Charles Schwab on best career lessons and industry assessment - Business Insider

Charles Schwab:

The industry had been guarded for years, been protected by fixed rates — I mean, that's what you call a monopoly, or a government-sponsored monopoly. And all this came down and all hell broke loose.Schwab took advantage of deregulation to make investing easy for the average American.

I just remember it as a very positive stepping stone in my development of Schwab and my personal career. I was damn lucky to get it back!You took the firm public after that. This was the second attempt, and the first time it failed. What was different the second time? How come it became successful?Well, we were four years along. We'd been owned for a while by Bank of America, so we had the credentials. We were a completely different company.

I thought that was a wonderful recognition by the marketplace that we were doing something extremely important. And you can say well, it only went down 10%. I think people have the confidence we have a fundamental business that will continue to grow indefinitely and we took out the last barrier to that sense of great value here at the company.

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