture

When the crash comes, the lampposts will remain!

Sun, 07/29/2012 - 01:09 | 2659907 cynicalskeptic
cynicalskeptic's picture

But what will the  price of rope be?       Be a Boy Scout - Be Prepared (and know your knots) Might want top buy now while it's affordable and   

Fri, 07/27/2012 - 23:55 | 2658565 JimmyCDN
JimmyCDN's picture

Yes, and it might just be easier than we thought to keep track of 'them'...



Sat, 07/28/2012 - 13:49 | 2659122 mendigo
mendigo's picture

I don't think it has much to do with fear of the commoners - one can dream.

I be believe he is wishing for a bailout in the guise of restructuring. And so they can blame it call on onerous regulations.

Perhaps is heart has changed, maybe one day they will get the chance to cut him open to find-out. Lets hope it doesn't come to that.

Fri, 07/27/2012 - 19:18 | 2658278 youngandhealthy
youngandhealthy's picture

Regardless of his guilt he is right (now). Look forward and reimpose glass-steagall. .

Banking is boring and should be boring. Investment Banking is not banking it is investment. Full stop.

Fri, 07/27/2012 - 19:47 | 2658313 Row Well Number 41
Row Well Number 41's picture

Investment Banking is not banking it is investment.

Investment Banking is not banking it is SPECULATION.

There we go that ought to fix it.


Fri, 07/27/2012 - 20:03 | 2658332 CompassionateFascist
CompassionateFascist's picture

Nothing "speculative" about a rigged Kosher Casino. For TPTB, it's a sure thing. Facebook excepted.

Fri, 07/27/2012 - 23:19 | 2658531 AGuy
AGuy's picture

"Nothing "speculative" about a rigged Kosher Casino. For TPTB, it's a sure thing."

Not exactly since the banks lost trillions and need to get bailed out. For a "sure thing" the banks would not needed bailouts and would have offloaded thier risks before the crash.



Sat, 07/28/2012 - 00:29 | 2658600 pods
pods's picture

Well the banks had to make sure the public would buy their story of tanks in the streets in order to offload their junk debt to the proles.

As soon as the debt expansion curve slows from its exponential growth, defaults happen.  They know this, so when it does happen, they make sure it is big.

They will butcher one or two of their own in order to protect their system.

They know they get a mulligan and can offload their junk debt and start anew.


Fri, 07/27/2012 - 19:20 | 2658281 miker
miker's picture

I don't know.  Weill sounded genuinely contrite in his interview.  I think it takes a strong person to fess up that they were wrong.  Maybe not in theory but the way the whole thing played out.  What he is saying is that unless the banks split, the investment side will never be allowed to reach its' full potential.  I think he's right on that account.  Of course Chris Dodd immediately criticized all of this and said banks should stay together.  That, after spending an enormous amount of energy and pain "crafting" a multi-thousand page regulation that will never work.  Simpler is better.  I think Weill realizes that now.

Fri, 07/27/2012 - 20:05 | 2658335 CompassionateFascist
CompassionateFascist's picture

Nope. Same old kosher inside/outside game. Cf. Max Keiser, Nomi Prins, etc. etc.

Fri, 07/27/2012 - 22:50 | 2658516 Vic Vinegar
Vic Vinegar's picture

Wow - Nomi Prins is on your shit list, huh?  I guess that's because she didn't accept the same savior as you?

I don't care so much about Nomi Prins' soul as you do.  But her twat and mind are pretty sweet.

What do you think about Big Brother carrying on for another season yet your thoughts re: revolution are going down in the dustbin of history as a fuking joke?

Me - I'm not looking to criticize.  I think you and Nomi might actually make a pretty sweet pair if you gave each other a chance.

Fri, 07/27/2012 - 23:18 | 2658529 Thomas
Thomas's picture

I don't think he was criticizing Nomi.

Sat, 07/28/2012 - 02:41 | 2658659 CompassionateFascist
CompassionateFascist's picture

Yes, ethno-politics aside, Nomi is a babe. @

Sat, 07/28/2012 - 02:44 | 2658661 CompassionateFascist
CompassionateFascist's picture

My savior is my M1A. For Sandy, Max, and Nomi, it's playing both sides of the fence.

