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.

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've made a huge effort globally and in the US, in getting kids jobs. This is one piece. The South Bronx and inner-city schools need it more than most. It's our hometown; JPMorgan Chase banks a lot of people here. If you see the school, it works. Kids all getting jobs, they're smiling, they're proud of themselves. That's what we need to do in inner-city schools.

I think if we had another set of policies for - not the crisis years, but after that, that we might be growing faster. But we didn't. And some of that was Republicans' [fault], by the way.

You would expect to see that first in high-yield [debt], but it was in the most liquid thing in the world. So that, I think - it's a little bit of a warning that we've got to be prepared and just be careful.

Just because you have a good hand today doesn't mean it's good tomorrow. And some of the things we're doing may become very disadvantageous at some point.

People thought they were going to make a lot of money. And then at one point, it got too hot, and the government wanted to knock it down. Trying to get it up and then knock it down, both were a mistake. And part of the reason, some people think, is that they wanted to equitize some of their companies. A healthy stock market helps equitize companies and reduce the country's debt burden.