I haven't studied it deeply, but the American banks started the crisis with far more capital and what I would call "good liquidity." The riskiest funding is unsecured wholesale funding. It's the most fickle. Not repo, which the government focused on, too. Unsecured. JPMorgan Chase had almost none of that - virtually zero.

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

We've seen the volatility at dollar-yen, U.S. Treasurys, JGBs (Japanese government bonds), German bunds.

I do believe that some of these regulations made the markets more volatile, and it remains to be seen how bad that can be.

Acting like everyone who's been successful is bad and because you're rich you're bad, I don't understand it.

I speak to lots of people around the world, and no one would tell you that 25 basis points will make a difference to them.

At Travelers, we were much more opportunistic. It was very successful, but it wasn't an integrated financial services company. We had a property casualty company, a life company, a brokerage company. We were a financial conglomerate. It wasn't a unified, coordinated strategy of any sort. When it merged with Citi, that became a big issue; Citi, at that time, wasn't yet a fully integrated, coordinated company.