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

Regulations don't solve things. Supervision solves things. If we could figure out that the subprime thing was a train wreck that was coming, where were the regulators?

There is no evidence that more regulation makes things better. The most highly regulated industry in America is commercial banking, and that didn't save those institutions from making terrible decisions.

To me, the most terrifying form of warfare would be if there was some simultaneous cyber attack on our grid, on the banking system, and on our transportation system. That would be quite a devastating thing, and yet in theory, absent some real protective measures, that could happen.

There is a future for the auto parts industry, but it needs a consolidation and a rationalization of geography in that most suppliers have facilities in the U.S., although most of their customers are overseas.

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.