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CNBC Exclusive: CNBC Excerpts: J.C. Flowers & Co. Founder & CEO Christopher Flowers Speaks with CNBC's Michelle Caruso-Cabrera on CNBC's "Squawk Box"

WHEN: Today, Tuesday, May 20th

WHERE: CNBC's "Squawk Box"

Following are excerpts from the unofficial transcript of a CNBC EXCLUSIVE interview with J.C. Flowers & Co. Founder & CEO Christopher Flowers. Video from the interview is available on CNBC.com.

All references must be sourced to CNBC.

FLOWERS ON CORZINE AND MF GLOBAL

I've tried to figure out what our mistake was there at the time bringing in Jon far from seeming like a mistake seemed like really quite a constructive move. And I guess maybe his ambition and it's not just his fault of course but the ambition he brought to that just exceeded what it could handle. He was trying to drive a Volkswagen at 150 miles an hour and just was the wrong answer.

FLOWERS ON EURO ZONE

The United States is doing well at the moment offering more opportunities to exit than to invest so it's been a very bland market. The UK as well has been a very bland market. The place where we still see the most trouble and the most opportunity to put new money to work is in the Eurozone.

FLOWERS ON GOLDMAN SACHS

One is tempted to say I would invest a dollar in Goldman Sachs. Everything I know I learned at Goldman Sachs. Goldman Sachs is a fantastic company. I think that in the long run returns on capital are going to get back to where they should be for these big investment banks and this is more of an oligopoly than it's ever been and it's going to work out ok for the good ones in the end, which obviously includes Goldman Sachs.

FLOWERS ON RUSSIA

It's a difficult business environment. It was already difficult and now it's even more difficult. Fortunately for us, it's quite a small – I'm glad it's a small investment.

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