I see myself as a private-equity investor that helps rebuild companies. Restructuring is a cottage industry in that there aren't that many serious practitioners.

Between the Community Redevelopment Act, requiring banks to make what I would call very weak loans, and specific quotas that the Congress imposed on Fannie Mae and Freddie Mac, that created the market demand that really led to the subprime phenomenon.

We're in the business not so much of being contrarians deliberately, but rather we like to take perceived risk instead of actual risk. And what I mean by that is that you get paid for taking a risk that people think is risky, you particularly don't get paid for taking actual risk.

Shale gas, if left to flourish, could create several hundred thousand more jobs.

I see myself as a private-equity investor that helps rebuild companies. Restructuring is a cottage industry in that there aren't that many serious practitioners.

Banking, I would argue, is the most heavily regulated industry in the world. Regulations don't solve things. Supervision solves things.

Ships are a strange kind of commodity because they're very lumpy, very big individual units, but they're commodities.