We continued to build the business, even in the worst of times. We do business all over America.

I also think you have to be very careful. I mean, the heritage of our company is very strong, and building some of these businesses into leading players is extremely tough. You and I can both build a trading business, and it looks like you're doing OK, and it looks like I'm doing OK. But, really, I am, and you aren't. It comes down to the quality of clients, quality of systems, quality of risk controls.

I advise other companies' CEOs, don't fall into the trap where you go, 'Where's the growth? Where's the growth?' Where's the growth?' They feel a tremendous pressure to grow. Well, sometimes you can't grow. Sometimes you don't want to grow. In certain businesses, growth means you either take on bad clients, excess risk, or too much leverage.

I completely agree with the concept that American citizens shouldn't expect that a failure of a bank would cost them money, or that it would hurt the economy.

You would expect to see that first in high-yield [debt], but it was in the most liquid thing in the world. So that, I think - it's a little bit of a warning that we've got to be prepared and just be careful.

I hate the word universal, because I don't know exactly what it means. The question is, does it work for the client? Travelers was a diversified, financial conglomerate that did very well. The businesses had nothing to do with each other.

I don't think you're going to have one bank. Big companies aren't going to give us all their business. So they can pick and choose - by product, by country, whatever. We have major competition across every product in every place we operate.