We expect this from Rick Santelli, or maybe Joe Kernan, but we didn’t see this epic Sandy Weill rant coming from CNBC’s Gary Kaminsky.
While speaking with Melissa Lee on the topic, he pointed out that from 2000 to 2010 when Weill was selling his ‘supermarket’ bank concept, Citigroup stock went down 90%. Not only that, but Weill himself cashed out $785 million in stock and options.
This upset Kaminsky a great deal.
Here’s what he said:
“What is my point here? I was at those meetings. I know what Sandy Weill told people. I was an institutional investor. So when Weill comes on TV and talks about his charitable endeavours, which we know a very good thing, when he was able to cash out all that type of stock in a time when the supermarket model…the breakdown of Glass-Steagall…something he said at that time was the model of the future… What about all the employees? What do you tell them when they lost 90% of their wealth because they bought into this financial supermarket model that doesn’t work…. They still hold a tremendous amount of stock in their retirement plans. You cannot change history…these management teams think they can rewrite history… well let me tell you something… I’m their worst nightmare… I know where all the bodies are buried.”
Here’s the video: