We got a lot of excellent people and businesses from Bear and WaMu. But Bear definitely was more painful. WaMu got us into Florida, California, and other states, which was a huge benefit - to expand and grow and add middle-market, private banking, investment banking, and other products, too.

I think the free-enterprise system has been great for society. That doesn't mean it's completely perfect. And also, when people say capitalism, I'm not really sure what they mean.

They [Chinese] have very smart, experienced people. I don't want to paint them all with the same brush. There was a little bit of a feeling that the stock market, which went from something like $4 trillion in valuation to $10 trillion, that the Chinese wanted that.

The best way to look at any business is from the standpoint of the clients. So there are these certain basic things that aren't going to change. Companies are going to have needs for equity, debt, advice, FX, and derivatives. Individuals are going to have needs for auto loans, mortgages, something that looks like a deposit account, and the ability to send money to people. Those things aren't going to change.

Banks also have to say no to customers. We can't always give clients what they want; it may not be in the client's best interest.

The transaction reflects our disciplined strategy of investing capital in core businesses where we can leverage scale and expertise for competitive advantage. In addition to being a great strategic fit, the deal is compelling financially.

No one has the right to not assume that the business cycle will turn! Every five years or so, you have got to assume that something bad will happen.