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If you go back to the time of J.P. Morgan, the world of high finance was completely wholesale. The prestigious investment banks on Wall Street appealed exclusively to large corporations, governments, and to extremely wealthy individuals.

I don't buy this thing that our industry is responsible for all the ills of the world. We have great people at JPMorgan Chase. We operate with a lot of rigor. Our clients are happy with us.

It's extremely important for our banks to have more capital, higher quality capital.

Often you see big companies, big banks who are eager to embrace crushing regulatory burdens because they drive up everyone's costs.

Regulators are a backstop: they don't own banks. The governance at the top of our leading banks has been shown to be lamentably weak. No one at the top of Barclays will take responsibility for systemic abuse.

If you're just interested in the prestige of banking, that's not what's going to sustain you. You have to be interested in what we do: managing and originating capital, helping issuers and investors come together is great, bringing these companies to life.

Big banks have long had private equity divisions that put up capital for deals too complex or risky for individual shareholders to finance.

There's accountability in the mutual fund industry. And they've been tremendous engines of wealth for people and they're going to continue to be so.

The IMF is set up to deal with liquidity crises.

Exxon Mobil and JPMorgan Chase each made more in profits in the first quarter of 2012 alone than the entire state budget of Montana. Without a doubt, multinational corporations like these have the resources to overwhelm the voices of the people.