People often ask me, "Is Microsoft a threat to the banks?" This is a very surprising question.

GE Capital has almost $300 billion of financial assets. GMAC has $12 billion of financial services revenue, more than Microsoft's total corporate revenue. Microsoft has no leasing subsidiary, takes no deposits, makes no loans, and offers not a single financial product-in an age when everybody has financial products. Yet Microsoft is viewed as the threat, not GE Capital or GMAC.

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