Posts Tagged ‘banking’

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Tenbrunsel & Thomas: Insider Trade

Posted by admin on Thursday, April 15, 2021

Ann Tenbrunsel and Jordan Thomas Money Quote saying junior investment bankers are willing to commit insider trading if they are sure they won’t be caught. Ann Tenbrunsel and Jordan Thomas said:
 
Employees with less than two decades in the industry say they would likely engage in insider trading to make $10 million if there was no chance of being arrested Quote
 

“Nearly one third of [investment banking] employees with less than two decades in the industry say they would likely engage in insider trading to make $10 million if there was no chance of being arrested” — Ann Tenbrunsel and Jordan Thomas

 

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In this quote, Ann Tenbrunsel and Jordan Thomas are sharing the results of a survey they conducted of investment banking employees. They found that nearly one third of those with less than 20 years of experience in the industry said they would likely engage in illegal insider trading if they could make $10 million without risk of legal consequences.

Insider trading involves using non-public information to profit in financial markets. This suggests many junior investment bankers have weak ethical standards when it comes to resisting large financial temptations.

The quote highlights how even in a professional field, greed and lack of integrity could potentially override following the law for some individuals when large sums of money are at stake according to this interpretation.

Josiah Stamp: Manufacture Money

Posted by admin on Wednesday, April 22, 2020

Josiah Stamp Money Quote saying banks create money by loaning money that belongs to others. Josiah Stamp said:
 
The modern banking system manufactures money out of nothing Quote
 

“The modern banking system manufactures money out of nothing” — Josiah Stamp

 

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In this quote, Josiah Stamp seems to be criticizing how the fractional reserve banking system allows banks to lend and create money in excess of the actual cash reserves they hold on deposit. By stating that the “modern banking system manufactures money out of nothing”, Stamp implies that banks can effectively generate new money by issuing loans without having equivalent funds fully deposited by customers first.

The quote conveys Stamp’s perspective that banks introduce new money into circulation through lending activities beyond what they have physically on hand, in a way that resembles money creation. Overall, Stamp appears to be arguing that the nature of fractional reserve banking permits the financial system to expand the overall money supply through lending practices that some view as a form of indirect money printing, since new funds are generated without equivalent hard assets to back them fully.

Henry Ford: Banking Revolution

Posted by admin on Tuesday, November 19, 2019

Henry Ford Money Quote saying that if more of the U.S. citizenry understood the way our monetary system worked, they’d revolt within hours. Henry Ford said:
 
It is well enough that people of the nation do not understand our banking and money system, for if they did, I believe there would be a revolution before tomorrow morning Quote
 

“It is well enough that people of the nation do not understand our banking and money system, for if they did, I believe there would be a revolution before tomorrow morning” — Henry Ford

 

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In this quote, Henry Ford appears to be warning about the potential consequences if the general public truly understood how the banking and monetary system works. By saying there would likely be a “revolution” the very next morning, Ford implies that the level of public anger and unrest would be immense.

He seems to believe that the average person is unaware of how money is created and controlled within our economic system, and that this lack of understanding is what prevents widespread outrage.

Overall, Ford’s message suggests the mechanisms of banking and finance are quite opaque to most, and transparency could potentially undermine confidence in and support for the existing financial establishment.

Birthday: July 30, 1863 – Death: April 7, 1947

Margaret Drabble: Capital Collapse

Posted by admin on Wednesday, June 5, 2019

Margaret Drabble Money Quote saying there is no doubt that capitalism will collapse and barter will replace profiting. Home vegetable gardens will proliferate. Margaret Drabble said:
 
I confidently predict the collapse of capitalism and the beginning of history. Something will go wrong in the machinery that converts money into money, the banking system will collapse totally, and we will be left having to barter to stay alive Quote
 

“I confidently predict the collapse of capitalism and the beginning of history. Something will go wrong in the machinery that converts money into money, the banking system will collapse totally, and we will be left having to barter to stay alive. Those who can dig in their garden will have a better chance than the rest” — Margaret Drabble

 

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In this quote, Margaret Drabble is making a prediction about the eventual downfall of capitalism. She confidently forecasts that something will go wrong in the financial system where money is used to generate more money through banking and investments. Drabble believes this will lead to a total collapse of the banking system.

In the aftermath, she envisions people having to resort to bartering the goods they have just to survive, as money and the economy cease to function normally. She suggests those with skills like gardening to grow food will be better positioned than others who lack resources.

Overall, the quote reflects Drabble’s view that capitalism’s emphasis on wealth accumulation through financial means rather than direct production will prove unsustainable and usher in a new post-capitalist era.

