The concept of fair value accounting is correct and useful, but the application during periods of crisis is problematic. It's another one of those unintended consequences of making a rule that's supposed to be good that turns out the other way.

When deals go wrong, you have no one else to blame, so you yell at yourself, and you yell at others.

I'm doing my sit-ups and watching CNBC. Suddenly, somebody starts talking about me on television... The business has gone into a weird zone of visibility. For those of us who have done it for a long time, it's strange.

Stephen A. Schwarzman Quotes