I think the way NOW characterized Smith Barney is disgraceful. I am appalled that an organization like that would not have reserved judgment (until) making their own investigation.

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.

It's great that people get together and collaborate, talk about the facts and the analysis, all in the interest of having a great financial system.

On Wall Street, there is no "Wall Street"; there are individuals.

Part of the reason some Japanese companies have underperformed financially was corporate governance and board structures.

I think what you've seen them do recently in the markets is what most of us learn doesn't ultimately work. But I think everyone has to figure that on their own.

Banks also have to say no to customers. We can't always give clients what they want; it may not be in the client's best interest.