Fri, 07/27/2012 - 20:59 | 2658402 pods
pods's picture

I feel sorry for you if you think a man who has been involved in "investment banking" for 50 years can even be contrite.


Fri, 07/27/2012 - 21:54 | 2658471 miker
miker's picture

As I posted lower, contrite probably poor choice of words.  Perhaps more like sincere in his change of beliefs.   Investment banking is necessary for a progressive economy; it just needs the right setting/structure and of course no moral hazard.  I'm as sick about what happened as the next guy; but we don't want to throw the baby out with the bath water.

Sat, 07/28/2012 - 00:23 | 2658596 pods
pods's picture

I'll believe it when he donates all his gains to the countless numbers of people who lost their retirements through the meat grinder of "investment banking."

Capital allocation is needed for a healthy economy.  Investment banking is needed for the ueber creme de la creme to suck of the economy like a lamprey on a carp.

Our "modern economy" got rolling because "banks" were scared that companies were actually self financing at the turn of the 20th century.

Along comes the banking panic of 1907, and a quick cartel is set up to protect and expand their monopoly, the outcome of which is now we are all debt serfs to a leviathan.

Baby and the bath water?

The whole house needs to be burned to the ground.


Sat, 07/28/2012 - 03:19 | 2658671 Colonel
Colonel's picture

+100 Tell it pods.

Sun, 07/29/2012 - 01:17 | 2659911 cynicalskeptic
cynicalskeptic's picture

After 50 years in banking - helping create 'TBTF' banks and the current finacial system - his soul weighs more than a neutron star.....

The ancient Egypians believed that when you died your soul was weighed (your soul gained weight for every bad thing you did in life).  If it weighed less than a feather Thoth would send you to the 'good' place - if it weighed more than a feather - you went to the 'bad' place........   Not much doubt where Sandy is headed (despite attempts at buyiong redemption)

Fri, 07/27/2012 - 19:20 | 2658284 Chartist
Chartist's picture

He's trying to do a back door route to good bank-bad bank if only to secure his legacy.

Fri, 07/27/2012 - 19:27 | 2658287 Benjamin Glutton
Benjamin Glutton's picture

Let me be the 1st to suggest that Dodd/Frank plus Volker rule may be tougher than Glass/Steag.


After all Mr. Vile did say lets kill Dodd/Frank and restore G/S.

Fri, 07/27/2012 - 19:53 | 2658317 SamuelMaverick
SamuelMaverick's picture

Too many capital controls in Dodd Frank. 

Sat, 07/28/2012 - 02:32 | 2658652 Aziz
Aziz's picture

Dodd-Frank is big, messy and complex. (2400+ pages)

Glass-Steagall was simple and clear. (37 pages)

That's why Glass-Steagall is vastly superior.

Also, it has a proven track record of working reasonably well.


Sat, 07/28/2012 - 10:01 | 2658845 earleflorida
earleflorida's picture

Glass Steagall, should and must be reinstated, period!!!

Ps. Weill and Dimon held the top positions at CitiGroup which was to become a long sucessful  marriage of Investment Banking/Insurance [all lines]/#2 Credit Card Issuer/Banking [Domestic & Int'l.].

Ps2. Weill - shortly after acquiring Citibank, Dimon is pushed out! [ref: *Last Man Standing] -- Note: Dodd and Frank are idiots, along with Rubin, Summers and Greenspan.

FWIW Dept: to have some commentors here defending the Gramm, Leach & Bliley Act of 1999 signed into law by Bill Clinton is beyond stupitity!!!

Repeal this POS absurdity, and bring back the original law! 

Fri, 07/27/2012 - 19:29 | 2658289 Doubleguns
Doubleguns's picture

He wants back in the game of thievery and the best way to get back in is to have the banks break up and then there will be plenty of job openings for him to pick from. This is about Sandy trying to make good for Sandy. He cars less about this country and any of us then the turd he passed by while walking the dogs.

Fri, 07/27/2012 - 20:19 | 2658293 Yen Cross
Yen Cross's picture

 Great anaology Tyler!  HIRoshima & glass houses!   I love it...  I remember this ass hat in the 90's , talking about one stop shopping at Allstate, and State Farm!

   Merging insurance companies with banks /( so called dark pool) Squids . Hence the derivative was borne...

  Not your neighborhood bank.  Northern Trust ( limo to the front door) Banks.