Xavier Becerra: Wells Fargo Exploit

Posted by admin on Friday, December 28, 2018

Xavier Becerra Money Quote saying in a statement as the Attorney General of California that Wells Fargo took advantage of customers and eroded trust in the banking system. Xavier Becerra said:
 
Instead of safeguarding its customers Wells Fargo exploited them. This is an incredible breach of trust that threatens not only the customer who depended on Wells Fargo, but confidence in our banking system Quote
 

“Instead of safeguarding its customers Wells Fargo exploited them. This is an incredible breach of trust that threatens not only the customer who depended on Wells Fargo, but confidence in our banking system” — Xavier Becerra

 

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Xavier Becerra seems to be criticizing Wells Fargo for prioritizing profits over ethical treatment of its customers. He argues that by exploiting its customers through practices like unauthorized accounts, Wells Fargo breached the trust that customers place in banks.

Becerra suggests this not only harmed individual customers but also undermines broader confidence in the stability and integrity of the U.S. banking system if major institutions cannot be relied upon to act in customers’ best interests.

His remarks imply that banks have a responsibility to protect consumers rather than take advantage of them for financial gain.

Muhammad Yunus: Poor Entrepreneur Bank

Posted by admin on Thursday, July 12, 2018

Muhammad Yunus Money Quote saying banks lend money to the already wealthy but Grameen Bank lends to those in poverty to help them become entrepreneurs. Muhammad Yunus said:
 
Banks look for the rich; we look for the poor. All people are  entrepreneurs Quote
 

“I did something that challenged the banking world. Conventional banks look for the rich; we look for the absolutely poor. All people are entrepreneurs, but many don’t have the opportunity to find that out” — Muhammad Yunus

 

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In this quote, Muhammad Yunus is explaining the innovative approach of Grameen Bank, which he founded in Bangladesh. Yunus notes that conventional banks typically seek out wealthy, lower-risk borrowers, whereas Grameen Bank intentionally “looks for the absolutely poor” to provide microloans.

He suggests this challenged traditional banking norms. Yunus also makes the philosophical point that everyone has entrepreneurial spirit, but many living in poverty lack the means or opportunities to realize their potential. Grameen Bank aimed to fill this gap by offering small loans to even the most impoverished so they could start micro-businesses.

The overall interpretation is that Yunus believed poverty should not preclude people from accessing credit to better their lives through self-employment and entrepreneurship. He saw microfinance as a way of empowering disadvantaged populations by recognizing their humanity and potential beyond their immediate circumstances according to his perspective outlined in this influential quote.

Orrin Woodward: Control Gold, Control Fools

Posted by admin on Wednesday, November 15, 2017

Orrin Woodward Money Quote saying creating foolish banking products, sold to the naive or uninformed investors means bankers can control the investment fate of financial fools. Orrin Woodward said:
 
He who creates the 'Fools Gold' controls the fools Quote
 

“New Golden Rule of Fractional Reserve Banking: He who creates the ‘fool’s gold’ controls the fool” — Orrin Woodward

 

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This quote is criticizing the practice of fractional reserve banking. In fractional reserve banking, banks only keep a fraction of deposits on reserve while lending out the rest. Orrin Woodward is suggesting this allows banks to essentially create money through lending, likening it to “fool’s gold” since it’s not backed by real assets.

The quote means that through this system, the banks that create new money via lending have control over those who take on debt from them (“the fool”), since the banks profit from interest on loans while those borrowing the money created from nothing are left “holding the bag” if the banking system fails.

So in summary, Woodward is arguing fractional reserve banking gives undue power to banks by allowing them to generate money that acts similar to fake gold.

Carlos Torres Vila: Banking Boring, Stressful

Posted by admin on Saturday, July 8, 2017

Carlos Torres Vila Money Quote saying as CEO of Spain’s BBVA that customers don’t like dealing with banks to support the idea that it can all be automated. Carlos Torres Vila said:
 
Carlos Torres Vila Really people don't like banking, it's boring, it takes time, causes them stress, and people have bad financial habits quote
 

“Really people don’t like banking, it’s boring, it takes time, causes them stress, and people have bad financial habits” — Carlos Torres Vila

 

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In this quote, Carlos Torres Vila is giving his perspective on why many people do not enjoy engaging with banks and handling their financial matters. He suggests that banking seems boring and time-consuming to most, and can also be a source of stress due to the responsibility involved. Additionally, Vila notes that people commonly have poor money management habits.

The overall interpretation is that Vila believes many find banking an unpleasant chore due to these factors – the lack of excitement, the demands on one’s schedule, the anxiety it can provoke, and individuals’ typical weaknesses with personal finance discipline.

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