KPFA Evening News, 05.12.2012
Students at Sonoma State University protested the university's sale of two Honorary Doctorates of Humane Letters to Sanford and Joan Weill, for a $12 million donation.
Sanford Weill is the former CEO Citigroup, a so-called “too big to fail” financial powerhouse, which received the largest bailout given to any failing institution by the federal government.
During the Clinton Administration, Weill was largely responsible for the dissolution of the Glass-Steagall Act, which gave Wall Street investment firms the right to gamble with depositors’ money using risky investment practices. Citigroup was also a major provider of toxic subprime mortgages. Time Magazine named him one of the 25 people to blame for the financial crisis.