Europe Is The Most Complicated Place, In

I Don't Think That [normalization] Necessarily Is Going To Damage The Emerging Economies.

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.

We're Not Fair Weather Friends. We've Been In Places For A Long, Long Time.

The Best Way To Look At Any Business Is From The Standpoint Of The Clients. So There Are These Certain Basic Things That Aren't Going To Change. Companies Are Going To Have Needs For Equity, Debt, Advice, Fx, And Derivatives. Individuals Are Going To Have Needs For Auto Loans, Mortgages, Something That Looks Like A Deposit Account, And The Ability To Send Money To People. Those Things Aren't Going To Change.

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