We Did Not Anticipate The

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.

I Hate The Word Universal, Because I Don't Know Exactly What It Means. The Question Is, Does It Work For The Client? Travelers Was A Diversified, Financial Conglomerate That Did Very Well. The Businesses Had Nothing To Do With Each Other.

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

I Speak To Lots Of People Around The World, And No One Would Tell You That 25 Basis Points Will Make A Difference To Them.

They Have A Policy In China For Their Big Companies Called "go Abroad." It's A Rational Thing For Both The Company And The Country To Say, "we Want Big, Successful Companies." Particularly In Areas Where They Need It: Agriculture, Energy, Technology. I Think Banking, Too. One Or Two Have Bought A Trading House. Some Have Already Begun Expanding Around The World. Of Course They're Going To Have Those Ambitions. Why Wouldn't They? They're Just Doing It Methodically. It's A Logical Strategy And, Well-executed, They Will Succeed.