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.

Companies that build scale for the benefit of their customers and shareholders more often succeed over time.

I also think you have to be very careful. I mean, the heritage of our company is very strong, and building some of these businesses into leading players is extremely tough. You and I can both build a trading business, and it looks like you're doing OK, and it looks like I'm doing OK. But, really, I am, and you aren't. It comes down to the quality of clients, quality of systems, quality of risk controls.

I advise other companies' CEOs, don't fall into the trap where you go, 'Where's the growth? Where's the growth?' Where's the growth?' They feel a tremendous pressure to grow. Well, sometimes you can't grow. Sometimes you don't want to grow. In certain businesses, growth means you either take on bad clients, excess risk, or too much leverage.

I think the Republicans have really thoughtful financial policies, and I'm more in the middle on taxation.

I'm a really big believer - this is not a statement about President [Barack] Obama, but whoever is president - that good policy is really important.

I agree with people who say we want more income equality; we want more consumer protection; and we want sounder banks. I agree with all that.