I think one could argue that there's more political input into the regulatory side, and on the regulatory side there seem to be fewer people with financial and banking experience - there are more lawyers, academics, economists, maybe politicians now.

No one can forecast the economy with certainty.

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.

If you have the choice, it's far better to say, "That person has the job, and they really don't need that much of my oversight." Maybe they don't need any of it.

People need to understand: Businesses are going to make mistakes. They shouldn't be shot and hung every time. We should apologize for it. We should make up for it. My shareholders paid for it. No customer was hurt, which is critical to me. But I hurt my shareholders, and I wish I hadn't.

Companies that grow for the sake of growth or that expand into areas outside their core business strategy often stumble. On the other hand, companies that build scale for the benefit of their customers and shareholders more often succeed over time.

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.