If you look at Detroit, that mayor, it's been a train wreck for 40 years, the population has gone from 2 million to 700,000. This Mayor comes in, and he talked about streetlights, sanitation, jobs, policing, schools, affordable housing. He's doing it all, and it's growing for the first time in 30 years. Literally, one man. But that one man couldn't do it without business. And business couldn't have done it without a political environment where they wanted to improve things. If you had an antibusiness environment there, it would still be down there.

A democracy is a compromise by its nature. It's not a dictatorship.

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 don't think you could have a banker serving in a major role in Washington in the next 10 years. I just don't think it's going to happen - it's just not politically feasible - so I don't spend much time thinking about it. Do I think I could do a good job? Maybe. It's possible.

I completely agree with the concept that American citizens shouldn't expect that a failure of a bank would cost them money, or that it would hurt the economy.

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.

JPMorgan Chase are among the most successful global investment banks, most successful global asset managers, and, in the United States, one of the most successful retail and commercial bankers. We do a great job for customers.