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.

My guess is the big Chinese banks will be in 100 countries by then. They will have very sophisticated operations, and they may very well have bought banks around the world in countries that allow it. I mean, I don't think the American government would allow them to buy JPMorgan. But they will be able to buy a sizable big bank in the U.S. at some point. Whether they do or not, or if it's allowed or not, I don't know.

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

JPMorgan is a very good franchise. And the way you should look at a franchise, a business, is from the standpoint of the customers.

You know, the benefit in life is to say, 'Maybe you made a mistake, let’s dig deep.'

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

Our commercial bank [JPMorgan] is only in the U.S. We are serving what you call SMEs - small businesses, private companies.