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.

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

After the tsunami in Japan, we were open for business. In fact, I flew there 10 days after the tsunami to show our support for the Japanese people.

Capping the size of American banks won't eliminate the needs of big businesses; it will force them to turn to foreign banks that won't face the same restrictions.

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

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.

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