• Cites client concerns over cost, rules and taxes and that clients are reluctant to hire
  • Businesses are nervous about regulations
  • Less worried about Fed slowing QE and that higher rates will help his business
  • Assets will reprice faster than liabilities
  • Regrets selling Merill Lynch to BOFA but it was necessary for survival and to save jobs and investors
  • Cash business is very very tough right now
  • Too big to fail can happen again but biggest firms are more concentrated now
  • Dodd-Frank did not solve too big to fail. Prop trading wasn’t the problem in 2008