Over the past two decades, we have clearly seen an erosion of ethical values.

Our purpose, as we face these challenges, remains clear - fair and orderly markets that allow for efficient capital formation, while protecting the interests of investors.

One way for investors to protect themselves from a rapid change in the price of a stock is to use a limit order rather than a market order.

What must occur is a greater recognition by investors of their individual responsibility.

Firms need to ensure that their ability to provide effective customer service keeps pace with their growth. If you're marketing your firm to new customers, you better be able to provide them service when they do business with you.

The tension between centrality, on the one hand, and competition, on the other, is probably the oldest of all market structure issues.

Another misconception is that an order is canceled when you hit 'cancel' on your computer. But, the fact is it's canceled only when the market gets the cancellation.

Although the Internet makes it seem as if you have a direct connection to the securities market, you don't. Lines may clog; systems may break; orders may back-up.

Over the past two decades, we have clearly seen an erosion of ethical values.

It is incumbent on us to facilitate the development of a market structure that best assures that these changes benefit the U.S. securities markets as a whole.

Our markets have not achieved their great successes as a result of government fiat, but rather through efforts of competing interests working to meet the demands of investors and to fulfill the promises posed by advancing technology.

Investors should start with a view of skepticism. They should become intellectual investors rather than emotional investors. They should be careful, and they should be skeptical.

I think that the failures of Enron and WorldCom and other companies are partially failures of investors to recognize companies that are selling for a thousand times nothing, but chances are they may be worth only that.

I think we have got to start thinking about banding together in terms of interested groups.

Our role is to maintain and monitor a framework in which fair competition can flourish.

Promoting the interaction of orders remains one of the most difficult, but crucially important, challenges we face concerning our national market system.

Today, the forces of competition, technology, and globalization have converged to spur innovation and to transform the way business is done in the securities industry.

Once again, stock markets have been threatened with extinction for almost 75 years, and I have found that stock markets are harder to kill than roaches.

The present contains nothing more than the past, and what is found in the effect was already in the cause.

Although Alchemy has now fallen into contempt, and is even considered a thing of the past, the physicain should not be influenced by such judgements.

I do like to drive fast and I have gotten pulled over in the past. I use my skills to get out of tickets.

You learn from a conglomeration of the incredible past - whatever experience gotten in any way whatsoever.

The best prophet of the future is the past.

Some of the best lessons we ever learn are learned from past mistakes. The error of the past is the wisdom and success of the future.

Philosophy finds it an easy matter to vanquish past and future evils, but the present are commonly too hard for it.

Historians tell the story of the past, novelists the story of the present.

You can also make explicit certain social problems which, again, would be prejudged or not encountered at all in real life, because people have set up defenses against it. Fantasy allows you to get past defenses.

America is false to the past, false to the present, and solemnly binds herself to be false to the future.

Do not dwell in the past, do not dream of the future, concentrate the mind on the present moment.

Terrorism, ladies and gentlemen, in my eyes I have a very, very, very simple explanation. Gangs of criminals, killers, used unfortunately by certain governments in the past for political purposes, who are on their own now as gangs.

In the past 3-4 years I've developed a habit of keeping numerous small cassette recorders in my house and in a bag with me so that I'm able to commit to tape memory song ideas on a constant basis.

By this time it was past six, and the enemy's van and ours were at too great a distance to engage, I perceived some of their ships stretching to the northward; and I imagined they were going to form a new line.

Firms would be given initial entitlements to gross markup on the basis of past performance. These entitlements would be transferable and a market in them would be developed.

I mean that at least 80% of the Russian people feel destitute. It's the people who had their past and future taken from them - they don't get paid - many of them face a wall. They have nowhere to go.

They spend their time looking forward to the past.

Like most of those who study history, he (Napoleon III) learned from the mistakes of the past how to make new ones.

It also allows you to look as though you're not particularly from the present, future or past, either.

The steady expansion of welfare programs can be taken as a measure of the steady disintegration of the Negro family structure over the past generation in the United States.

Yes, romance has found it's way into my heart in the past.

Countries under foreign command quickly forget their history, their past, their tradition, their national symbols, their way of living, often their own literary language.

The past is still visible. The buildings haven't changed, the layout of the streets hasn't changed. So memory is very available to me as I walk around.

In the past I've made movies that were pretty universally liked. You can't really hate them. You can discard them, but you can't really hate them.

No doubt Western civilization has in the past been full of wars and revolutions, and the national elements in our culture, even when they were ignored, always provided an unconscious driving force of passion and aggressive self-assertion.

And so there is no God but has been in the loins of past gods.

Parents are like shuttles on a loom. They join the threads of the past with threads of the future and leave their own bright patterns as they go.

I'm not here to discuss the past... I'm here to be positive.

I have to say that it's very few countries that are willing to look back at its past and apologize for its act, or make amends for its act, as the United States had one.

Which is not to discount everything I've done in my past; everything I have learned tremendously from.

In the past, people were born royal. Nowadays, royalty comes from what you do.