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It would be impossible for me to say when the idea of becoming an owner first came to me. Probably it was a gradual process. The first time the matter was brought to my attention in a concrete form, however, was when Charles Murphy was selling out his controlling interest in the Chicago Cubs.

In 1958, my father invested everything he had in a business venture and became the largest automobile dealership in Chicago for Ford's new Edsel line. But Edsel sales plummeted and my father fell into bankruptcy. I watched him struggle; working long hours to protect us from poverty.

What was really tough for me was that Lars Magnus Ericsson founded Ericsson in 1876; we've always had a consumer product. And I'm the 16th CEO of Ericsson, and I decided that we don't have any consumer products anymore.

I felt I was owned by possessions.

My dad was a terrible businessman.

My father was a carpenter, a very good carpenter. He also worked for the Jones boys. They were not family members, we weren't related at all. They started the policy racket in Chicago, and they had the five and dime store.

Every business decision I ever made I learned from my grandfather Papa Sam. He moved here from Russia when he was a boy. He worked his way up selling newspapers and ladies' handbags, and eventually, he became Cadillac Sam, one of the biggest car dealers in Chicago.

Sometimes you've got to make a hard decision, and there's a real reluctance to make hard decisions in Washington.

The quality of ownership is not what it was in yesteryear.

Throughout the 40 years I've been in Washington, I've always worked hard, particularly with regards to the budget issues.