I Think The Free-enterprise System Has Been

Our Investment Bank Looks Like It Does Because Its Customers Like Our Expansive Network And Want To Do Equity, Debt, M&a, Custody, Move Money, Deposit Money, Et Cetera.

Companies That Grow For The Sake Of Growth Or That Expand Into Areas Outside Their Core Business Strategy Often Stumble. On The Other Hand, Companies That Build Scale For The Benefit Of Their Customers And Shareholders More Often Succeed Over Time.

Well, If You Were The American Public, You Saw A Catastrophe. In General, You Would Say, "the Biggest Institutions Of America - Washington, Broadly, And Wall Street, Broadly - They're To Blame." And, Broadly, They're Right.

I Always Tell People, "there's A Book On Everyone." I Get Some Of That Book Before I Do Anything. If I Want To Deeply Understand Someone's Reputation, I'll Talk To Their Friends, Their Former Bosses, Their Peers, And I'll Learn A Lot About Them. I Want Them To Be Trusted. I Want Them To Be Respected. I Want Them To Give A S - -. Then There Are The Intangibles: Physical And Emotional Stamina, The Ability To Confront Issues. I Can Ask All I Want About Those Things, But I Also Have To See A Lot Of It.

I Also Believe That Most Of The Emerging Economies Have A Fairly Large Amount Of Foreign Exchange Reserves, Relative To 10 Years Ago.