I am unable to think of any critical, complex human activity that could be safely reduced to a simple summary equation.

Perhaps the greatest challenge for the resolution of a systemic global bank is the possibility that public or private actors in different countries might take local actions that would cause the overall resolution to spin out of control.

Regulatory changes have forced banks to closely examine their liquidity planning and to internalize the costs of liquidity provision. The costs of committed liquidity facilities will be passed on to clearing members. These costs are perhaps highest in clearing Treasury securities, where liquidity needs can be especially large.

The financial crisis and the Great Recession posed the most significant macroeconomic challenges for the United States in a half-century, leaving behind high unemployment and below-target inflation and calling for highly accommodative monetary policies.

I thought a company that provides mutual-fund information could be a great business, because you could construct an effective moat by building large financial databases and customer lists and a strong brand name.

I don't believe in sharing my money. If I go out and work my nuts off and make some money, I don't feel that I should have to share it with my community.

The honest man might observe... that no one gets something for nothing; that politicians go in poor and go out rich; that the Government screws up everything it touches; and that the Will to Believe is best confined to the Religious Venue, as to practice it elsewhere is just too damned expensive.

Time is like money, the less we have of it to spare the further we make it go.