Results
What's the one financial metric you'd ban banks from reporting if you wanted to make the economy actually healthier? Return on Equity unmoored from leverage—because it rewards the exact behavior that makes the system fragile. You are asking the wrong question. The problem is not one metric you can ban and fix the system. The problem is Wall Str... A friend asks to borrow $10,000 to start a business. You know it'll probably fail. Do you lend it, invest it, or say no? You don't lend it, you don't invest it—you tell your friend the truth about why this business will fail and help them fix the actual problem. Let me be clear about something: mixing friendship with financial transactions is how you lose both. I spent the weekend... A hurricane just wiped out a coastal city's insurance market. Three insurers went bankrupt in a week. Nobody can rebuild. You run the bank that holds their mortgages. What happens Monday morning? Monday morning I'm not asking the risk team what happened—I'm asking why we weren't prepared for the only thing that actually matters: the insurance market collapsing. Look, I've been through this movie before. In March 2008, the Fed calls me on a Friday night—Bear Stearns is failing, ca... You've navigated every crisis since the '80s. What's the one you haven't seen yet that keeps you up at night? The crisis that keeps me up isn't a single event you can name—it's that we've rebuilt the same fragility we had in 2008, just in a different form, and everyone thinks we're safe because we haven't seen the movie end yet. People always ask me what the next crisis looks like, as if there's a script. In 2008, nobody saw subprime mortgage cont... Fintechs are getting bank charters at record pace. AI can underwrite loans in seconds. JPMorgan has 250,000 employees. How many do you need in 2030? You are asking the wrong question—AI makes every employee more productive, but it also creates new risks that require more humans, not fewer, to manage when the hurricane hits. I hear this question constantly from Silicon Valley types who think banking is just moving data around. Let me explain w... A 3-person startup just used AI to ship a product that took your team of 50 engineers two years to build. It launched last Tuesday. Walk into the office on Monday morning - what do you do? You don't panic about the three-person startup — you panic that it took your team two years to build something that could've been shipped in months, which means you're not managing the fortress, you're managing the bureaucracy. Listen to me carefully. That startup didn't beat you because of AI. They beat you because they don't have 47 people whos...
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