Quotes of the day

[John] Mack’s decision to focus less on prop trading will no doubt prevent the firm from becoming the target of all the populist outrage Goldman has rightfully earned. With some regulators starting to talk about a windfall profits tax on so-called too-big-to-fail institutions, Goldman might come to regret its heavy reliance on trading profits. Still, short-term investors may not have the patience for Mack to deliver. That’s their loss. For investors with a longer-term outlook, Mack’s more sensible approach to risk taking and trading should prove to be a better business model.--Matthew Goldstein

Our six-year-old Little Leaguers have less institutional protection -- binding rules to keep them from getting hurt or burning out -- than the Yankees.--Charles Whelan