Philippe Riès: Owe Million Pounds
on Tuesday, May 23, 2023Meaning of Philippe Riès Money Quote: saying owing small amounts to banks means imprisonment, while large amounts means board seats. Philippe Riès said:
“If you owe ten pounds to the Bank of England, you get thrown in jail, but if you owe a million pounds, they invite you to sit on the Board” — Philippe Riès
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This quote from Philippe Riès suggests that the banking system treats large debtors very differently than smaller ones. Some key points in interpreting his perspective:
- Riès implies that owing a small, personal debt to a bank could result in imprisonment, while being a million pound debtor is rewarded with an esteemed board position.
- He portrays a double standard where individual borrowers face punishment for minor defaults but massive corporate debts are managed more collaboratively.
- Riès’ perspective reflects a cynical view that the level of debt influences whether one is seen as a criminal or a valued partner, with wealthier debtors wielding disproportionate influence.
However, a balanced interpretation is that banks reasonably take a more collaborative approach to support large business loans that employ many versus individual accounts, and reasonable reforms aim to balance equitable treatment, financial stability and opportunity. The quote conveys Riès’ skepticism but the complex realities of banking require open discussion and evidence-based policies balancing multiple priorities in good faith.
Overall, while reflecting one perspective, the best analysis considers this viewpoint alongside other reasonable positions in ongoing discussions around optimizing consumer protections and economic growth.