Companies That Build Scale For

I Think The Way Now Characterized Smith Barney Is Disgraceful. I Am Appalled That An Organization Like That Would Not Have Reserved Judgment (until) Making Their Own Investigation.

Banks Also Have To Say No To Customers. We Can't Always Give Clients What They Want; It May Not Be In The Client's Best Interest.

We've Seen The Volatility At Dollar-yen, U.s. Treasurys, Jgbs (japanese Government Bonds), German Bunds.

We Use Technology To Make It Cheaper, Better, And Faster For The Client. And Then If You Have The Most Flow, You Can Win. Now, Having Said That, Silicon Valley Wants To Take On This Business. They Think They See An Opening.

The Question Is How Do You Do It [more Consumer Protection] So That It Actually Works That Way? And That Takes Analysis, And Sometimes Collaboration Between Government And Business, To Understand How That Works.