Philippe Riès: Owe Millions On Board
on Friday, April 27, 2018Philippe Riès Money Quote saying Bank treats those who owe little as though they are small, like their loans. Large borrowers are treated better and given 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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In this quote, Philippe Riès is drawing attention to the disparity in how people are treated by financial institutions based on how much money they owe. Some key points:
- He notes that owing a small amount (ten pounds) can result in jail time if one fails to repay their debt to the Bank of England.
- However, owing a much larger sum (a million pounds) not only avoids punishment but gains privileges, as the debtor would be invited to sit on the Bank’s board of directors.
- Riès implies that within the financial system, high debt taken on by large institutions or wealthy elites is often bailed out or forgiven, while ordinary citizens face stricter consequences for much smaller debts.
- The quote criticizes the double standard of how the powerful are afforded leniency and influence indecision-making that affects them financially, unlike other debtors.
Overall, Riès’ observation speaks to the inequitable treatment and “too big to fail” policies that privilege the economic elite even when heavily indebted, compared to harder stances applied to most citizens in similar situations of owing money.