Regulation - which is based on force and fear - undermines the moral base of business dealings. It becomes cheaper to bribe a building inspector than to meet his standards of construction. Protection of the consumer by regulation is thus illusory.

Indeed, better risk management may be the only truly necessary element of success in banking.

Regulators have not been able to achieve the level of future clarity required to act pre-emptively. The problem is not lack of regulation but unrealistic expectations. What we confront in reality is uncertainty, some of it frighteningly so...

Productivity is notoriously difficult to predict.

If I've made myself clear, I've misspoken.

The need for values is inbred. Their content is not.

Regulation of derivatives transactions that are privately negotiated by professionals is unnecessary.