Former Citi head Richard Parsons spoke a few days ago regarding the changes in regulatory law that made the formation of Citi possible.

Money quote:

The 1999 repeal of the Glass-Steagall law that separated banks from investment banks and insurers made the business more complicated, Parsons said yesterday at a Rockefeller Foundation event in Washington. He served as chairman of Citigroup, the third-biggest U.S. bank by assets, from 2009 until handing off the role to Michael O’Neill at the April 17 annual meeting.

I appreciate Parsons’ attempt at self criticism, but it strikes me as a lot of too little too late.

Advertisements