What we have found over the years in the marketplace is that derivatives have been an extraordinarily useful vehicle to transfer risk from those who shouldn't be taking it to those who are willing to and are capable of doing so.

I love to play tennis and golf, listen to music, watch baseball and root for the Redskins.

I've always argued that this country has benefited immensely from the fact that we draw people from all over the world.

I've been in and out of Wall Street since 1949, and I've never seen the type of animosity between government and Wall Street. And I'm not sure where it comes from, but I suspect it's got to do with a general schism in this society which is really becoming ever more destructive.

While local economies may experience significant price imbalances, a national severe price distortion seems most unlikely in the United States, given its size and diversity.

We can guarantee cash benefits as far out and at whatever size you like, but we cannot guarantee their purchasing power.

Excessive optimism sows the seeds of its own reversal.