How Do You Think a Bank Should Manage Their Duration Exposure?

Frost: The problem is just how you're set up as a business. Interactive Brokers borrows and lends immediately at a small spread below. A Fed funds to borrow a small spread above to lend. And that's what the business is. American Express we talked about is super short term in terms of everything they're doing. They're taking a lot of credit risk. But that means that they're not taking any risk in terms of investing that way. So if they go into areas they shouldn't be in and stuff, they could fail from all sorts of stuff.