Simon Johnson Says Citigroup Will Be Broken Up, Jack Lew Says Going in Wrong Direction

Former International Monetary Fund Chief Economist Simon Johnson thinks that Citigroup Inc will be broken up, as today former Citigroup Inc (NYSE:C) official and now U.S. Treasury Secretary Jack Lew entered the discussion today at a Financial Stability Oversight Council meeting.

In a recent blog post, Johnson noted how certain Republicans are currently opposing U.S. Senator Elizabeth Warren (D-MA) and her efforts to reign in what is considered by the left, right and center runaway big bank political power. The efforts to defend the banks goes against the core roots of the Republicans, after all, who have in their roots trust-buster Teddy Roosevelt who broke up organizations because they had too much political power –...