No individual anonymous participant can influence the prices and therefore you really can speculate in the market without paying attention to morality. That's one of the positive features of markets. That's why they function.

As a society we can't live without moral considerations. We do have to protect the public good. And markets are not designed to do that, so we need a political process.

The trouble with institutional investors is that their performance is usually measured relative to their peer group and not by an absolute yardstick. This makes them trend followers by definition.

Hedge funds are a very efficient way of managing money. But there are clearly some risks. Hedge funds use credit and credit is a source of instability. Transactions involving credit should be regulated.

Of course, speculation will always make a crisis worse. If there is a weak point, it will expose it.

I have made it a principle to give advice that does not serve my personal interest but rather the common interests.

I am for maximum supervision and minimum regulation.