I haven't studied it deeply, but the American banks started the crisis with far more capital and what I would call "good liquidity." The riskiest funding is unsecured wholesale funding. It's the most fickle. Not repo, which the government focused on, too. Unsecured. JPMorgan Chase had almost none of that - virtually zero.

The best thing to do is muddle through and maybe, over time, create a solution of that, if someone really wanted to exit, the legal basis on which you could exit. Because right now there almost doesn't exist one.

You know, the benefit in life is to say, 'Maybe you made a mistake, let’s dig deep.'

There is a lot of focus on that first rate move, and I'm not sure how important that is.

The government has the right to change laws and rules and regulations.

I agree with people who say we want more income equality; we want more consumer protection; and we want sounder banks. I agree with all that.

My father and grandfather were stockbrokers, and they would actually take stock certificates from a vault, give it to a runner, and send it to another vault. Then somebody said, "Let's digitize it and have one vault." Now the DTCC clears and settles almost everything, and the cost of doing a trade is a tenth of what it was before.