I'm a really big believer - this is not a statement about President [Barack] Obama, but whoever is president - that good policy is really important.

After the tsunami in Japan, we were open for business. In fact, I flew there 10 days after the tsunami to show our support for the Japanese people.

There are two types of depreciation. There is one where you're manipulating currencies. And that's not what Japan is doing.

The toughest are people mistakes, when you put the wrong person in a job. Sometimes you're too slow to move them out. Or not getting the right people involved to solve a problem, or doing something out of anger; you learn, just don't do that. But I'd have to say the Whale was one of them, and I would also have to put Bear Stearns and Washington Mutual on the list at this point.

If you look at the banking business over many years, it's always been a huge user of technology. This has been going on my whole life, that people have been adding technology, digitizing services.

Look, in any system, you want highly ethical people who really understand issues to form policies and make tough decisions. You need all the right people in the room. But there's a general view in Washington now by many politicians that if you ever were on this side, you're conflicted for being on that side.

They have a policy in China for their big companies called "Go abroad." It's a rational thing for both the company and the country to say, "We want big, successful companies." Particularly in areas where they need it: agriculture, energy, technology. I think banking, too. One or two have bought a trading house. Some have already begun expanding around the world. Of course they're going to have those ambitions. Why wouldn't they? They're just doing it methodically. It's a logical strategy and, well-executed, they will succeed.