Yesterday, Sandy Weill shocked Wall Street by declaring that Wall Street banks needed to be broken up. The Street buzzed (or wailed), politicians raved, and we heard the sound byte over and over again.
But in all the commotion, perhaps we forgot that Squawk Box is a long program, and Weill didn’t just say one thing. Andrew Ross Sorkin asked him about compensation, and Weill gave a terse, very general response:
“I think compensation is important…I think right now everyone’s shooting at compensation I’m glad I’m not working.” (You can watch the video below)
That caught our attention, but it wasn’t until Mike Mayo spoke to Betty Liu on Bloomberg TV that we realised why the comment grabbed us.
Here’s Mayo on Weill’s compensation (you can watch the video here):
“In the last decade the CEOs of Citigroup, Sandy Weill included, got paid more than the CEOs at any other large bank and had the absolute worst stock price performance.
Watch the Weill video below.
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