If you talk to anyone involved in business - forget banks and big business - talk to small businesses - do it yourself, don't ask me - they'll tell you it's crippling. Small-business formation is the lowest it has ever been in a recovery, and it's really for two reasons. One is regulations and the second is access to capital for people starting new businesses.

It is vital for officials and regulators to have input from people within our businesses who understand the intricacies of how financial markets operate and the consequences of certain policy decisions.

I do believe that some of these regulations made the markets more volatile, and it remains to be seen how bad that can be.

We invested in the downturn and we never stopped serving our clients.

The goal of what Japan's central bank is doing is to create growth. If it actually creates growth, in the long run, it will lead to appreciation.

Look, every institution will make mistakes. I acknowledge we make mistakes, and they can hurt my reputation and our company's. But you also must be willing to let go a little bit, trust others, and not always be so stringent, provided you have robust controls.

It's good for America when the rest of the world grows, because you can sell more to the rest of the world.