I agree with people who say we want more income equality; we want more consumer protection; and we want sounder banks. I agree with all that.

From my point of view, the American financial system - including banks and investment banks - is far safer because of capital and liquidity requirements. Despite all the turbulence so far this year, I don't think anyone's questioning our system. And that, obviously, is a good thing.

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

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 do all that [ represent companies], because we have a lot of research in Japanese companies, and that research educates investors around the world. It allows us to sell stocks and bonds in Japanese companies.

I agree with people who say we want more income equality; we want more consumer protection; and we want sounder banks. I agree with all that.

My daughter asked me when she came home from school, "What's the financial crisis?" and I said, it's something that happens every five to seven years.