i do want to talk about the extraterritorial yality. i don't think you've said anything here with competitiveness. but i want to be clear. i want to make clear that i'm understanding you correctly. you're not arguing that all financial institutions u.s. or any others should always seek the least regulated regimes. . >> that's not my argument. >> i don't think so, but i wanted to be clear about that. i would suggest you're not wrong about competitiveness. it's nobody's goal to try to regulate you into a competitive disadvantage. and i think that's what the world is trying to accomplish now. basel three is a classic example. sit not the answer. but it is a step many the direction of trying to get all the major countries around to have similar approaches towards financial institutions. there are still loopholes whether you take advantage of them or not, there are leap hols, they exist in london and elsewhere. which is why people are there. you may not be there for that reason. i don't know and i really don't really mind whether you are bec

extraterritorial yality. i don't think you've said anything here with competitiveness. but i want to be clear. i want to make clear that i'm understanding you correctly. you're not arguing that all financial institutions u.s. or any others should always seek the least regulated regimes. . >> that's not my argument. >> i don't think so, but i wanted to be clear about that. i would suggest you're not wrong about competitiveness. it's nobody's goal to try to regulate you into a competitive disadvantage. and i think that's what the world is trying to accomplish now. basel three is a classic example. sit not the answer. but it is a step many the direction of trying to get all the major countries around to have similar approaches towards financial institutions. there are still loopholes whether you take advantage of them or not, there are leap hols, they exist in london and elsewhere. which is why people are there. you may not be there for that reason. i don't know and i really don't really mind whether you are because you're one institution. the institution of j.p. morgan in