We dont have a good legal justification for breaking up the banking system. But if I could wave a magic wand, Id break up the banking system.

Risk is what you make of it.

The investment banks should either choose to be regulated as banks or should arrange to conduct their affairs to not require the stop-gap support of the Federal Reserve.

The ability to create same day straight through processing of mutual fund trades is a matter of will.

Every organization has two choices. Choice one is to grow. Choice two is to die. If you decide not to grow, it's a clear-cut message to talented people that it's time to leave.

We dont have a good legal justification for breaking up the banking system. But if I could wave a magic wand, Id break up the banking system.

Capital markets reward you for what you learn that other people have yet to ascertain.