Not every company went bankrupt. Not every bank needed TARP [Troubled Asset Relief Program]. So I'm very proud that JPMorgan, throughout that time period, was completely steadfast. We bought Bear Stearns because we thought we were helping the situation. We didn't cut and run.

We're going to do the right thing for the company and our customers, all things considered.

Part of the reason some Japanese companies have underperformed financially was corporate governance and board structures.

We're diversified, we're stable and consistent. Our businesses benefit from each other.

You can design a mortgage system that is different without a Fannie and Freddie, but there are principles you have to have, to have a good system.

As countries get wealthier - all of them, together - you're going to have financial assets. That is a good thing. You could argue the assets were traded too much, or that they're too highly valued, or too leveraged.

You have your own culture and your own ways of doing things. I hope Japan continues on this path.