"On too big to fail: We'll still have institutions too big to fail. We still have them now -- like Freddie and Fannie. But they aren't too big to wipe out the shareholders. Society has done the right thing with Freddie and Fannie in my view."
" Nobody has any illusion that the government is protecting them as an equity holder."
" They do have the belief that they will be protected as debt holders, but we were sending that message well before the bubble."
"Institutions that are too big to fail are not too big to wipe out. I think there should be different incentives with institutions like that for the top management. They're not too big to send away the CEOs that caused the problem away without a dime."
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