Sanford “Sandy” Weill, instrumental in the 1998 merger of Travelers Group Inc. and Citicorp, has said it is time to split up commercial and investment banking. “Have banks do something that’s not going to risk the taxpayer dollars, that’s not going to be too big to fail,” Weill said. The two were separate from 1933 through 1999 when the Glass-Steagall Act was repealed under President Clinton—of which Weill was largely responsible for in order to get the merger to happen. What brought on the change in sentiment? Weill said he’s been thinking about it a lot over the past year, adding that the world changes. “The world we live in now is not the world we lived in 10 years ago,” Weill said.
One of the recorded votes on amendments was on a jab at short-term health insurance.
A Principal Financial executive represented life insurers at the hearing.
The allegations relate to the Georgia Underwriting Association.
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