DLJ

“Starbucks too, by the way.”

“I think it was the third biggest LBO ever called we bought the retailing subsidiaries from Household International. We ended up with Vons and Ben Franklin and TGI and Coast to Coast Hardware Stores, and we sliced and diced and sold them all, and we closed, and…”

“Credit Suisse had all kinds of ethical lapses. DLJ had none, but they had immense controllers and process and whatnot. DLJ was skeletal.”

“We grew DLJ from essentially nothing to the fifth largest securities firm. We grew it at over 15% for 25 consecutive years.”

“And that, and we built that business when we sold DOJ to Credit Suisse, it was about a twenty-nine billion dollar AUM business. Blackstone at the time was high teens”

“Our success in, in, in high yield and private equity meant we'd running out of balance sheet. Our bridge fund was one billion dollars, and all of a sudden you were doing one billion dollar bridge loans, so you can do one deal at a time, and if one mistake and …”

“Putting more controls in doesn't necessarily protect you. That a lot of it, if you have good people, and you trust them, and you hold them to very high ethical standards, and that becomes the behavioral norm, That's much better than having lots of watchers and…”

“I think our first fund had a 90% IRR.”

“Once it got put into a Swiss bank, they had all of the institutional issues and the lack of commitment to the principal business that all the other big firms had, so it kind of started to waste away”