I Think Normalization Is A Good Thing.

On Wall Street, There Is No "wall Street"; There Are Individuals.

When You Leave People Behind, And Those People Who Are Left Behind, It's Not Their Fault, It's The Leaders Of The Institutions. There's Always Going To Be An Elite. You Can Have An Elite In A Communist Society. It Is The Leaders, Something Went Wrong, And The Leaders Collectively Are Responsible.

My Guess Is The Big Chinese Banks Will Be In 100 countries By Then. They Will Have Very Sophisticated Operations, And They May Very Well Have Bought Banks Around The World In Countries That Allow It. I Mean, I Don't Think The American Government Would Allow Them To Buy Jpmorgan. But They Will Be Able To Buy A Sizable Big Bank In The U.s. At Some Point. Whether They Do Or Not, Or If It's Allowed Or Not, I Don't Know.

Banks Don't Want Certain Asset Classes, And That's Created Opportunities For Private Equity, Hedge Funds, Silicon Valley. In This Case I Think He Was Referring To Some Of The European Banks Shedding Assets, And The Big Buyers Are Probably Not Going To Be Big American Banks. Someone Like Blackstone May Have A Very Good Chance To Buy Those Assets, Leverage Them, Borrow Up A Little Bit, And Do Something Good There.

I Don't Think You're Going To Have One Bank. Big Companies Aren't Going To Give Us All Their Business. So They Can Pick And Choose - By Product, By Country, Whatever. We Have Major Competition Across Every Product In Every Place We Operate.