In public, not just in private. This is a big admission by someone who can not be dismissed for not understanding how business works. It was his baby and he is disowning it. I give him credit for being honest and being open about his realization.

All you are doing is calling for the drawbridge to be pulled up after you are safely inside.

On edit: If this news sways anyone who can actually DO ANYTHING about it.. kudos.

"It will but Romney and other Republicans in a very difficult position."

...feel-good call. If he wanted to put Republicans on the spot, he'd call on them to end their attempts to repeal Wall Street reform and defund the CFPB and call on financial institutions to stop trying to weaken the Volcker rule.

undercut the Republican argument that there shouldn't be more federal supervision and control.

time to break up the big banks, and that can be done now.

As I recall, you opposed any such steps and instead promoted worthless Frank-Dodd incrementalism.

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=389&topic_id=9412558#9412681

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=389&topic_id=8935096

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=389&topic_id=8640696

Even going so far as to spread lies about Feingold here:

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=389&topic_id=8656458#8659105


Looks like the next collapse will hit before the election.. and gee, didn't I tell you so?

http://www.democraticunderground.com/?com=view_post&forum=1002&pid=315396

Ouch!

Thank you for going to the trouble.

It was an unholy alliance since Travelers was f/k/a A.L. Williams (pariah of the insurance/investment industry).
What followed was an uncomfortable period during which the A.L. Williams people were supposed to develop synergies with Citi.
I left as Travelers had objectionable practices that looked a lot like "twisting" where insurance policies are churned to create new business.
The end result was a lot of people being convinced to dump their whole life (permanent) insurance in favor of term coverage.

The present day incarnation is called Primerica, which walks and quacks like the duck we know as multi-level marketing (pyramid scheme in my view).

A.L. Williams spun itself into Primerica somewhere along the line. I don't recall the exact point.

I sold all lines of Insurance for Prudential in the early 80's and at that time, A. L. Williams was well known to be what we termed "replacement artists." They had a very bad rep and we all knew when one of them had been in a home trying to replace our policies. I won't say they were the bane of our existence, but they were quite annoying.

They've redistributed the wealth from the bottom up to the point that they need to take their booty and run. It will take decades for working people to recover from what they've done.

Put the blame squarely where it belongs.

was this stooge calling for this when he was working for citigroup?

I think we all know the answer to that.

he can go fuck off with his mia culpa soul cleaning bullshit.

pointing out the obvious doesn't make one a hero or a voice of change.

FUCK YOU Weill.

to the 1%, and Mr. Weill is only one person.

The genie is out of the bottle, and the bottle has been smashed.

We need to seize assets.

$21 trillion in offshore accounts. Just clean it out. Burn them all.

My first thought on reading about those trillions in offshore accounts is exactly that. Seize it and return it to the people from whom it was stolen. That would be the rest of us.

when there is wrong-doing. It's time to clean house.

"The time" being when you were lining your pockets, right, Sandy? And now that you've gotten yours, you'd be happy to see that no one else got any.

I like how he seems to characterize the housing market/real estate bubble as something totally unrelated to the practices he was so gleefully shaping. Not me, had nothing to do with that mess, nope.

-- Mal

in spite of naysayers (here and elsewhere.)
Its a foot in the door to MANDATORY recognition of the problems we have, the origin of the problems, and a (possible) solution, tho the whole financial world will have to change, A LOT, really to improve things. Among other things, let's see what happens with LIBOR, in Britain AND here.

Thanks, Sandy.

let's see if the MSM report this widely or not!

he wanted it repealed so he could have his gigantic merger and outsized profits.

now that he's no longer in a position to profit from the absence of glass-stegall, he's all for it.

typical.

Now they need something stable to lord over.

It must be done, but we must also tax the hell out of their ill gotten wealth.

stop the stealing ....the country has been drained dry and now you see the need for regulation

better late than never

And he'll have to do a whole lot of arm twisting to get Bernanke or most of Wall Street to go along with his notion.

"Now that I and mine have walked away with all the cash we can carry, it's in our best interest the system not utterly collapse and make that money worthless."

get eaten by the bigger fish. That's capitalism.

Good for him. Potter is actively campaigning for universal health care, and I hope Weill will do the same for Galss-Steagall.