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Others were unimpressed. Joshua Brown, a New York investment adviser who writes the blog "The Reformed Broker," called Weill "the original architect of Too Big To Fail" banking and noted that Weill didn't apologize "for the Citigroup he built or its imitators." "Perhaps this is about burnishing his legacy," Brown wrote. Weill said he hadn't talked to JPMorgan's Dimon or Vikram Pandit, Citigroup's current CEO, about his new stance. Dimon was Weill's protege before getting ousted in a power struggle in the late
'90s. Pandit took over at Citigroup after Weill's friend, Chuck Prince, lost the job. Asked what he thought their reaction would be, Weill replied, "I don't know. You'll find out." A Citigroup spokeswoman declined to comment. A JPMorgan spokesman didn't immediately return a message seeking comment. In the same interview, Weill showed his fondness for the industry. He credited mega-banks for providing capital markets that helped convert communist countries to capitalism, and moved poor people into the middle class. "It is really sad what is happening, and it's sad for young people," he said. "This was an industry that attracted a lot of really terrific people." Weill retired as CEO of Citigroup in 2003 but remained chairman until 2006, building it into a giant that offered both consumer and investment banking. Asked about his about-face, Weill said he had been getting his thoughts together over the past year. "I think the world changes," he said, "and the world that we live in is different than the one that we lived in 10 years ago."
[Associated
Press;
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