I also believe that most of the emerging economies have a fairly large amount of foreign exchange reserves, relative to 10 years ago.

India is a huge democracy. Prime Minister [Narendra] Modi has ambitions to try to fix the infrastructure, the rules, taxes, education, and to lift up the Indian people. And we're hopeful that that's going to create positive momentum.

I do believe that some of these regulations made the markets more volatile, and it remains to be seen how bad that can be.

There are two types of depreciation. There is one where you're manipulating currencies. And that's not what Japan is doing.

Abenomics, quantitative easing, fiscal policy - we know all the issues.

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 did not anticipate the political fallout from it. We definitely didn't need it and we paid it back the first day we were allowed to.