It's great that people get together and collaborate, talk about the facts and the analysis, all in the interest of having a great financial system.

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

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.

I'm not going to name anybody, but I think there are about five to 10 global institutions that will emerge as our primary competitors across the board. They're adjusting to this new world, like we are.

On Wall Street, there is no "Wall Street"; there are individuals.

Usually, something that is fairly expected is already factored in. I also think that you have to think that America is raising rates because the economy is getting stronger.

We invested in the downturn and we never stopped serving our clients.