Sandy Weill, an architect of the economic collapse, is elected to the American Academy of Arts and Sciences

conclusively proving that my country's values are firmly in the right place... < /snark>

from time to time on this blog, i have railed against individuals i consider to be high profile examples of what is wrong in this country and the world... karl rove, carl icahn, donald rumsfeld, george bush, lloyd blankfein, bill kristol and a number of others spring to mind... yesterday's post by robert scheer in truthdig added yet another name to my black list - sanford weill...

How evil is this? At a time when two-thirds of U.S. homeowners are drowning in mortgage debt and the American dream has crashed for tens of millions more, Sanford Weill, the banker most responsible for the nation’s economic collapse, has been elected to the American Academy of Arts & Sciences.

So much for the academy’s proclaimed “230-plus year history of recognizing some of the world’s most accomplished scholars, scientists, writers, artists, and civic, corporate, and philanthropic leaders.” George Washington, Ralph Waldo Emerson and Albert Einstein must be rolling in their graves at the news that Weill, “philanthropist and retired Citigroup Chairman,” has joined their ranks.

Weill is the Wall Street hustler who led the successful lobbying to reverse the Glass-Steagall law, which long had been a barrier between investment and commercial banks. That 1999 reversal permitted the merger of Travelers and Citibank, thereby creating Citigroup as the largest of the “too big to fail” banks eventually bailed out by taxpayers. Weill was instrumental in getting then-President Bill Clinton to sign off on the Republican-sponsored legislation that upended the sensible restraints on finance capital that had worked splendidly since the Great Depression.

[...]

Although Weill has shown not the slightest remorse, Reed [John S. Reed, Citibank CEO when has had the honesty to acknowledge that the elimination of Glass-Steagall was a disaster: “I would compartmentalize the industry for the same reason you compartmentalize ships,” he told Bloomberg News. “If you have a leak, the leak doesn’t spread and sink the whole vessel. So generally speaking, you’d have consumer banking separate from trading bonds and equity.”

sandy weill... somebody we can all look up to...

Submit To Propeller
Tweet