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The fundamental problem with banks is what it's always been: they're in the business of banking, and banking, whether plain vanilla or incredibly sophisticated, is inherently risky.

You read constantly that banks are lobbying regulators and elected officials as if this is inappropriate. We don't look at it that way.

Banks need to think through their ethics very carefully, and many have done so. I don't know any bank that dismisses the concept of ethical banking.

People in retail banks are not smart. They have a business model that's quite difficult to not make money out of - but still they somehow manage it.

I am afraid that the ordinary citizen will not like to be told that the banks can and do create and destroy money. And they who control the credit of a nation direct the policy of governments, and hold in the hollow of their hands the destiny of the people.

Banking is a very treacherous business because you don't realize it is risky until it is too late. It is like calm waters that deliver huge storms.

Commercial banks are very good for certain businesses, like loans and guarding other people's money. They're not great investors or entrepreneurs.

Instead of abandoning competition and giving banks protected monopolies once again, the public would be better served by making it easier to close banks when they get into trouble. Instead of making banking boring, let us make it a normal industry, susceptible to destruction in the face of creativity.

I think bankers will always get away with whatever they can get away with.