Former Chairman of Citigroup: Restore Glass-Steagall

The former chairman of Citigroup, John S. Reed, wrote a letter to the editor of the New York Times calling for a reinstatement of Glass-Steagall:

As another older banker and one who has experienced both the pre- and post-Glass-Steagall world, I would agree with Paul A. Volcker (and also Mervyn King, governor of the Bank of England) that some kind of separation between institutions that deal primarily in the capital markets and those involved in more traditional deposit-taking and working-capital finance makes sense.

But for Barney Frank, Tim Geithner and the rest of the boys, it is business as usual.

Hat tip Barry Ritholtz.

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