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Profits, but most american companies now are very global. they have operations all around the world. >> their money is elsewhere. >> well, and part of the reason their money is elsewhere, because we've got a crazy tax system. we don't tax multinationals like anybody else. >> is that affecting our competitiveness? >> which countries around the world are you most worried about in your research as the real competitors? >> it's funny. we actually looked at where american companies were considering putting businesses and which companies -- countries we were competing with. you'd be surprised. we're...

Regulatory issues, but that's still a strength. >> really? financial innovation? what have we brought the world? i mean, i don't know. >> we still have superior capital. we still have superior capital access in the united states and most parts of the world. >> i think the professor's completely right on both fronts. i think the real issues we face are the ones he's talking about, not whether jpmorgan should or shouldn't have found this $2 billion trade, whether or not it's too big. let me finish. lloyd's bank of the uk controls 33% of the deposits in that country. in new york city alone, we ha...

Discussions was with harvard business school professor, michael porter, whose new project aims to help american companies compete on the global stage. >> michael porter still teaches, he's, like, iconic. but i'm, like, a little person. he's a big deal. so now i'm at the table with him. >> professor. >> this is, like, wow! >> you wept to harvard business school? i would have never guessed. >> i know. >> keep it low. keep it low. >> not that there's anything wrong. not that there's anything wrong. >> yeah. very good to have you. >> on u.s. competitiveness, where do you come down on this? >> well...

Real issues. >> a couple things going back to jpmorgan. first of all, we learned time and time that no man, no human being is smarter than the markets. not anybody. that's number one. and number two, with regard to the banks and the size of the bank, we got rid of glass steegle which allowed investment banking to combine with commercial banking because we needed to be big to complete globally. what has it brought us? i would say not so much. is it really true that proctor & gamble and other big companies couldn't get capital to compete globally if these banks weren't big? i don't think that's ...

Reform. and when we look at the fact that they've been on the side of the big banks and bailouts and big bonuses while we're here fighting for the people who lost their jobs, working families who lost their jobs, people who lost pensions, 401(k)s, small businesses who can't get capital, manufacturers in my state who have gone to bankruptcy because they couldn't get capital. i mean, they have just been fighting and continue to fight for the wrong side of this. >> part of what -- >> now they see that. >> sorry, senator. you know, part of what republicans are saying here is that they believe that...