we purchase a business called smith barney from citigroup. he will break $2 trillion of financial assets in a business. phenomenal business. low capital usage, great returns. every institution has to look at where they can get the returns. and to adjust their business model accordingly. >> you are moving away from the capital intensive, highly regulated investment banking businesses? >> i would not say we are moving away from it. the ballast which gives us stability. the other half is the engine room. have a business model which mixes the best of both worlds. time will prove if that is the case. >> new forms of lending going on.

we purchase a business called smith barney from citigroup. he will break $2 trillion of financial assets in a business. phenomenal business. low capital usage, great returns. every institution has to look at where they can get the returns. and to adjust their business model accordingly. >> you are moving away from the capital intensive, highly regulated investment banking businesses? >> i would not say we are moving away from it. we have added the ballast which gives us stability. the other half is the engine room. we have a business model which mixes the best of both worlds. time will prove if that is the case. >> new forms of lending going on. no bank in the middle, peer-to-peer lending. there are some credit qualifications on both sides. the bank that provides the credit evaluation is out of the mix. is that a good thing or a bad thing? >> society started off with the barter system before. the first bank was formed -- i think it is great. innovation, the payment system, these are all innovations. if there is a market for it and they can do

we purchase a business called smith barney from citigroup. he will break $2 trillion of financial assets in a business. phenomenal business. low capital usage, great returns. every institution has to look at where they can get the returns. and to adjust their business model accordingly. >> you are moving away from the capital intensive, highly regulated investment banking businesses? >> i would not say we are moving away from it. we have added the ballast which gives us stability. the other half is the engine room. we have a business model which mixes the best of both worlds. time will prove if that is the case. >> new forms of lending going on. no bank in the middle, peer-to-peer lending. there are some credit qualifications on both sides. the bank that provides the credit evaluation is out of the mix. is that a good thing or a bad thing? >> society started off with the barter system before. the first bank was formed -- i think it is great. innovation, the payment system, these are all innovations. if there is a market for it and they can do

we purchase a business called smith barney from citigroup. he will break $2 trillion of financial assets in a business. phenomenal business. low capital usage, great returns. every institution has to look at where they can get the returns. and to adjust their business model accordingly. >> you are moving away from the capital intensive, highly regulated investment banking businesses? >> i would not say we are moving away from it. we have added the ballast which gives us stability. the other half is the engine room. we have a business model which mixes the best of both worlds. time will prove if that is the case. >> new forms of lending going on. no bank in the middle, peer-to-peer lending. there are some credit qualifications on both sides. the bank that provides the credit evaluation is out of the mix. is that a good thing or a bad thing? >> society started off with the barter system before. the first bank was formed -- i think it is great. innovation, the payment system, these are all innovations. if there is a market for it and they can do

. >>> president obama smith and barney expected to decide what kind of executive action to take on immigration by the end of the summer. but tonight chief white house correspondent ed henry reports the administration may be trying improve talking points about the president's justification forgoing it alone. >> reporter: after insisting president obama has not overstepped his executive power to push back on speaker john boehner's lawsuit white house aides said today boehner's fail tlour act on immigration reform will lead the president to take more unilateral action. >> the president will encourage them to cast a wide net, consider a wide range of ideas. and the president looks forward to that review and looks forward to acting on it quickly. >> reporter: the key idea being studied is delaying deportation of illegal immigrants by giving them work permits. >> it further drives the narrative a president not interested in enforcing our laws. >> if, in fact, i could solve all these problems without passing laws in congress, then i would do so. but we're also a nation of laws. >> reporter: today whi