If you can't use dividends, it's not a bad thing to give it back to your shareholders. They'll use it somewhere else.

I speak to lots of people around the world, and no one would tell you that 25 basis points will make a difference to them.

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

The toughest are people mistakes, when you put the wrong person in a job. Sometimes you're too slow to move them out. Or not getting the right people involved to solve a problem, or doing something out of anger; you learn, just don't do that. But I'd have to say the Whale was one of them, and I would also have to put Bear Stearns and Washington Mutual on the list at this point.

No one has the right to not assume that the business cycle will turn! Every five years or so, you have got to assume that something bad will happen.

The country [India] is doing far better.

Over the longer term, China will grow by about 6% or 7% per year. The Chinese authorities usually react pretty quickly to unfolding economic events, and you've seen them recently change a whole bunch of policies to be more conducive to growth. They have the power and capability to macromanage the economy - to accomplish their growth objectives - which means they're pretty much going to come close to what they say is going to happen.