Economies Of Scale Are 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.

Just Because We're Stupid Doesn't Mean Everybody Else Was.

The Government Has The Right To Change Laws And Rules And Regulations.

I Know The President [barack Obama]. I Like Him And Respect Him. That Does Not Mean I Agree With All Of Our Government's Policies, Whether They Come From Democrats Or Republicans.

From My Point Of View, The American Financial System - Including Banks And Investment Banks - Is Far Safer Because Of Capital And Liquidity Requirements. Despite All The Turbulence So Far This Year, I Don't Think Anyone's Questioning Our System. And That, Obviously, Is A Good Thing.