Our Plate Is Full. We Have A

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.

I'm A Really Big Believer - This Is Not A Statement About President [barack] Obama, But Whoever Is President - That Good Policy Is Really Important.

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.

I Think The Politics Have Gotten Better In The United States, Which Makes It Easier To Pass Legislation, Budgets And Treaties.

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.