In today's regulatory environment, it's virtually impossible to violate rules.

Wall Street is one big turf war. By benefiting one person you are disadvantaging another person.

Today, basically, on Wall Street, the big money is made by taking risks.

In today's regulatory environment, it's virtually impossible to violate rules ... but it's impossible for a violation to go undetected, certainly not for a considerable period of time.

The person that is buying a share of stock is convinced he knows something that the other person who's selling it to him does not know. There's no zero sum game in Wall Street.

You had a lot of novice investors who got into the market looking for easy money, without any regard to the fundamentals. These stocks were running on fumes.

The nature of any human being, certainly anyone on Wall Street, is 'the better deal you give the customer, the worse deal it is for you'.