Fri, 07/27/2012 - 19:36 | 2658298 q99x2
q99x2's picture

He must have been about to take some heat.

Sat, 07/28/2012 - 03:23 | 2658674 giddy
giddy's picture

...nah... he's just facing his impending mortality and fears the graffitti on his tombstone... can't un-ring that bell Sandy...

Sun, 07/29/2012 - 01:19 | 2659912 cynicalskeptic
cynicalskeptic's picture

Want to bet that recent medical tests wern't all that good?   You can't buy redemption and deathbed contrition doesn't offset a lifetime.

Fri, 07/27/2012 - 19:41 | 2658302 Hedgetard55
Hedgetard55's picture

Fuck him. Commit seppuku already, you lying fuck.

Fri, 07/27/2012 - 19:41 | 2658305 Temporalist
Temporalist's picture

He's just pumping the latest MSM propaganda of:

"Don't hang the bankers!"


He likes his neckties less deadly.

Fri, 07/27/2012 - 19:44 | 2658306 disabledvet
disabledvet's picture

Let's start small. "No tax deductions for gambling debts" and either make bankruptcy legal for student loans or illegal for gambling. Or both. Or is that three?

Fri, 07/27/2012 - 23:18 | 2658442 Yen Cross
Yen Cross's picture

 I think you are on to something disabledvet  .

    It's called the endless loop!  My precept is "student loans are abused"   Long live gambling.   ( It's about the indiividual).


    Hence ) precept / command

Fri, 07/27/2012 - 20:29 | 2658364 fnordfnordfnord
fnordfnordfnord's picture

It's a setup. We're supposed to believe it.

Fri, 07/27/2012 - 20:40 | 2658375 Rat Patrol
Rat Patrol's picture

He still goes up against the wall when the revolution comes. Maybe even before the lawyers.

Fri, 07/27/2012 - 20:40 | 2658377 luna_man
luna_man's picture



Boys and Girls...The CRIMINALS are on the run!...

After the CRIMINALS, figure they have nowhere to run...

The CRIMINALS, will cry and beg for mercy...


No matter how hard the CRIMINALS, cry and beg, NO PRISONERS!!...Right?  (NO ORDINARY CRIMINALS, ARE THEY)

Fri, 07/27/2012 - 20:40 | 2658378 RECISION
RECISION's picture

If he wants to be taken seriously he should match every dollar he spent trying to get Glass-Steagall repealed with new lobbying funds to reimpose a separation between banks that accept deposits and the shadow banking and derivatives casinos.

Well, he would... but there's no profit in that.

So he will just talk it up - and leave the lifting to someone else

Fri, 07/27/2012 - 20:45 | 2658384 BlackSharpiePen
BlackSharpiePen's picture

Nothing to see here. Just another washed-up irrelevant semi-senile old creep trying to make penance for his significant contribution to the destruction of our economy. Good riddens you sweaty wrinkled sociopath. Just kidding. We love you Sandy.

Fri, 07/27/2012 - 20:54 | 2658394 Pancho Villa
Pancho Villa's picture

Kind of like Al Capone arguing for stronger laws against murder and extortion.

Fri, 07/27/2012 - 21:15 | 2658427 Miffed Microbio...
Miffed Microbiologist's picture

If one was truly contrite over this, wouldn't one return all the Ill gotten gains one received over the repeal? Hmmm... Methinks I smell a rat praying for redemption for a death bed confession.


Fri, 07/27/2012 - 21:52 | 2658468 miker
miker's picture

Maybe contrite was the wrong word.  I guess he seemed sincere in his belief that splitting the banks made sense now.  Maybe it was totally selfish in that he believes investment banks will be DOA under the current setup/oversight, etc.  Not sure on that.  But don't you think that took alot of guts to step out and say this with his background, past beliefs and where the banks are now??

I do believe investment banking has  a role to play; obviously it was hijacked by a bunch of greedy/arrogant people and regulators that didn't do their job.  And a President that didn't believe in any regulation.

Fri, 07/27/2012 - 22:19 | 2658490 Tunga
Tunga's picture

@ miker; securitization has never been lawful in the USA. Counterfeiting is a crime under the US Code Title 18. 

