It's Offensive To Me To Be Called

We Use Technology To Make It Cheaper, Better, And Faster For The Client. And Then If You Have The Most Flow, You Can Win. Now, Having Said That, Silicon Valley Wants To Take On This Business. They Think They See An Opening.

People Need To Understand: Businesses Are Going To Make Mistakes. They Shouldn't Be Shot And Hung Every Time. We Should Apologize For It. We Should Make Up For It. My Shareholders Paid For It. No Customer Was Hurt, Which Is Critical To Me. But I Hurt My Shareholders, And I Wish I Hadn't.

My Father And Grandfather Were Stockbrokers, And They Would Actually Take Stock Certificates From A Vault, Give It To A Runner, And Send It To Another Vault. Then Somebody Said, "let's Digitize It And Have One Vault." Now The Dtcc Clears And Settles Almost Everything, And The Cost Of Doing A Trade Is A Tenth Of What It Was Before.

They'll [china] Probably Be A Fully Developed Nation. The Road There Just Is Not Going To Be That Easy. You're Going From A Macromanaged, Top-down Economy To A Market-managed, Micromanaged Type Of Economy, With All The Potential Corruption Issues, Soe [state-owned Enterprise] Reform, And Market Reform That Come With It.

The Yen Is Trading Where It's Trading Because People Are Guessing About People's Future Interest Rates, Dollar And Yen And About The Future Growth Potential Of The Economies. And, If This Policy Works, Then The Yen Will Probably Strengthen.