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 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.

I am struck that so many of our leaders in the U.S. forget how strong our country can be.

Look, in any system, you want highly ethical people who really understand issues to form policies and make tough decisions. You need all the right people in the room. But there's a general view in Washington now by many politicians that if you ever were on this side, you're conflicted for being on that side.

My operating assumption is we will always have very tough competition. And even with some European banks struggling right now, some of them can reemerge - and maybe even stronger.

I advise other companies' CEOs, don't fall into the trap where you go, 'Where's the growth? Where's the growth?' Where's the growth?' They feel a tremendous pressure to grow. Well, sometimes you can't grow. Sometimes you don't want to grow. In certain businesses, growth means you either take on bad clients, excess risk, or too much leverage.

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