Sat, 07/28/2012 - 00:09 | 2658585 Miffed Microbio...
Miffed Microbiologist's picture

Miker, you may be right about the possibility of a courageous confession. Considering he's the only one who has that I'm aware of so far. Perhaps I should reserve my judgement, how can any of us know what's in the heart of a person? Yet I feel the laws that were put in place to prevent the reoccurrence of 1929 should have never been discarded without careful analysis of the probable effects, especially by people who would not profit from their repeal. I guess I look at it like if I were to not follow procedures in my job, I could possibly kill someone. Though I can say it's tempting to ignore them because they are time consuming to perform and it's just human nature to want to find short cuts. An air traffic controller taking liberty with procedures will kill a lot more people. It's seems to me if one's actions can have such a detrimental effect on so many the must be some safe guards in place. Too many foxes guarding the chicken coop and the farmer is too tired, distracted or asleep to care anymore.


Fri, 07/27/2012 - 21:24 | 2658434 cynicalskeptic
cynicalskeptic's picture

If you send them all to the guillotine, you can always regret your 'extremest' resopnse to such criminality later and try to 'undo' the beheadings.......



Fri, 07/27/2012 - 21:33 | 2658445 grunk
grunk's picture

Years from now, instead of Nazi hunters, we will have Bankster hunters.

Argentina will offer no refuge.  

Fri, 07/27/2012 - 22:15 | 2658481 dark pools of soros
dark pools of soros's picture

any Nazi left?  who is going to go after the banksters??  american sheep?

Fri, 07/27/2012 - 22:25 | 2658497 toomanyfakecons...
toomanyfakeconservatives's picture

Exactly right... the coming MASS ARRESTS will get most of them, but a few will slip away and become legends...

Fri, 07/27/2012 - 21:44 | 2658458 earleflorida
earleflorida's picture

 TPTB have his head on the chopping block,... his dismemberment will be done by a blunt dinosaur bone, once tucked away safely in his skeleton [think of DSK?] closet?

Think? The parts are greater than the sum and will be harder to trace.


thankyou Aziz  :-))

Fri, 07/27/2012 - 21:50 | 2658464 Yen Cross
Yen Cross's picture

 Dino saur So up! Sweet!

Fri, 07/27/2012 - 21:51 | 2658467 infinity8
infinity8's picture

Nice gold bracelet and cufflinks. Buddy of mine, very long time ago, says "you got watch guys and you got t-shirt guys". Helpless at the side of the road with a flat. Good luck "Sandy"!

Fri, 07/27/2012 - 22:05 | 2658474 Yen Cross
Yen Cross's picture

 Ok Guys and Galls?  Are you ready for a real story?  Keep some ice in the Freezer for this one. The zombies?

  Submission /


      This tube is 30+ minutes and , if any off you little ( up-and-comers) , try this.   Your HEARTS will be in my winter " Field Dressing".        \

            Devils Breath

Fri, 07/27/2012 - 22:13 | 2658480 dark pools of soros
dark pools of soros's picture

gotta break off the bad debt parts of the banks and shove it deep up the taxpayers ass - dow to a trillion

Fri, 07/27/2012 - 22:16 | 2658483 Tunga
Tunga's picture

A couple hundred trillion here... a few trillion there... see? Breaking up isn't so hard to do.


Fri, 07/27/2012 - 22:43 | 2658492 Yen Cross
Yen Cross's picture

A couple hundred trillion here... a few trillion there.     The fractional reserve system, isn't " BLOOD DIAMOND" bad!

 anaogy/analogy.   I'm just suggesting, that people stay viligant/ nothing more or less,.,.<>

Fri, 07/27/2012 - 22:36 | 2658507 XRAYD
XRAYD's picture

What has all this got to do hypocricy etc.


Can humans not change? Indeed, see the folly of their own ways - because they relied on human nature to judge human nature when it comes to greed, ignorance ... etc.


Can a someone who committed murder, NEVER say that murder is wrong?


Is not the issues simply doing the right thing, based on a review of the facts?

Fri, 07/27/2012 - 22:44 | 2658512 Yen Cross
Yen Cross's picture

" WITH" would be that adjunctive connection?

Sat, 07/28/2012 - 05:03 | 2658688 NuYawkFrankie
NuYawkFrankie's picture

Re What has this got to do with hypocrisy? Can humans not change?

