Reed Says ‘I’m Sorry’ for Role in Creating Citigroup (Update1) - Bloomberg.com
"Nov. 6 (Bloomberg) -- John S. Reed
, who helped engineer the merger that created Citigroup Inc.
, apologized for his role in building a company that has taken $45 billion in direct U.S. aid and said banks that big should be divided into separate parts."
Lawmakers were wrong to repeal
the Depression-era Glass- Steagall Act in 1999, Reed said. At the time, he supported overturn of the law, which required the separation of institutions that engaged in traditional customer banking services from those involved in capital markets. "
We get an apology. He got slightly more.
"From 1997 to 1999, Reed received salary and bonuses totaling $23.4 million, according to Citigroup filings
. In 2000, he received a retirement bonus of $5 million, filings show. Citigroup provides him with an assistant and a New York office, for which he pays taxes, he said. "
It's nice to see some acknowledgement of what he and his ilk did to all of us wage slaves (and former wage slaves). Maybe he's feeling his mortality. I'm not feeling very forgiving, are you?