Today, in another episode of Isn’t Retirement Fun?, former Bear Stearns chairman and JP Morgan Vice Chairman Emeritus Ace Greenberg comments on a previous episode wherein former Citigroup CEO Sandy Weill said that the Glass-Steagal Act should (effectively) return, thereby breaking up the big banks.
Greenburg appeared on Bloomberg TV
because as a retiree he’s available at conveniently short notice:
Please click on the headline of this post if you don’t see a video directly above here. Slight technical snafu. Apols.
In case you didn’t catch that (and/or can’t watch videos at work), here’s what Greenberg had to say:
It wasn’t Sandy Weill. It was that guy Sacha Barry Cohen, or whatever his name is…Yeah he was impersonating Sandy.
That was not Sandy – I know Sandy. I think it was a guy making a movie about Wall Street or something, that’s my guess.
FT Alphaville is not 100 per cent sure Greenberg is joking. Here’s some additional evidence to assist you in making up your own mind. First here’s Sandy Weill, from his appearance on CNBC’s Squawk Box:
And here’s Sacha Baron Cohen in his most recent film:
Anyway, Greenberg continues…
You’d have to ask Sacha [if Weill meant those comments]. Is it possible? Of course it’s possible. Do people change their minds? Yes. I change my mind on occasion.
That egg has been scrambled, so we can quit talking about it…In my opinion, they’re not going to [break up big banks] here because it’s gone too far. I think this is a huge country, we need big banks, we need banks that can make huge loans and I’m proud to be associated with a bank that can make the biggest loans in the world and they do. And that’s great for the country and I think it’s necessary to have banks that are that big.
As far as separating trading, you’re getting into another issue. The banks didn’t get in trouble because of mortgages and default swaps, the banks got in trouble because of homes.
Dick Fuld Still Has A Friend In Charlie Gasparino – Dealbreaker
Sandy Weill regurgitates 13-year old cake – FT Alphaville
Dodd: Sandy Weill Wrong, ‘Simplistic’ to Break Up Banks – CNBC