First off we dont need Sandy The Weasel Weill - or those other scumbags who profited handsomely from ripping it down and ripping YOU off - to tell us that maybe Glass Steagall ought to  be re-introduced

Now to the matter at hand: Of course humans can change - but TRUE CHANGE  requires:

1) REPENTANCE - admission of wrong-doing with WILLING acceptance of suitable punishment.

2) RESTITUTION - return of ILL-GOTTEN gains, with PENALTIES attached.

Is there EVEN A HINT of personal responsibility from Sandy The Weasel Weill for HIS MAJOR PART in the economic meltdown, for ruining the lives of millions?  Is there EVEN A HINT of his making restitution? Does Sandy The Weasel Weill still not enjoy the luxurious lifestyle his corruption afforded him?

 STWW is instead masquerading on CNBC et al - even being introduced, WITHOUT BLUSHING, by the  CNBC brainless bimbo interviewing him as a PHILANTHROPIST!!!!! - as some sorta of Knight-in Shining Armour thats gonna clean-up the mess that HE, in large part, CREATED and made his ILL GOTTEN GAINS from.

No, this is ALL about Rehabilitating STWW - so as to AVOID restitution... and  probably so he can get in on the next scam - maybe siphoning off some of  the good assets that will hopefully, for him, end up in one of the newly created entities. 

No, I'm afraid Hell will have frozen-over many times before you'll ever see STWW traipsing around in sackcloth & ashes.... or, if he has his way,  even a humble Govt-issued orange-colored jumpsuit...

Sun, 07/29/2012 - 04:33 | 2659971 Escapeclaws
Escapeclaws's picture

Remember McNamara? He certainly had a pivotal role in laying waste to millions of lives. One reason to shun the power of high office. How do you escape having blood on your hands?

Fri, 07/27/2012 - 22:47 | 2658514 react1200
react1200's picture

Screw it though, we need glass steagal but we also need to end the fed.

Fri, 07/27/2012 - 23:15 | 2658526 tok1
tok1's picture

How's biderman's 100% short equities working
for him ( although he could be 390% with leverage)
wow pure genious..

You guts are all missing what's going on. America
is changing. It use to be like Australia/ Canada/ new Zealand
large land with lots of resources and small population . So regardless
Of govt there was opportunity.

Now you have 300 mill people do the split from tax ect.. is not enough

After ww2 you had 80mill people plenty of room to double population and live good lifestyle.

At 300+ mill do double again is going to be tough so you can't get the
gains like before.

Also you may have a lot of natural gas ect but it has too be split between 300mill

Compare that with Australia and 26 mill people on slightly smaller
space with more resources or canada with bigger space and 35 mill.

They can both double their populations and still have plenty of room to grow.

You guys always talk about your grandparents and the confederacy
if you have any balls be pioneers like them when they came from Europe and head to Canada or Australia where the opportunities are.

If you sit in your mummies basement complaining about everyone
who got into a position of power you just look like winging losers.

Sat, 07/28/2012 - 20:31 | 2659626 veyron
veyron's picture

fuck biderman and his long FB call ...

Sat, 07/28/2012 - 00:00 | 2658566 jmc8888
jmc8888's picture

The point again shouldn't be who is calling for Glass-Steagall now/then....whatever.  Of course the guy is a scumbag.  That's a sunk cost.

The key is....get Glass-Steagall passed.  Anyone with a brain and not corrupted through payment or faulty ideology knew it was a solid law.  The principle was sound, and obviously the original intention is the best version.  Now you have the proponents on both sides of the debate agreeing. 

Those that never wanted it gone.  Those that pushed for it to be gone.  Both agree to bring it back. 


So why is anyone defending this fucktard financial orgy and meanwhile distracting ourselves with trivial matters like who should have supported..what...when.   Get it passed.  THEN you can write the box score on it. 

Who the fuck can claim the need for it to remain when all the evidence based in reality show you it's incorrect, and the proponents now agree with the opposition.  Everyone agrees the car headed for the brick wall needs to stop, but no one thinks of hitting the brake? WTF

What CNBC asshole or Barney Frank or other dipshit can claim there is another way.  None.  Dodd-Frank has been shown to be a Frankly-Dud.

