And if you're going to be a leader, you know what I ask myself? Would I want to work for you in this job? Would I let my children work for you? Would I give you this job if I wasn't there to provide oversight? If you went to run another company, would I, as an investor, invest in that company?

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

Finance went from being a small business, effectively, to being a big business. In part, that's the growth of the world's wealth. That's called savings.

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

The government has the right to change laws and rules and regulations.

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.

I also believe that most of the emerging economies have a fairly large amount of foreign exchange reserves, relative to 10 years ago.