It's Hard In All Countries. Democracy Is

Not Every Company Went Bankrupt. Not Every Bank Needed Tarp [troubled Asset Relief Program]. So I'm Very Proud That Jpmorgan, Throughout That Time Period, Was Completely Steadfast. We Bought Bear Stearns Because We Thought We Were Helping The Situation. We Didn't Cut And Run.

It Is Vital For Officials And Regulators To Have Input From People Within Our Businesses Who Understand The Intricacies Of How Financial Markets Operate And The Consequences Of Certain Policy Decisions.

We're Diversified, We're Stable And Consistent. Our Businesses Benefit From Each Other.

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've Always Been A ... Believer In Good Regulation.