Banks don't want certain asset classes, and that's created opportunities for private equity, hedge funds, Silicon Valley. In this case I think he was referring to some of the European banks shedding assets, and the big buyers are probably not going to be big American banks. Someone like Blackstone may have a very good chance to buy those assets, leverage them, borrow up a little bit, and do something good there.

I don't think that [normalization] necessarily is going to damage the emerging economies.

I don't think you're going to have one bank. Big companies aren't going to give us all their business. So they can pick and choose - by product, by country, whatever. We have major competition across every product in every place we operate.

Unraveling the euro is a terrible thing. This is a 50-year endeavor to get this continent together and that's a wonderful endeavor.

I am struck that so many of our leaders in the U.S. forget how strong our country can be.

That's probably good, all things being equal, for emerging markets, not bad, even though it may not be great for all their currencies.

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.