Usually, something that is fairly expected is already factored in. I also think that you have to think that America is raising rates because the economy is getting stronger.

Usually, something that is fairly expected is already factored in. I also think that you have to think that America is raising rates because the economy is getting stronger.

Look, every institution will make mistakes. I acknowledge we make mistakes, and they can hurt my reputation and our company's. But you also must be willing to let go a little bit, trust others, and not always be so stringent, provided you have robust controls.

You've seen certain credit type products that are going to be in nonbanks, like sophisticated CLO [collateralized loan obligation] tranches and stuff where the capital charge is so high that a bank simply will not own it. Someone will buy it, hedge it, trade it. But it won't typically be a bank.

Capping the size of American banks won't eliminate the needs of big businesses; it will force them to turn to foreign banks that won't face the same restrictions.

Just because we're stupid doesn't mean everybody else was.

It's an advantage for both parties to have the other. It also creates good stability of earnings. Our business mix means we have a diversified earnings stream, which is one of the things why we got through the tough times so successfully.