The leverage Wall Street has to change the world is greater than technology. At a very young age, you're in the room with CEOs, making critical decisions. It should be exciting. It is exciting.

Without going too deep, without globalization I am not sure everyone would be able to have a supercomputer in their pocket at the low cost.

I worked at Drexel Burnham and DLJ, and then I worked at a financial conglomerate that had 60,000 people - there was a difference. But we went to the schools and said it's the same. The experience I had in 1992 is exactly what you're going to get in 2002.

John Cryan and I worked together at UBS, and I think John is one smart, hardworking individual, and I wouldn't bet against John. I wish him well.

Whatever it is, in a 1% GDP world, I think people feel like there are other things they have to do other than just organic growth.

In most industries, technological change is happening at a rapid rate.

Remember, for 5,000 years people probably rode those horses. They probably felt that horses were a permanent part of civilization. Everybody has had this moment.