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Nov 06, 2009 - 11:48 AM EST
Rolfe Winkler, CFA submits:Objective observers mostly agree that it doesn’t make sense for banks to be in the securities business, not if they’re explicitly insured by the government. Wall Streeters invent rationalizations to support the current structure because a large chunk of their profits come from trading.
It’s very refreshing that John Reed, an architect of Citigroup (C) — the biggest, most disastrous financial supermarket of them all — now says the merger was a mistake and banks should be broken up.
Source: Seeking Alpha (Nov 06, 2009 - 11:48 AM EST)
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