Hugh McCulloch: Manipulation Banker

Posted by admin on Thursday, July 7, 2016

Hugh McCulloch Comptroller of the Currency in 1863 saying Manipulating money doesn’t make a financier a banker, or banking unlikely to be useful. Hugh McCulloch said:
 
Splendid financiering is not  legitimate banking & splendid financiers are either humbugs or rascals Quote
 

“Splendid financiering is not legitimate banking, and ‘splendid financiers’ are generally either humbugs or rascals” — Hugh McCulloch

 

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Hugh McCulloch seems to be criticizing speculative or risky financial practices that were presented as legitimate banking. He argues that “splendid financiering” through complex or opaque investments is not true banking and those who engage in such behavior portray themselves as “splendid financiers” but are often deceiving others (“humbugs”) or acting through fraudulent means (“rascals”).

McCulloch’s remarks imply that real banking should involve simple, honest activities rather than sophisticated schemes, and that bankers have a responsibility to serve customers through transparent, low-risk practices rather than ambitious but dubious maneuvers for profit.

Overall, he appears to believe the financial system works best when banks focus on prudent stewardship of deposits rather than flashy deals.

#HumBugDay December 21
 

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