Copy and paste the HTML below to embed this audio onto your web page.
Audio player code:
By CHRISTINA REXRODE, Associated Press
NEW YORK (AP) -- Sandy Weill built Citigroup into a mega-bank. Now, he says mega-banks should be broken up.
Weill, 79 and the former CEO of Citigroup, says investment banks should be split from consumer banks. That would mean breaking apart Citigroup as well as other big banks like JPMorgan Chase and Bank of America.
Weill, speaking on CNBC's "Squawk Box," seemed to surprise the show's anchors. The banking industry's current leaders are generally trying to convince regulators that they don't need to be broken up.
Weill says the change is necessary if U.S. banks want to rebuild trust and remain on top of the world financial system. Investment banks offer riskier but potentially more profitable services like trading stocks. Consumer banks offer plain-vanilla services like making loans and taking deposits.
Next week we’ll be featuring three great young adult authors on The Daily Circuit. Rainbow Rowell, Gene Luen Yang and local author Carrie Mesrobian exemplify the kind of smart, insightful writing coming out of the genre today. While their books are classified as YA, they feature great writing and interesting characters that appeal to adult…
The year end book lists are coming out. Here are 4 varied lists. Amazon’s Top 20: Donna Tartt’s “The Goldfinch” tops a combined list of fiction and non-fiction. It’s hard to articulate just how much — and why — “The Goldfinch” held such power for me as a reader. Always a sucker for a good…