You don't run a business hoping you don't have a recession.

You have your own culture and your own ways of doing things. I hope Japan continues on this path.

I don't think you could have a banker serving in a major role in Washington in the next 10 years. I just don't think it's going to happen - it's just not politically feasible - so I don't spend much time thinking about it. Do I think I could do a good job? Maybe. It's possible.

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

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

Wall Street gives money to both [Democrats and Republicans] because they want to be on the good side of whoever becomes president .

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.