you have written so much about the bank industry sandy weil's bomb shell yesterday, this was a momenthizophrenia that overtook him. what do you think this means? >> in the context of libor you have to put this in the context of growing investor theory with the big banks. it's one more body blow against the big banks, when investors just don't believe in this business model anymore. i'm not sure where sandy weil would have come out and said what he would have said if the market weren't clearly against the big banks. and look he failed at citigroup. he appointed a successor who could don't the job, and now he has some regret and himself to blame, so you always wonder what is going on there. but it's extraordinary the number of people weil included and phil purcell, dean whiter who have some out and said this didn't work. >> this is sandy's last deal unleash the value. he wants them to break into two. this will be how he finally gets his equity value back. it's sandy once again getting value out of his shares. reuter's columnist, bethany >> we talk a lot about the influence of money in p

sandy weil. >> sandy weil was crucial in getting the elimination of glass-steagall. glass-steagall was the depression-era law that had separated investment banking from commercial banking, protecting us from bankers pretty well for 70 years. finally, he and his friend robert rubin drove a stake through glass-steagall. it was dead and gone. then he began a massive empire known as travelers group, which the merged with citigroup. he was a beneficiary of the elimination of glass-steagall. >> use it at rob rubin, who was treasury secretary, went back after that. was it a $100 million job? >> $115 million over time, being an eminence grise at the board who did not have to do much but certainly made a lot of money. >> robert rubin is a democrat. alan greenspan is a republican, or something on the other side, right of center. is this a political matter? >> this is, again, across the aisle. home ownership was push that really involves both democrats and republicans, private-sector and public-sector. it was a push that asked regulators to team up with the regulated entities,

sandy weil, formerly of citigroup, architect of bigger is better in terms of banking when he put together travellers and citi corps so many years' ago, now changing his tune. listen to what he said this week. >> i think what we should probably do is go and split up investment banking and banking, have banks be ddeposit-takers, have banks make commercial loans and real estate loans. have banks do something that's not going to risk e taxpayer dollars, that's nott going to b too big to fail. >> were you surprised at this, and do you still believe this should be happening? >> you know, it's interesting, right. the guy who created the frank frankenstein monster that helped destroy the global economy has now come around. although i wish he was there in 2010 when therreally was bipartisan support to break up the banks that was beaten back by the banks and the treasury department and the obama administration, defeating that bill, i welcome him on team break them up now. it's very important he's saying this. >> do you think it will happen? is it realistic? do you think we are going to break up the

. >> sandy weil helped repeal glass steagall and now in the news and other former big bankers in thewalls that should be put back into banking. >> full disclosure, erin sorkin says that character is modeled after -- >> you. >> i kind of use it for that reason. not often you hear somebody talk about it on television besides another financial reporter. people are worried about banks being so big. they're worried about protections in place or not in place since the financial crisis and people are worried about what congress did and didn't do that led to the financial crisis and it is an interesting moment. >> one thing you should know about your money. >> the one thing you should know about your money is i think we could have a down day in stocks. it will be a little rough here. we have europe still on the ropes, still very concerned about the earnings reports watching every day to see what the impact is and i am worried about the fiscal cliff and the facebook after the bell. that's four things to know. >> up yesterday, down yesterday. thank you. it is 24 minutes past the hour. we have

i would like to expand and revisit, i was watching "squawk box" this morning when sandy weil made his comments and then saw the crawler about glass steagall, and i was, like, did he specifically say that? he did go back and revisit it. i don't know if you've had a chance to see it or read it. certainly would like to then get your reaction, both here, but then more in-depth as i'm sure you will be looking at that time. so if you have any reaction or comment. >> i haven't seen those reports and i don't know exactly what he said and i don't know what he meant, but on the broader question about laying out to this committee the extent of the actions congress has authorized and taken to limit this risk, i would be happy to walk you all through that in as much detail as you like. i was getting to the too big to fail element and just whether the organizations are too big. . that is a widespread and common subject of concern and it's something that people will be looking at that time for a long period of time, but i do think it's important to recognize that we did force these to take much more