Just Because We're Stupid Doesn't Mean Everybody

We, Americans, Have The Best Country On The Planet. We Have Schools, Universities, Food, Water, Energy, Peaceful Neighbors, Low Corruption, You Name It, Deepest And Widest Capital Markets. That Doesn't Mean We Shouldn't Identify Problems. We Don't Have A Divine Right To Success.

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.

It's Offensive To Me To Be Called A Cost Cutter.

Our Global Corporate Investment Bank Competes With Goldman Sachs, Citibank, And A Bunch Of Other Banks That Are In Those Businesses. We May Have Slightly Different Products Or Services, But So What? That's Always Been True In American Business.

Businesses Can Be Opaque. They Are Complex. You Don't Know How Aircraft Engines Work Either.