Former Citigroup CEO: Big banks don’t work

Yeah, no sense of consequence and now 20/20 hindsight.

Justice League

Now this is a joke since Citigroup lobbied and benefitted from the repealing of the Glass Steagall bill…

The former CEO of Citigroup just admitted to a huge mistake.

In an op-ed published in the Financial Times, John Reed says large banks like the one he used to run are now “inherently unstable and unworkable.”

The man who was one of the chief architects of the “Big Bank” model now says the United States never should have repealed the Glass-Steagall banking act in 1999.

That’s exactly what Democratic presidential hopefuls Bernie Sanders and Martin O’Malley have been arguing on the campaign trail. They want the law reinstated. Hillary Clinton and the Republican candidates do not.

As CEO of Citi (C)from 1984 to 2000, Reed was one of the main lobbyists advocating Congress and President Bill Clinton to get rid of the Glass-Steagall Act. It had been in place since…

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