Marry in haste, repent at leisure - so goes the wise aphorism: Citibank & Travelers Group

Weill stages an epic conversion. There can be few better examples of this than the merger of Citibank with Travelers Group in 1998 and the demolition of the wall that separated investment from commercial banking.

Citi has long since been trading at well below its book value and the US taxpayer lives in fear of poorly regulated behemoths. Now all of a sudden Sandy Weill, chief architect of that mega-merger and a driving force behind the abolition of the Glass-Steagall Act, is calling for a return to status quo ante. "We should have banks do something that's not going to risk the taxpayer dollars - that's not too big to fail," stated Weill ... READ MORE

Released by the Financial Times - 26 July 2012