I would like to comment briefly on the issue of size and diversification. The worldwide trends are clearly towards large size but overall, it is extremely contextual, especially in our country. It really depends on how a bank is able to transform the advantage or disadvantage of size.
I share Paul Douglas’s view that behaving ethically is both the right thing to do and, in practical terms, helps maintain the trust the public places in those who act on its behalf. The Federal Reserve’s very effectiveness in setting monetary policy depends on the public’s assured confidence that we act only in its interest.