As of now, it's pretty obvious where this guy stands.  He's a scumbag.  But he like everyone else that never wanted it gone, are right, and let's get this passed so we can end the days where we can wake up tomorrow and everything is gone because of bilateral netting of derivatives or any other number of frauds is revealed and recognized that everyone's deposits was the only real skin in the game.

Separate it.  Let those that pushed fraud pay for their fraud by themselves or get eaten by it.  It's either they deal with it, or everyone goes down. 

The King has now stated to his people, yes I am not wearing any clothes.   Now everyone wants to critique his new style rather than follow logic to conclusion.


Sat, 07/28/2012 - 02:02 | 2658643 Demologos
Demologos's picture

JMC, I am honored to have  my comment follow yours.  When I was lurking on ZH before I joined, I noticed that you were actively fighting for Glass-Steagall.  That helped me decide to jump into the fight as well.  It is Glass-Steagall or bust at this point!  The enemy is at its weakest point and can be knocked over with a feather.  With your help and a push from the Tylers, let's git 'er dun!

Sun, 07/29/2012 - 04:37 | 2659973 Escapeclaws
Escapeclaws's picture

We first need to get that barn door shut. Then we can look for the horse.

Sat, 07/28/2012 - 01:51 | 2658635 Demologos
Demologos's picture

OK.  I have to jump in here without all the specifics (names, associations) right now.  I have to point out that the Tylers have missed the major developments around the fight to reinstate Glass-Steagall.  Starting on July 5th, one after another member of a faction of British financial elites have come out for Glass-Steagall style separation of investment and commercial banking.  Check the FT from that date forward (look for the Hambro interview) to see what has been going on. The latest call for Glass-Steagall is coming from the head of Germany's oldest private bank.  Who do you think will prevail there, some of the oldest financially-powerful German families, or Angela Merkel?

This is major and represents an important split in the financial establishment.  On one side are the elites who want their family line to survive to fight another day for an opportunity to financially dominate the world.  The other side (the Queen and her crowd) is committed to stay the course for hyperinflation and global thermonuclear war if necessary to maintain their dominance.  The result will be either the fall of the House of Windsor, or Mad Max with a handful of pitiful survivors.

What has been missing is an American counterparty to the initiative coming from Old World elites.  Sandy Weill is one of the first to take up the challenge.  Since he is the scumbag most responsible (beyond Alan "Magoo" Greenspan and the Fed) for killing Glass-Steagall, he is perfect to answer the call from Hambro and company.  If we are going to survive as a civilization, more people with the kind of clout Weill represents have to jump on the bandwagon.  Important people.  Eastern Establishment elites.  It will also require the removal from office of Eric Holder and Barack Obama.  They are tools of the Queen's faction (Tony Blair, et al).

C'mon Tylers!  Get with the program!  Cover the Hambro operation! You are better equipped to to this than I am.  Find some credible elites here in the US willing to stick their necks out when it will do the most good.  Like now!

I already did my part by getting the party that invented Glass-Steagall to endorse its reinstatement in a vote of the state executive committee.  This was not a small state.  It has one of the biggest Congressional delegations in the country.  I'm not going to say the state, or the party (you should be able to guess that).

Sun, 07/29/2012 - 04:46 | 2659977 Escapeclaws
Escapeclaws's picture

You youngsters probably don't remember Bob Rubin or the charming Phil Gramm. Both hardly ever get mentioned anymore on ZH. We US citizens--to quote our esteemed AnAnonymous--have short memories and only occupy ourselves with the current malfactors. This, more than anything is the great escape route for people in high places who propagate evil. Soon this Sandy Weill flash in the pan issue will be forgotten. Give it three weeks. By the way, whatever happened to that Corzine character? You know, the one who is only looking out for the well-being of his children.

Sat, 07/28/2012 - 01:53 | 2658637 Yes_Questions
Yes_Questions's picture



The Obtusity of Sandy Beached Whale.


Flapping On Shore in Final Recognition of the Fucking Failure that is Failed Liberalized Markets. 

Sat, 07/28/2012 - 04:16 | 2658686 Floodmaster
Floodmaster's picture

The Absurdity of the U.S. Stock Market

Market capitalization

Samsung (world's largest technology company by revenue), Nokia, HTC, Motorola Mobility, RIM, Sony and LG = $225.36 billion

Apple = 548.45

Sat, 07/28/2012 - 05:43 | 2658704 fijisailor
fijisailor's picture

It's really quite simple.  Weill got his generous portion of the pie and is retired and aging contemplatively.  Now he can easily afford to bite the hand that fed him.

