Banks Also Have To Say No To

Unraveling The Euro Is A Terrible Thing. This Is A 50-year Endeavor To Get This Continent Together And That's A Wonderful Endeavor.

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.

The Transaction Reflects Our Disciplined Strategy Of Investing Capital In Core Businesses Where We Can Leverage Scale And Expertise For Competitive Advantage. In Addition To Being A Great Strategic Fit, The Deal Is Compelling Financially.

The Toughest Are People Mistakes, When You Put The Wrong Person In A Job. Sometimes You're Too Slow To Move Them Out. Or Not Getting The Right People Involved To Solve A Problem, Or Doing Something Out Of Anger; You Learn, Just Don't Do That. But I'd Have To Say The Whale Was One Of Them, And I Would Also Have To Put Bear Stearns And Washington Mutual On The List At This Point.

I Do Believe That Some Of These Regulations Made The Markets More Volatile, And It Remains To Be Seen How Bad That Can Be.