Thank you for joining me.

I know you don't speak out very often, but we're going through some pretty extraordinary times in your world right now.

Thank you.

Yes, and thanks for the invitation.

I actually learned last night about 10 p.m. that your network had emailed a staffer in our organization

about me coming on yesterday. And unfortunately, I didn't, as I mentioned, I didn't realize that until

last evening. Of course, I've been on many, many times with you before. And so I just want to

apologize for that. If I would have known, I likely would have been on, but wasn't aware.

We're happy to have you today, and we have to address what's happened with your stock, first and foremost.

It's not necessarily the first place you'd think about for contagion after a collapse of a bank in Silicon Valley that did a lot of lending to venture capital firms,

but that's what's happened. Your stock is down almost 30% over the past week, including

today's bounce. Why? Well, I think there's been a degree of confusion on two sides of our firm.

The first one is the difference between a brokerage operation and a banking operation.

I see people speaking about FDIC, and they have a fairly good understanding of that, that when you deposit at a bank,

the bank takes those deposits and invests them.

They are part of the bank balance sheet, and then the FDIC provides insurance up to $250,000.

At least that's the way it's been since, I believe, 2008.

Brokage assets are completely different.

So we have about $7.4 trillion that clients have entrusted us with at Schwab.

And over $7 trillion of that sits on the brokerage side.

Brokerage assets are held separate.

They are segregated from Schwab, segregated from Schwab assets.

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