I think one could argue that there's more political input into the regulatory side, and on the regulatory side there seem to be fewer people with financial and banking experience - there are more lawyers, academics, economists, maybe politicians now.

I don't mind paying higher taxes, because I've done quite well and I'm blessed to live in this country.

We do all that [ represent companies], because we have a lot of research in Japanese companies, and that research educates investors around the world. It allows us to sell stocks and bonds in Japanese companies.

It takes 10 years to get all the permits to build a bridge today. Ten years? What happened to the good old can-do America? Where is "We get it done, we work together"? We've become this bureaucratic, stifling environment. I'm not talking about violating environmental things - I'm talking about building a bridge, getting things going, getting people to work together.

We've accommodated the new rules and regulations. We've served our clients and had quite good returns.

You've seen certain credit type products that are going to be in nonbanks, like sophisticated CLO [collateralized loan obligation] tranches and stuff where the capital charge is so high that a bank simply will not own it. Someone will buy it, hedge it, trade it. But it won't typically be a bank.

Remember that banks aren't markets. The market is amoral. The market doesn't care who you are. You're a trade to the market. The market will sell you if they think you're riskier. Banks didn't do that