Quotes
The one great principle of the English law is to make business for itself.
I’ll argue to the death against stupid legislation, but some rules exist for a reason.
p. 43
As always, it was necessary to strike a balance between a cavalier disregard for the rules and a professional understanding that some rules were more flexible than others.
p. 19
The Judge does not make the law. It is people that make the law. Therefore if a law is unjust, and if the Judge judges according to the law, that is justice, even if it is not just.
Good laws lead to the making of better ones; bad ones bring about worse.
Under bad governments, this equality is only apparent and illusory: it serves only to-keep the pauper in his poverty and the rich man in the position he has usurped. In fact, laws are always of use to those who possess and harmful to those who have nothing: from which it follows that the social state is advantageous to men only when all have something and none too much.
It is not good for him who makes the laws to execute them, or for the body of the people to turn its attention away from a general standpoint and devote it to particular objects. Nothing is more dangerous than the influence of private interests in public affairs, and the abuse of the laws by the government is a less evil than the corruption of the legislator.
It was an idea that made the crucial difference between British and Iberian America – an idea about the way people should govern themselves. Some people make the mistake of calling that idea ‘democracy’ and imagining that any country can adopt it merely by holding elections. In reality, democracy was the capstone of an edifice that had as its foundation the rule of law – to be precise, the sanctity of individual freedom and the security of private property rights, ensured by representative, constitutional government.
“I’ll have the boy.” ... “You’ll have no one,” Yoren said stubbornly. “There’s laws on such things.” The gold cloak drew a shortsword. “Here’s your law.” Yoren looked at the blade. “That’s no law, just a sword. Happens I got one too.”
To close the gap between jurisprudence and justice would require a canon of a hundred million laws.
p. 383
The entire history of Wall Street was the story of scandals, it now seemed to him, linked together tail to trunk like circus elephants. Every systemic market injustice arose from some loophole in a regulation created to correct some prior injustice.
p. 101
Reg NMS was intended to create equality of opportunity in the U.S. stock market. Instead it institutionalized a more pernicious inequality. A small class of insiders with the resources to create speed were now allowed to preview the market and trade on what they had seen.
p. 98
















