I Was A Fairly Good Amateur Musician,

Regulation - Which Is Based On Force And Fear - Undermines The Moral Base Of Business Dealings. It Becomes Cheaper To Bribe A Building Inspector Than To Meet His Standards Of Construction. Protection Of The Consumer By Regulation Is Thus Illusory.

Now, I Only Play Very Occasionally, And In Fact, More Piano Than Clarinet Or Sax.

...our Market System Depends Critically On Trust-trust In The Word Of Our Colleagues And Trust In The Word Of Those With Whom We Do Business.

What We Have Found Over The Years In The Marketplace Is That Derivatives Have Been An Extraordinarily Useful Vehicle To Transfer Risk From Those Who Shouldn't Be Taking It To Those Who Are Willing To And Are Capable Of Doing So.

Well, You Probably Will Always Believe There Should Be Laws Against Fraud, And I Don't Think There Is Any Need For A Law Against Fraud.