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

Our investment bank looks like it does because its customers like our expansive network and want to do equity, debt, M&A, custody, move money, deposit money, et cetera.

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 did not anticipate the political fallout from it. We definitely didn't need it and we paid it back the first day we were allowed to.

There are parts [in Dodd-Frank] that I don't agree with. But, in total, it is what it is.

I hate the word universal, because I don't know exactly what it means. The question is, does it work for the client? Travelers was a diversified, financial conglomerate that did very well. The businesses had nothing to do with each other.

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