I've Been Regulated My Whole Life. We

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.

The Term "too Big To Fail" Must Be Excised From Our Vocabulary.

If You're Making All Your Money Simply Betting On Interest Rates, That's Not A Business. Flow Is A Business. On The Outside, They Look The Same For A While. But When You Dig Into Them, No, They Weren't Exactly The Same.

Because Of That [brexit], You're Going To Have Slow Growth And, Unfortunately, While There May Not Be Huge Volatility, There Will Be Volatility.

My Father And Grandfather Were Stockbrokers, And They Would Actually Take Stock Certificates From A Vault, Give It To A Runner, And Send It To Another Vault. Then Somebody Said, "let's Digitize It And Have One Vault." Now The Dtcc Clears And Settles Almost Everything, And The Cost Of Doing A Trade Is A Tenth Of What It Was Before.