I Think One Could Argue That There's

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

The Yen Is Trading Where It's Trading Because People Are Guessing About People's Future Interest Rates, Dollar And Yen And About The Future Growth Potential Of The Economies. And, If This Policy Works, Then The Yen Will Probably Strengthen.

At Travelers, We Were Much More Opportunistic. It Was Very Successful, But It Wasn't An Integrated Financial Services Company. We Had A Property Casualty Company, A Life Company, A Brokerage Company. We Were A Financial Conglomerate. It Wasn't A Unified, Coordinated Strategy Of Any Sort. When It Merged With Citi, That Became A Big Issue; Citi, At That Time, Wasn't Yet A Fully Integrated, Coordinated Company.

You Would Expect To See That First In High-yield [debt], But It Was In The Most Liquid Thing In The World. So That, I Think - It's A Little Bit Of A Warning That We've Got To Be Prepared And Just Be Careful.

Now The Japanese Companies Are More Focused On That. To Have Two Independent Directors - I Think It's Good To Have Outside People Look At You And Think Of What You Could Be Doing Better. Those Are Voluntary, But Most Of The Companies Told Me They're Going To Do It. And I Think It's Good For Them To Say Our Returns On Equity, For Example, Should Be Higher. Also, I Think Some Could Be More Ambitious.