Companies that build scale for the benefit of their customers and shareholders more often succeed over time.

We do all that [ represent companies], because we have a lot of research in Japanese companies, and that research educates investors around the world. It allows us to sell stocks and bonds in Japanese companies.

All businesses tend to pass costs onto customers.

Europe is the most complicated place, in my opinion.

If the government wants to do social policy, it should not be done in a quasi-public company. If you have a mortgage guarantee company which is done by the U.S. government, it should be guaranteed by the originators, i.e., the shareholder.

We got a lot of excellent people and businesses from Bear and WaMu. But Bear definitely was more painful. WaMu got us into Florida, California, and other states, which was a huge benefit - to expand and grow and add middle-market, private banking, investment banking, and other products, too.

We have a lot of people who are Republicans, a lot of people who are Democrats, and it's not just because of business reasons.