Former Citigroup Chairman and CEO Sandy Weill advocated breakingup big banks in an interview with CNBC today, saying that was theonly way to rebuild the reputation of the financial system. Weillwas an advocateof the 1999 repeal of the Glass-Steagall Act, whichseparated commercial and investment banks, a repeal that allowedhim to build Citigroup.
Weill suggested that banks separate completely from investmentbanks and operate with leverage of 12 to 15 times their balancesheet, while maintaining transparency about their financials. Healso argued that banks' hedging positions be marked to market.
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