Proprietary stock-index arbitrage is but one aspect of program trading. Arbitrage will take place whenever there is an imbalance created in one or more markets that are similar.

People in Philadelphia are a world apart from New York. They're very different from people in the New York scene. The New York scene wants your visibility and wants your money.

Commercial banks are very good for certain businesses, like loans and guarding other people's money. They're not great investors or entrepreneurs.

I have never been a social lion; I was misidentified as one because I have a very attractive second wife.

People value and spend their money more wisely when they acquire it by their own efforts - also known as work.

When I was doing my bachelors from Delhi University, India experienced its first major external financing and currency crisis in 1990-91. This inspired me to pursue graduate work in economics and was the foundation for my interest in international finance.

The truth is we need to build an economy going forward with all of us, when we all move forward and the payment of a national debt is not the responsibility of one group of Americans versus another.

New policy tools, which helped the Federal Reserve respond to the financial crisis and Great Recession, are likely to remain useful in dealing with future downturns.