After probably inducing then-Treasury Secretary Bob Rubin to look the other way while he smashed Glass-Steagal, Weill hired Rubin as the non-executive Chairman of the merged firm. It didn't take long for Weill to manage to toss former Citibank CEO, his alleged co-head of the merged firm, out a window, leaving Weill to play with his new, hydra-headed toy.
That was 1998-2000.
Ten years on, Weill's monstrosity has been significantly dismembered with the separation of its insurance and banking components.The nearby price chart for Citigroup and the S&P500 Index shows how badly the universal bank performed since Weill's grand mistake.
In the same timeframe, the index was down only slightly.
Too big to fail? How about just too big to be managed by anyone, and, instead, just limp along losing shareholders' wealth?
Am I the only person who doesn't completely understand why Sandy Weill wasn't sued by shareholders?
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