Sat, 07/28/2012 - 06:36 | 2658712 TWSceptic
TWSceptic's picture

They wouldn't need to be broken up if the free market was allowed to function. In a free market you not only get more smaller banks, you also get more healthy and safer banks. People would be able to go to the more speculative banks and understand the risks involved (no government should ever bail them out) or people could opt for a safer bank and have a much lower to almost no risk.

The problem isn't capitalism, the banks, or even the banksters, the problem is central planning and a lack of individual freedom.

This guy wants more central planning to solve the problems of central planning. Where have we seen that before?

Sat, 07/28/2012 - 06:50 | 2658719 Heroic Couplet
Heroic Couplet's picture

Sandy Weill and Phill Gramm should be dragged back into the United States Congress, denounced, and thrown into prison.

Sat, 07/28/2012 - 07:51 | 2658748 Jim B
Jim B's picture

I watched a senate hearing a few years back and Graham sound like an Fing idiot!  I remember how stupid he sounded to this day!  I remember thinking he is an economist? WTF!

Sat, 07/28/2012 - 08:20 | 2658763 shovelhead
shovelhead's picture

He could be for real.

I had a similar youthful epiphany once when I got blind drunk and thought that racing my Harley at night on the wrong side of the freeway would be entertaining as hell.

It was.

But it was the next morning, not years later, that I reflected on the potential for mayhem, death and destruction I could have caused.

Maybe he's just a particularly slow learner.

Sat, 07/28/2012 - 08:37 | 2658773 Catullus
Catullus's picture

Glass-Steagall is such a canard. The point is that investment and commercial should never be bailed out. The S&L crisis was during Glass-Steagall regime. Think it mattered? Nope.

What's different now is that no one went to jail, very few people were fired, and absolutely nothing has changed despite frank-dudd.

It should be simple: when the business model is fraud, it doesn't matter whether it's legal or illegal. It's fraud. These banks do not have the money that they say they do. They don't own titles to homes they foreclose on. Fraud. They don't have the securities they sell forward in the market. Fraud. They designate multiple owners of the same property (rehypothecation). Fraud.

Breaking up commercial and I-banking from depository banking is not the solution to this. Letting them fail is. And that means letting them take down a checking account or two and letting someone rip a banker's throat out.

Sat, 07/28/2012 - 10:29 | 2658878 earleflorida
earleflorida's picture


The S & L Crises was a canard in a coal [the Keating Five? eg., honest John Glenn, Cranston, McCain, etc.] mine! Your analogy is like trolling with a red-herring at sea catching but salted carrion! Pathetic!!!

Sun, 07/29/2012 - 04:49 | 2659978 Escapeclaws
Escapeclaws's picture

Hooray! Thanks for posting this.

Sat, 07/28/2012 - 09:22 | 2658806 tradewithdave
tradewithdave's picture

What's so absurd about washing away your debts just like washing the grey out of your hair with Just for Men?  It worked for Charlie Sheen and Half-A-Man Hank (technically speaking it washed his hair away)  It can work for you too.  Keep your wealth, lose the debt and turn of the light when you close the empty bank vault.

Dave Harrison

Sat, 07/28/2012 - 11:29 | 2658966 toomanyfakecons...
toomanyfakeconservatives's picture

The debt will indeed be washed away after the MASS ARRESTS take place, the FED is dissolved, and Treasury Notes backed by PMs and/or commodities make a roaring comeback. We are about to see a financial CTRL-ALT-DELETE the world has never seen before. The little guys holding legitimately earned FRNs will get a 1:1 exchange, while banksters, traitors, and 'millionarires on paper' will get prison sentences and pennies on the dollar, if they get anything at all. If you think it can't be done, you are fooling yourself. Everybody and his brother would be better off with the demise of the NWO (really the OWO) and the illegitimate U.S. federal government. Powerful forces inside and outside the U.S. are about to make this a reality...

Sat, 07/28/2012 - 09:37 | 2658819 shutupnsing
shutupnsing's picture

So bizzare that the author makes the Hiroshima analogy...the very first image that popped into my head was of Weill standing on the ashes of Hiroshima promising to discontinue the Manhattan Project...great minds?

