Like a defecting Syrian colonel or converted climate-change denier, Sanford I. Weill has been heartily welcomed among those on the right side of history.
The sheer inappropriateness of the vessel, the breathtaking audacity of the messenger, can oddly confer authority on an idea. If even the creator of Citigroup now believes that the giant banks should be broken up, who could not believe it?
His belated conversion is only the latest from the “corner office to Zuccotti Park” banking crowd. The former merger aficionado Philip J. Purcell, who headed up the pithily named Morgan Stanley Dean Witter Discover, wrote a recent Wall Street Journal opinion article suggesting that shareholders should break up the banks. Sallie Krawcheck, a former top-ranking Wall Street executive, recently criticized big banks. Two other former top executives, David H. Komansky and John S. Reed, have attacked the current financial system.
Source: Dealbook - NYtimes