SPIEGEL Interview with Former Citigroup CEO Sandy Weill
The former CEO of Citigroup Sandy Weill talks to DER SPIEGEL about the risks posed by hedge funds, concerns about a dollar crisis and the US trade deficit, and his own tale of rags to riches.
SPIEGEL: Mr. Weill, the US Secretary of the Treasury, Henry Paulson, told German politicians he feels scared when he looks at the hedge fund industry. The G7 finance ministers discussed controls for the first time this weekend. Do you share his concerns?
Weill: Sure. I think the good side of the hedge fund industry is that they have created a lot of liquidity in the marketplace. But it would make me much more comfortable to have the evolution of a common regulator that understood markets. The positions of not just banks but also investment banking companies and hedge funds should all be reported someplace.
SPIEGEL: What would effective regulations look like?
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