Sun, 07/29/2012 - 04:56 | 2659979 Escapeclaws
Escapeclaws's picture

But, doncha know that Hiroshima and Nagasaki saved lives? That was the whole point! Even Paul Tibbets, the pilot of the plane Enola Gay that dropped the first bomb, said he had no regrets and would do it again if the occasion arose. And surely Tibbets is an honorable man.

Sat, 07/28/2012 - 11:55 | 2658997 BlackholeDivestment
BlackholeDivestment's picture

Arrest this scumbag ...and all his friends, ''The Usual Suspects'', then shoot them in the head, like ...a Suicide Vampire Squid after they get busted for being evil. Heaven and Earth does not need the strong delusion of wormwood and it's bitterness upon all of the nations, but that is now what we have because of assholes like this antichrist scumbag Weill.

The problem is, Americans are lukewarm socialist pussies, sealed by the mark of the beast, just like every socialist bastard country on Earth ...and the time for judgment to fall upon everyone is now a global borderless criminal reality.  

The American Gay Pride military is no defense for anyone, and the FBI blew up the WTC in 1993, so, if you are dumb enough to believe America etc... is land of the free and independent individual, and not Rosemary's Baby Care etc..., LMAO, go ahead and shoot yourself and save Heavens Angels the trouble of eating the flesh from your bones a few years from now.

Sun, 07/29/2012 - 05:49 | 2659994 Escapeclaws
Escapeclaws's picture

I remember talking to an old nazi in Munich. He was still an admirer of Hitler and his whole solution for everything was, "Schüssen sie!"

You might want to consider some sort of nuremburg tribunal as an alternative to the vigilante justice that you advocate.

Mon, 07/30/2012 - 02:34 | 2661629 BlackholeDivestment
BlackholeDivestment's picture

...tell that to our Father in Christ upon return. Please explain how you buy sell and trade the mark of the beast and think your dusty arse is going to escape judgment.

In the mean time, your support for criminals is noted, especially by those who suffer the indignation of your lack of mercy.  

Stand fast, do no harm and fear not, but, do not think for a moment that you can be sealed in agreement with this new world order global criminal reality at hand, or ''do'' nothing to resist against criminals in power. Your bullshit Hitler remark is pathetic. Grow up. 

Listen dipshit, what is going on now in the Great Wal Mart of China, and the global market system of the beast, is defined by all the nations and Israel, They have all consumed the wine of wrath in the BTFD Cup of Fornication. That fact makes them equal with the usual suspect and the WW2 crowd of German freaks that lead to the state of Israel being reestablished through slaughter. 

What do you think is going to happen as a result of not puting down this generation of criminals, peace will be sealed with Israel and the nations? LMAO, you idiot. 

P.S. They put down those Nazi bastards in that trial Cheesepuff, they hung the bastards. Mr Weill needs to be hung big time, it's call a penalty and a deterrent. We certainly do not need the appoval or confirmation of a body of appointed assholes in black robes that have been put in place by government pukes at this point, boy.

Sat, 07/28/2012 - 15:09 | 2659257 LMAOLORI
LMAOLORI's picture


Besides being a hypocritical A Hole there's $$$ in it for him

Sun, 07/29/2012 - 05:30 | 2659990 tumblemore
tumblemore's picture

It's probably some kind of scam but then again how do these banksta-caused financial disasters usually go? And as it's global this time the reaction will be global too so...maybe some of them are beginning to get a glimmer of just how badly this might end - for them obviously - i doubt they care about how bad it might be for everybody else.

Sun, 07/29/2012 - 05:44 | 2659993 Escapeclaws
Escapeclaws's picture

The film I cited above can be viewed at

More scary than the movie Alien.

Sun, 07/29/2012 - 09:38 | 2660100 brettd
brettd's picture

I don't understand why folks are pissed at Sandy doing what Sandy is supposed to do:

Look after himself.

The fact that the people (and the politicians they elected) opposed to Sandys 

policies could not come up with more persuasive reasons not to end G/S is their fault---not Sandy's. 

And if those folks who really believed in their objection to ending G/S, they 

would have made boatloads of money by shorting what they knew would happen.  Certainly 

Einhorn and Bass have done nicely doing just that.....

I know...I'm a heretic...

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