When I was a graduate student at Harvard, I learned about showers and central heating. Ten years later, I learned about breakfast meetings. These are America's three great contributions to civilization.

To set aside one’s prejudices, one’s present needs, and one’s own self interest in making a decision as a director for a company is an intellectual exercise that takes constant practice. In short, intellectual honesty is a journey and not a destination.

When banks extend loans to their customers, they create money by crediting their customers’ accounts.

The underlying intellectual argument for seeking to tax economic rents retains its force.

Global market forces will sort out those companies that do not have sound corporate governance.

Of all the many ways of organising banking, the worst is the one we have today.

Banks have come to realize in the recent crisis that they are paying the price for having designed compensation packages which provide incentives that are not, in the long run, in the interests of the banks themselves, and I would like to think that would change.