Our commercial bank [JPMorgan] is only in the U.S. We are serving what you call SMEs - small businesses, private companies.

If the government wants to do social policy, it should not be done in a quasi-public company. If you have a mortgage guarantee company which is done by the U.S. government, it should be guaranteed by the originators, i.e., the shareholder.

You know, the benefit in life is to say, 'Maybe you made a mistake, let’s dig deep.'

JPMorgan is a very good franchise. And the way you should look at a franchise, a business, is from the standpoint of the customers.

Now the Japanese companies are more focused on that. To have two independent directors - I think it's good to have outside people look at you and think of what you could be doing better. Those are voluntary, but most of the companies told me they're going to do it. And I think it's good for them to say our returns on equity, for example, should be higher. Also, I think some could be more ambitious.

Don't do anything stupd. And don't waste money. Let everybody else waste money and do stupid things; then we'll buy them.

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