My Daughter Asked Me When

When The Government Gets Involved In Pricing, I Don't Think It's The Right Way To Look At A Business.

Our Investment Bank Looks Like It Does Because Its Customers Like Our Expansive Network And Want To Do Equity, Debt, M&a, Custody, Move Money, Deposit Money, Et Cetera.

It Takes 10 Years To Get All The Permits To Build A Bridge Today. Ten Years? What Happened To The Good Old Can-do America? Where Is "we Get It Done, We Work Together"? We've Become This Bureaucratic, Stifling Environment. I'm Not Talking About Violating Environmental Things - I'm Talking About Building A Bridge, Getting Things Going, Getting People To Work Together.

Banks Don't Want Certain Asset Classes, And That's Created Opportunities For Private Equity, Hedge Funds, Silicon Valley. In This Case I Think He Was Referring To Some Of The European Banks Shedding Assets, And The Big Buyers Are Probably Not Going To Be Big American Banks. Someone Like Blackstone May Have A Very Good Chance To Buy Those Assets, Leverage Them, Borrow Up A Little Bit, And Do Something Good There.

Economies Of Scale Are A Good Thing. If We Didn't Have Them, We'd Still Be Living In Tents And Eating Buffalo.