Thomas M. Hoenig—the president of the Kansas City Fed, who has voted against our policies at every single meeting this year—voted against our policy again this time.

Thomas R. Williams, former chairman of Wachovia Corporation, discovered that many young people in banking don't know when to stop researching a project and start wrapping it up.

Gerald Arpey, the airline's boss, will step down in favour of the number two, Tom Horton, who is believed to have been more open to shedding liabilities through the bankruptcy courts.