We're trying to win business by doing a good job for the clients, as opposed to, "We think being big and universal is just a great, wonderful thing." It's not a morality thing. It's a "Does it work for the client?" thing. Everything we do is because a client uses us. Everything we do is because a client chose to use us of his own free volition.

We don't think there are cases where people were evicted out of homes when they shouldn't have been.

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.

I do want the tax system to be efficient and be conducive to growth, which it is not.

I believe it's a good thing that people say, "Can we find a way to live together in peace?" And they did, for the most part.

I think the politics have gotten better in the United States, which makes it easier to pass legislation, budgets and treaties.

I think what you've seen them do recently in the markets is what most of us learn doesn't ultimately work. But I think everyone has to figure that on their own.