The scandal is not what’s illegal. It’s what’s legal.

Stock options have failed abjectly to do what they were ballyhooed to do.

If you have a billion bucks and a sense of power you will fight everything. I guess that is what is best about America and what is worst about America.

Capitalism requires a structure and value system that people believe in and can depend on.

I think a line was crossed; there was a rebate and that is just not permitted.

We’ve let the investor down in a great bull market.

In the long run it’s something everybody will be doing because it reduces costs.

I’ve never seen fear take over like this in my whole career.

These kind of bubbles are something that everyone participates in. That’s why they are bubbles.

We now have an equity fund industry that’s [worth] $2 trillion, and if everyone wants their $2 trillion back tomorrow, they’re not going to get it,

[Mutual funds] don’t last as long as you would expect; for example in the 1990s over 50 percent of all the mutual funds that have been in business during the decade are no longer here,...

Jack Brennan is the best person I could possibly have found,

I knew if the board was gracious to me, I’d respond with similar grace. Board membership isn’t that important to me, and this was the most peaceful, decent thing to do.

The Commission’s new proposals for compensation disclosure provide a timely opportunity to rectify the previous omission of compensation data for mutual- fund executives.