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

We can take our Japanese clients around the world. We can take them to Brazil, Europe, anywhere. And we also take companies from around the world into Japan.

The economic union - creating a big common market, like the United States, so that you can compete across borders. There are common rules, regulations, and simplification, and that is still a good reason, too. When they put their monetary union together, that created a rigidity that made it hard for currency fluctuations. They don't really have a solution to that.

You've seen certain credit type products that are going to be in nonbanks, like sophisticated CLO [collateralized loan obligation] tranches and stuff where the capital charge is so high that a bank simply will not own it. Someone will buy it, hedge it, trade it. But it won't typically be a bank.

Look, every institution will make mistakes. I acknowledge we make mistakes, and they can hurt my reputation and our company's. But you also must be willing to let go a little bit, trust others, and not always be so stringent, provided you have robust controls.

Good regulation should be conducive to business and to customer protection.

I have gotten disturbed at some of the Democrats' anti-business behavior, the sentiment, the attacks on work ethic and successful people. I think it's very counter-productive.