Our global corporate investment bank competes with Goldman Sachs, Citibank, and a bunch of other banks that are in those businesses. We may have slightly different products or services, but so what? That's always been true in American business.

There are two types of depreciation. There is one where you're manipulating currencies. And that's not what Japan is doing.

It takes 10 years to get all the permits to build a bridge today. Ten years? What happened to the good old can-do America? Where is "We get it done, we work together"? We've become this bureaucratic, stifling environment. I'm not talking about violating environmental things - I'm talking about building a bridge, getting things going, getting people to work together.

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.

We're trying to win business by doing a good job for the clients, as opposed to, "We think being big and universal is just a great, wonderful thing." It's not a morality thing. It's a "Does it work for the client?" thing. Everything we do is because a client uses us. Everything we do is because a client chose to use us of his own free volition.

We invested in the downturn and we never stopped serving our clients.

I believe it's a good thing that people say, "Can we find a way to live together in peace?" And they did, for the most part.