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.

You never know exactly how new policies are going to work. That doesn't mean you shouldn't try them.

We take smaller companies and middle-sized companies, all around the world, and we do currency exchange for them; we raise bonds and equities for them; and we do inventory finance, trade finance, and custody of assets.

If you look at the banking business over many years, it's always been a huge user of technology. This has been going on my whole life, that people have been adding technology, digitizing services.

I hope the story of 2011 is that America gets its mojo back. You've got to remember that America has the best universities; it's got some of the best businesses. It's got an unbelievable work ethic, rule of law. The story of 2011 will be America blossoming again.

Wall Street gives money to both [Democrats and Republicans] because they want to be on the good side of whoever becomes president .

I learn from all our major competitors, whether they're in or out of the U.S. Wells Fargo is very actively, very aggressively, and very successfully building its U.S. investment bank.