and you can see at the bottom of your screen, sandy weill saying he applauds the decision to name michael corbat as ceo. >> every time i ever spoke with the people at citi, they discredited sandy weill's vision of a bank. so it's realistic that he would discredit those who discredited -- >> so many discredit misthere, like two negatives make a positive. >> everybody has an ax. i'm trying to figure out what my ax is in this one. >> how about another ax. not the body spray which smells great by the way. it's the ax swinging on wall street. doug braunstein looks like he'll be transitioning out of the ceo role to something unnamed. state street may face the ire of shareholders and possibly the ouster. now you have pandit and havens. two people left. what do you think in a bigger perspective is happening on wall street? it's been a blood letting. >> the group is hated by america. america hates the bankers p. pandit by the way did the right thing. he said i'm sorry. people in washington and capitol hill liked pandit. sheila bair hated him. tim geithner liked him. federal reserve neutral. but i

>> when you plug goals in the dike with the bad investments, it was horribly run with sandy weill and then chuck prince. the investment -- investing of toxic assets overlap. and the ceo played some responsibility as well. if you stop the bleeding comment if you leave it alone, it sits there and earns money. lori: net corvette ran the bad bank where they shifted the core assets. ashley: they did not do it fast enough. lori: the new ceo reenact he was a fixer. >> they were under pressure to do the good bank/bad bank ashley: good stuff. sheila bair will join liz claman at the top of the hour. so much to talk about. lori: we will make a hard left turn. defending the central bank monetary easing after he was criticized sparking of global currency war. joining me now is axel merck from merck investments. a great friend of the show. we talk about the impact of quantitative easing on the domestic economy but what is the impact? the emerging markets are critical calling him selfish for debasing the dollar urging increase like the markets of brazil and china? >> everybody is selfish. called the

travellers vice chairman william hayman, a guy that i have known for years, you know, has worked for sandy weillit's interesting, he managed the citigroup investment portfolio. jpmorgan's investment portfolio is where the london wales situation went down. so william hayman has been around wall street for a long time. he's someone who has done a pretty good job. he's moved up the ranks. he's a very well respected guy. he's considered a prominent republican. i think he's given some money to republicans. his name is in the mix if romney wins as well as daniel gallagher, but if obama wins, it's likely to be elise walter, and i will tell you, this is all about timing. when mary leaves, it is going to be an interesting sort of recap of her four years there. you know, very controversial, she took over -- i think she's done some good things. she took over when morale was real low, right at the time the madoff scandal broke and it became clear that the sec did not -- was told about this and didn't do anything. she came in and i will tell you one of the best things she did was appoint the enforcement chie

but now you have people like sandy weill, the architect of citigrou and sure, too little too late, aftere made all of his money off creating these frankenstein monsters. but even he now recognizes that we have to break up the banks. you have senior officials at thr federal reserve recently coming out in favor of this, the vice chair of the fdic, a very strong advocate for breaking up the banks. and you hear it a lot more in members of congress that are supporting this notion.an so to me, on the one hand, it's absolutely essential. if we really want to get to the point where we don't have to bailout a bank, we have to make it so that no bank is so systemically significant and large that its failure could bring down the system. >> are they up to their old tricks? >> the banks? sure. i mean, you know, so we had this regulatory reform of dodd-frank in 2010, which, you know, left them intact and inside. but it had all of these rules and all of these regulations that needed to follow. and right now it is hand to hand, trench warfare, combat with those lobbyists spending all that money on campa

. >> do you agree with sandy weill that the big universal bank model is a failed model and that perhaps big banks should be broken up? >> i'm not sure they should be broken up, but we on ought to go looking, see what we did with dodd-frank, allegedly the purpose of it was that no institution would ever be too big to fail. does anybody believe that? of course not. >> you can catch the rest of that interview a little bit later in the program. i also did ask senator mccain about the looming fiscal cliff, tax rates and how he thinks bernanke has performed so well. you won't want to miss it. giles is still with us and i'm curious having heard that exchange what you think about senator mccain's reaction there p. is he right that the government shouldn't have anything to thank jpmorgan for and the bank has simply benefitted from all the policies since the financial crisis? >> i think he was stressing that as it were that bank along with many others has navigated their way through the crisis and obviously that has had a stability effect on the system overall. i mean, i think the word thanks is

interestingly enough former city group executive sandy weill interview on squawk box we should split up investment banking have banks be fed deposit takers have banks not risk the taxpayer dollars for those that are not too big to fail. sheila bair recently concluded the law clearly establishes a framework that allows financial firms to fail while preventing a broader economy and ends two big to fail. finally we could be spent all morning with mats quotes but lot of them have better words. i will conclude the system has become too complex for people to make the mistake of thinking it means the end of the discussion when it is just the beginning of a war. the question is on the table. too little? to much? just write? >> it is a great pleasure to be here john and r&d gw law community for giving me the opportunity to be on this panel with these members with a variety of of points of view. good dodd/frank act went too far? while much is still speculation sums says it is already in the act to about the efficacy of the dodd/frank act. in the summer of 2008 with the enactment of dodd/frank

but look, sandy weill bought west 15. this 2007, he sold it now for $88 million and he call immediate up the other day and said, listen, you're always on cnbc. tell joe there is a condo for sale $95 million. so if you want to pay it, you're welcome. >> if he give me the mortgage. >> marc, thank you very much. >> my pleasure. >>> when we come back, the drop at the pump. and then later this week, don't miss warren buffett, he'll be live for two hours 7:00 to 9:00 eastern wednesday. >>> coming up rkt a new nbc news/"wall street journal" poll, pluls greg smith takes his complaints about his former employer public. again. [ horn honks ] hey, it's sandra -- from accounting. peter. i can see that you're busy... but you were gonna help us crunch the numbers for accounts receivable today. i mean i know that this is important. well, both are important. let's be clear. they are but this is important too. [ man ] the receivables. [ male announcer ] michelin knows it's better for xerox to help manage their finance processing. so they