Ugh that was painful! The concept of breaking up banks is actually pretty straightforward - you need to divorce investment banking from taxpayer exposure and the Fed system and make all investments done for clients in commercial banking a fiduciary relationship. The regulatory vehicles could be varied, but that's the thrust. It's a simple answer I'm surprised he couldn't provide.
The division of assets and liabilities - which he came close to touching upon but whiffed on in the end - is actually quite complex, because it's something that current contracts and operations don't necessarily anticipate.
If he thinks it absolutely needs to be done for the health of the economy, I can respect that - but he needs to fully understand the implications of what he's saying, and it doesn't appear that he does.
The endless harping on Glass-Steagall - which again, did not regulate the shadow financial system - is another problem. Shibboleths and slogans don't solve real, complex problems - especially problems that have nothing to do with their proposed solution/cause.
