It's hard in all countries. Democracy is hard, but it's better than the alternatives.

The "third arrow" (of structural reform) is critically important. Japan has some of the best companies in the world, and if you look at their technology, their capability, it's extraordinary.

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.

Banks also have to say no to customers. We can't always give clients what they want; it may not be in the client's best interest.

Our plate is full. We have a lot to do building our company organically and that is our key focus.

The government isn't going to say, "We're going to regulate banks, but we'll leave these other companies alone." I think the regulators want to make sure that they have some form of regulation on anything systemic. We like our hand. But, you know, honestly, who owns the future?

I always tell people, "There's a book on everyone." I get some of that book before I do anything. If I want to deeply understand someone's reputation, I'll talk to their friends, their former bosses, their peers, and I'll learn a lot about them. I want them to be trusted. I want them to be respected. I want them to give a s - -. Then there are the intangibles: physical and emotional stamina, the ability to confront issues. I can ask all I want about those things, but I also have to see a lot of it.