Former Citigroup Chairman and CEO Sandy Weill advocated breaking up big banks in an interview with CNBC today, saying that was the only way to rebuild the reputation of the financial system. Weill was an advocateof the 1999 repeal of the Glass-Steagall Act, which separated commercial and investment banks, a repeal that allowed him to build Citigroup.

Weill suggested that banks separate completely from investment banks and operate with leverage of 12 to 15 times their balance sheet, while maintaining transparency about their financials. He also argued that banks' hedging positions be marked to market.

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