After The Tsunami In Japan, We Were

Their [american Banks] Big Issue Will Be If They Want To Deal With The Biggest Companies, Which Are Doing A Lot Of Business Overseas. How They Do That Is A Big Question. It's Almost Impossible To Build A Global Investment Bank From Scratch. If They Want To Do That, They Probably Will Have To Do An Acquisition.

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.

When People Talk About People Being Left Behind - Middle Wages Have Not Gone Up For Years, And We Should Recognize That, And There I Think We Need Growth And Skills - But There Are These Other People Who Have Been Left Behind. When I Say Out Loud, "fifty Percent Of Inner-city Schoolkids Do Not Graduate From High School," That Is A National Catastrophe. We Should Be Ringing The Alarm Bells. It's Not Fair.

I Think The Way Now Characterized Smith Barney Is Disgraceful. I Am Appalled That An Organization Like That Would Not Have Reserved Judgment (until) Making Their Own Investigation.

From My Point Of View, The American Financial System - Including Banks And Investment Banks - Is Far Safer Because Of Capital And Liquidity Requirements. Despite All The Turbulence So Far This Year, I Don't Think Anyone's Questioning Our System. And That, Obviously, Is A Good Thing.