The Term "too Big To Fail" Must

You Read Constantly That Banks Are Lobbying Regulators And Elected Officials As If This Is Inappropriate. We Don't Look At It That Way.

Look, In Any System, You Want Highly Ethical People Who Really Understand Issues To Form Policies And Make Tough Decisions. You Need All The Right People In The Room. But There's A General View In Washington Now By Many Politicians That If You Ever Were On This Side, You're Conflicted For Being On That Side.

As A Matter Of Fact 25% Of Our U.s. Investment Banking Business Comes Out Of Our Commercial Bank. So It's A Competitive Advantage For Both The Investment Bank - Which Gets A Huge Volume Of Business - And The Commercial Bank Because The Commercial Bank Can Walk Into A Company And Say, "oh, If You Need X, Y And Z In Japan Or China, We Can Do That For You."

Remember That Banks Aren't Markets. The Market Is Amoral. The Market Doesn't Care Who You Are. You're A Trade To The Market. The Market Will Sell You If They Think You're Riskier. Banks Didn't Do That

I Think The Politics Have Gotten Better In The United States, Which Makes It Easier To Pass Legislation, Budgets And Treaties.