You read constantly that banks are lobbying regulators and elected officials as if this is inappropriate. We don't look at it that way.
If you're making all your money simply betting on interest rates, that's not a business. Flow is a business. On the outside, they look the same for a while. But when you dig into them, no, they weren't exactly the same.
Our investment bank looks like it does because its customers like our expansive network and want to do equity, debt, M&A, custody, move money, deposit money, et cetera.
When the government gets involved in pricing, I don't think it's the right way to look at a business.