Marcus Treacher: Antique Banking System

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

Warren Buffett: Banking Good Unless Dumb

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

Maria T. Vullo: Money Laundering Bank

Maria T. Vullo, New York Department of Financial Services Superintendent said:

“DFS will not tolerate the flagrant disregard of anti-money laundering laws and will take decisive and tough action against any institution that fails to have compliance programs in place to prevent illicit transactions. The compliance failures that DFS found at the New York Branch of Mega Bank are serious, persistent and affected the entire Mega banking enterprise and they indicate a fundamental lack of understanding of the need for a vigorous compliance infrastructure. DFS’s recent examination uncovered that Mega Bank’s compliance program was a hollow shell, and this consent order is necessary to ensure future compliance.” — New York Department of Financial Services Superintendent Maria T. Vullo

Hugh McCulloch: Manipulation Banker

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, and ‘splendid financiers’ are generally either humbugs or rascals” — Hugh McCulloch

 
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#HumBugDay December 21
 
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Bernie Sanders: Make Banking Boring Again

Bernie Sanders Money Quote saying banks should not be legally able to wager depositors money on big risky Wall Street gambles. Bernie Sanders said:

I want to make banking boring again. It shouldn’t be about making as much profit as possible by gambling on esoteric financial products
— Bernie Sanders

I want to make banking boring again. It shouldn't be about making as much profit as possible by gambling on esoteric financial products.

— Bernie Sanders (@BernieSanders) May 2, 2016

Bernie Sanders: Banking, Not Gambling

Bernie Sanders Money Quote saying we need to stop Wall Street from speculating with small depositors money. Bernie Sanders said:

Banking should be about providing affordable loans to Americans who need to purchase homes and cars, not reckless gambling on Wall Street
— Bernie Sanders

Banking should be about providing affordable loans to Americans who need to purchase homes and cars, not reckless gambling on Wall Street.

— Bernie Sanders (@BernieSanders) May 2, 2016

Michio Kaku: Investment Banking Massage

Michio Kaku Money Quotation saying theoretical physics creates new technology as opposed to investment banking, which simply moves money around. Michio Kaku said:

I have nothing against investment banking, but it’s like massaging money rather than creating money
— Michio Kaku

Bob Collymore: Mobile Money Bank Lobby

Bob Collymore, CEO of Safaricom Cellular creator of M- Pesa mobile money in Nairobi, Kenya Money Quotation saying Banks in Kenya had less interest in establishing mobile payments because the banking lobby was not interested in the relatively small profits. Bob Collymore, CEO of Safaricom Cellular creator of M- Pesa mobile money in Nairobi, Kenya said:

The most effective barrier for the success of mobile money around the world is the banking lobby
— Bob Collymore