I Think Normalization Is A Good Thing.

I Also Think You Have To Be Very Careful. I Mean, The Heritage Of Our Company Is Very Strong, And Building Some Of These Businesses Into Leading Players Is Extremely Tough. You And I Can Both Build A Trading Business, And It Looks Like You're Doing Ok, And It Looks Like I'm Doing Ok. But, Really, I Am, And You Aren't. It Comes Down To The Quality Of Clients, Quality Of Systems, Quality Of Risk Controls.

We're Diversified, We're Stable And Consistent. Our Businesses Benefit From Each Other.

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.

We See Very Broad-based, Moderate, Growth. Most Of The Sectors Are Quite Strong. I Don't See Any Major Potholes, And I Believe [the Economy] Is Strengthening.

When You Walk Into A Store And You Want To Buy Something, You Give Them Cash And They Sell It To You. But Very Often, You Walk Into Our "store" And You Want Something - A Credit Card, Maybe, Or A Loan - And Very Often The Answer Is "no," Even If You're A Large Corporation.