Sandy Weill backs splitting big banks.

Former Citigroup Chairman and CEO, Sanford Weill, one of the founders of the financial supermarket, has called for the breakup of the big banks during an interview on CNBC show, "Squawk Box" on Wednesday.

So has he finally seen the light? Is Sandy Weill now a born again banker? Or he's trying to reinvent himself so that he can get a seat at the high table in the power circles?

Anyway, it's good that sense has finally sunk into his skull. The current setup in banking creates a situation of too big to fail institutions thereby leaving an inevitable position of bailouts, putting depositors and taxpayers' money at risk. It appears he's actually asking for the return of Glass-Steagall Act which imposed banking reforms that split banks from other financial institutions such as insurance companies.