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CNBC Exclusive: CNBC Excerpts: Sanford Weill, Former Citigroup Chairman & CEO Speaks with CNBC's "Squawk Box" Today

WHEN: Today, Tuesday,September 10, 2013

WHERE: CNBC's "Squawk Box" at 7:00 AM ET

Following are excerpts from a CNBC EXCLUSIVE interview with former Citigroup Chairman and CEO Sanford Weill on CNBC's "Squawk Box" today, Tuesday, September 10th at 7am ET. All referencesmust be sourced to CNBC.

Banks still don't know the rules: Weill

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Sanford Weill, former Chairman & CEO of Citigroup, discusses the impact of the Dodd-Frank Act on the banking industry and the need for more "transparency" in the financial sector, amid new regulations.

Weill Cornell's $100Mdonation driving discoveries

http://video.cnbc.com/gallery/?video=3000197916

Laurie Glimcher, Weill Cornell Medical College dean and Sanford Weill, former Chairman & CEO of Citigroup, discuss how philanthropy and private donations - not government spending - are now funding much of the medical research which is driving life-changing breakthroughs.

New Fed head? Weill thinks Larry Summers is 'terrific'

http://video.cnbc.com/gallery/?video=3000197918

Sanford Weill, former Chairman & CEO of Citigroup, discuss why he would have "unbelievable confidence" in Lawrence Summers to head the Federal Reserve when Ben Bernanke leaves.

Weill: Fed 'keeping rates too low, too long'

http://video.cnbc.com/gallery/?video=3000197919

Sanford Weill, former Chairman & CEO of Citigroup, discusses Fed policy after the 2008 financial crisis and explains why he thinks it is time for the Fed to change its low rate policy because it forces the wrong people to take more risk.

Is the banking system safer after Dodd-Frank?

http://video.cnbc.com/gallery/?video=3000198022

CNBC's Steve Liesman and Sanford Weill, former Chairman & CEO of Citigroup, discusses whether regulations go far enough to prevent another financial crisis that lead to the 2008 crash.

WEILL ON REGULATION:

WE DON'T HAVE TO IF WE HAVE THE RIGHT REGULATION. IF WE HAVE THE WRONG – IF WE HAVE REGULATION THAT PRECLUDES INVESTMENT BANKING OPERATING IN A WAY THAT CAN BE CONSTRUCTIVE, THEN I THINK WE SHOULD DO SOMETHING DIFFERENT AND LET THEM SPLIT UP IF THEY FIGURE THAT'S THE BEST WAY THAT THEY CAN PROVIDE THEIR SERVICES.

WEILL ON BANKS BEING SPLIT APART:

IF THE WAY THE REGULATIONS COME DOWN DO NOT ALLOW ENTREPRENEURSHIP AND DO NOT ALLOW PEOPLE IN THE FINANCIAL INDUSTRY MAKING MISTAKES, THEN I THINK, AND BECAUSE OF RISKING TAXPAYER MONEY, I THINK THAT'S GOING TO MAKE OUR FINANCIAL INDUSTRY COMPLETELY INEFFECTIVE.

WEILL ON TAXPAYERS RISK:

I THINK THE TAXPAYER AND THE POTENTIAL RISK CAN BE MITIGATED TO A GREAT DEGREE BY GOOD REGULATION. IT'S NOT VERY HARD TO DO.

WEILL ON A YEAR LATER:

IT'S BEEN A YEAR LATER, AND THE PROBLEMS HAVE GOTTEN WORSE. THE BANKS HAVE HAD A VERY GOOD FINANCIAL PERIOD IN TIME BECAUSE INTEREST RATES HAVE BEEN AT ZERO. THERE HAVE BEEN VERY STEEP YIELD CURVES. SO IT'S NOT HARD FOR A BANK TO MAKE MONEY. BUT THESE INTEREST RATES AT ZERO IS NOT A VERY GOOD THING FOR THE COUNTRY LONG TERM BECAUSE IT'S KILLING RETIRED PEOPLES' INCOMES, IT'S KILLING THE PENSION FUNDS WHICH HAVE BIG DEFICITS AND THESE DEFICITS ARE ONLY GROWING.

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