"I'll assume whatever responsibilities I have to," the leading man, 65, tells AARP The Magazine for its March/April cover story. "Would it have been better to have been around more? Absolutely. There were absences, and I was no angel."
Douglas said his troubled, 31-year-old son – who faces a potential life sentence on charges of dealing crystal meth – also is taking responsibility for his choices.
"Cameron has a lot of life ahead," said Douglas, who reprises his Oscar-winning role as corporate raider Gordon Gekko in Wall Street 2: Money Never Sleeps, opening April 23. "He now recognizes his own demons and struggles."
And though Douglas says his son is a "tough kid," he still expressed concern for Cameron's welfare: "He's in a federal prison, and you've got some big, bad boys down there."
Espouses ViagraOn a lighter note, Douglas shared other intimate details of his life, including his relationship with wife Catherine Zeta-Jones, 40, who "God bless her … likes older guys", and how male enhancement drugs Viagra and Cialis are "wonderful enhancements."
Douglas also says he is able to give greater attention to his children with Zeta-Jones – daughter Carys, 6, and son Dylan Michael, 9 – than he could to Cameron. "I'm not so concerned about my career," he said. "I see the confidence my kids have got versus the struggle for confidence that I had or that Cameron might have dealt with."
Still, he's admittedly fearful of being a septuagenarian when his daughter hits her Sweet 16, saying: "I'm not going to be able to physically chase the boys away."