Yet another hedge fund manager explained Icelandic banking to me this way: you have a dog, and I have a cat. We agree that each is worth a billion dollars. You sell me the dog for a billion, and I sell you the cat for a billion. Now we are no longer pet owners but Icelandic banks, with a billion dollars in new assets.

Above all, recognize that if you have had success, you have also had luck — and with luck comes obligation. You owe a debt, and not just to your Gods. You owe a debt to the unlucky.

A banking system is an act of faith: it survives only for as long as people believe it will.

The Red Sox are the local scapegoats. It's hard enough to play baseball without being the local scapegoat too.

There's something bad in everything good and something good in everything bad.

I was gonna put him on the bus...I got tired of him talking, it was time for him to go home.

Those who know don't tell and those who tell don't know.