WHEN: Today, Wednesday, April 30th
WHERE: CNBC's "Squawk Box"
Following are excerpts from the unofficial transcript of a CNBC EXCLUSIVE interview with former Citigroup Chairman & CEO Sandy Weill. Video clips from the interview are available on CNBC.com
All references must be sourced to CNBC.
WEILL ON REGULATORS
I don't think a regulator should be an adversary. A regulator should be trying to make an industry stronger, help to make sure the companies follow all the rules. Regulation is important and they are doing some very important things on it but it shouldn't be to gotcha gotcha. You know, you're a crook, you don't do anything right. It's an embarrassment and your compensation is questioned everything is questioned.
WEILL ON STRESS TEST
If the only way the stress test is going to be valid is to embarrass a different company every year that's not a very good thing. I mean the regulators should be telling these companies what to do, they should help them become stronger and you would think what they did to Citi helped Citi become stronger.
WEILL ON TAX CODE
When you see a company like Pfizer thinking about relocating their headquarters to a different country because the tax rate is so low we have the highest corporate tax rate in the world. That should be a wakeup call to our government that the problem is the tax code it is not the problem what the company is doing.
WEILL ON MISTAKES
I made two mistakes. One was I wished that Jamie and I had been able to work out our issues and that it didn't have to end up in a breakup because it was a very good relationship. And I made a mistake in my recommendation for succession.
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