video transcript

I'm -- columnist James -- In case you were wondering. Done this thoughtfully explained why he's richer than you and all the analysts covering JPMorgan. Is. As I thought because of our inability to pick lottery numbers. It's -- -- he runs up. Actually it's entirely. Is richer than we are because you were on the bank and understands relationships and capital of regulation. Profits -- JPMorgan investor and this week Mike Mayo an analyst at C illustrated at dawn asked to JPMorgan wasn't add. At a disadvantage compared highly. Said UBS is reporting to affluent customers like being. -- after defending JPMorgan's capital levels essentially dismissed the argument by telling analysts -- while I'm Richard. Indeed he's black diamond is richer than us not. -- running a bank on nineteenth century. Conservative with high -- and Tony clients can't. He's gotten rich and he's not alone investment high leverage under compared to release regulatory genes. JPMorgan shareholders it should be noted it down a lot less well. Since -- and became president COO in July 2004 banks are. Since you became the chairman and CEO in 2006. -- barely at all. Understand what's going on -- you really have to understand why you yes. And scaling back investment banking raising capital and trying to concentrate on wealthy clients under. -- pressure from its Ortiz or essentially. Swiss banks are gonna. And while UBS is gone beyond what's strictly required of it. It's taking its regulatory lemons and making -- accepting. The profits are going to be lower trying to market to. Donovan isn't going to -- UBS unless he's forced and regulator so our. He's right and he's wrong. Yes or deluding themselves if they think he's there -- characterized. Attract a lot. In the nineteenth century network is -- male depositors were here. -- -- -- -- choosing between JPMorgan and UBS likely thinks even with UBS earned more money will be Schaefer with the US. Backed by the US government. And anyway probability of -- and -- The real issue isn't who's rich or rather lose interest of being parents are and who are. Diamonds and -- short shrift to both shareholders and tax. Taxpayers carry substantial risk for which -- are not being. Shareholders do badly because the economy and diamond runs these -- the loss symbolic too. Leading markets to set a low value on -- answer. UBS may lose the battle for depositors but. If it's lower earnings are less volatile ultimately. Went higher valuation and better reward it's true owners.