Archive for the ‘finance’ Category

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Elizabeth Warren: Bank CEO Massive Fraud

Posted by admin on Wednesday, October 12, 2016

Senator Elizabeth Warren Money Quote saying about former CEO of Wells Fargo Bank, John Stumpf that he should face prosecution for fraud. Senator Elizabeth Warren said:

A bank CEO should not be able to oversee a massive fraud & simply walk away to enjoy his millions in retirement
— Elizabeth Warren

Satoshi Nakamoto: Not to Debase Currency

Posted by admin on Tuesday, October 11, 2016

Creator of bitcoin and blockchain technology, Satoshi Nakamoto Money Quote saying trust of central bank required for currency to remain viable. History of financial systems trust shows that has failed repeatedly. Satoshi Nakamoto said:

The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust
— Satoshi Nakamoto

Aaron Klein: Days to Clear Check

Posted by admin on Friday, October 7, 2016

Aaron Klein Money Quote saying the Federal Reserve needs to allow financial transactions to speed up and financial technology providers to innovate. Aaron Klein said:

It seems remarkable that in a world in which you can deposit a check from your bedroom or use PayPal or Venmo to send money across the world in seconds, it can still take two to five days to clear a check, or that debit-card transactions are processed only once a day
— Aaron Klein

Jean-Jacques Rousseau: Wealthy Wants

Posted by admin on Friday, October 7, 2016

Jean-Jacques Rousseau Money Quote saying that wealth has to do with what we desire more than the riches we possess. Jean-Jacques Rousseau said:

Being wealthy isn’t just a question of having lots of money. It’s a question of what we want. Wealth isn’t an absolute, it’s relative to desire
— Jean-Jacques Rousseau

Marcus Treacher: Antique Banking System

Posted by admin on Wednesday, October 5, 2016

Marcus Treacher Money Quote saying as head of strategic accounts at Ripple that banks are old and slow to change, holding back advancements from startup fintech companies. Marcus Treacher said:

The payments industry is revving up, but it is stuck in second gear because it is being held back by the antiquated banking system
— Marcus Treacher

Preet Bharara: Criminal Action End of World

Posted by admin on Monday, October 3, 2016

Preet Bharara Money Quote saying as U.S. attorney for the Southern District of New York that prosecution of bankers comes with frightening warnings that are absurd. Preet Bharara said:

Financial institutions will do almost anything to avoid a tough enforcement action and therefore have a natural and powerful incentive to make prosecutors believe that death or dire consequences await. I have heard assertions made with great force and passion that if we take any criminal action, the skies will darken; the oceans will rise; nuclear winter will be upon us; and the world as we know it will end
— Preet Bharara

Warren Buffett: Wells Fargo Customer Base

Posted by admin on Friday, September 30, 2016

Warren Buffett Money Quote saying the Wells Fargo customer base was growing steadily – however growth was due to fraud – making it much harder for Wells Fargo to make money on new customer growth. Warren Buffett said:

Wells Fargo … you can’t take away Wells’ customer base. It grows quarter by quarter. And what you make money off of is customers. And you make money on customers by having a helluva spread on assets and not doing anything really dumb. And that’s what they do.
— Warren Buffett

Warren Buffett: Banking Good Unless Dumb

Posted by admin on Thursday, September 29, 2016

Warren Buffett Money Quote saying about Wells Fargo that all a bank must do is avoid doing dumb things in order to be profitable – Wells Fargo went way dumb. Warren Buffett said:

In the end banking is a very good business unless you do dumb things. You get your money extraordinarily cheap and you don’t have to do dumb things. But periodically banks do it
— Warren Buffett

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