Mr. Cohen was a guest on the November 24 edition of CNBC's “Strategy Session” where he discussed the European economic outlook and recent insider-trading probes in the United States. “In the long run, I think things are getting better and that has started with recognition of the significance of the problems,” Mr. Cohen said, referring to Europe's economy. He pointed to reform measures such as Basel III and various supervisory actions taken by individual countries. He also said he was hopeful about new U.S. financial regulations, citing what he called the government's “measured approach.” He also discussed his concerns over recent federal probes into the investment banking industry, saying “I am troubled to the extent that enforcement would be used to make new law.” He added, “If, for example, there were a concept of insider trading that had never previously been articulated by the Securities and Exchange Commission or accepted by the courts, I don't think that should be the subject of enforcement policy. It should be the subject of new law or new regulation so people know what they are doing.”