Daniel Defoe: Rich Man Honest

Posted by admin on Sunday, December 26, 2021

Daniel Defoe Money Quote saying one with wealth has no need to cheat when it wouldn’t benefit his bottom line or he’s doubly dishonest. Daniel Defoe said:
 

 

“A rich man is an honest man — no thanks to him; for he would be a double knave, to cheat mankind when he had no need of it: he has no occasion to press upon his integrity, nor so much as to touch upon the borders of dishonesty” — Daniel Defoe

 

 

This quote by Daniel Defoe suggests that a wealthy person has no need to act dishonestly or cheat others out of greed, since they are already rich. Defoe is saying that a rich person who cheats or acts dishonestly when they have no financial need to do so would be a “double knave” – dishonest both in cheating others and in doing so unnecessarily despite their wealth.

The quote implies that the rich have less temptation to compromise their integrity for money, since they already have money, so in that sense they may be considered more honest than someone who feels a strong financial pressure to act dishonestly.

Birthday: c. 1660 – Death: April 24, 1731

Elizabeth Warren: Bank Fines Don’t Work

Posted by admin on Tuesday, November 7, 2017

Elizabeth Warren Money Quote saying banks will not stop illegal actions until board members, executives are jailed, fired or held personally responsible. Fines don’t stop banks cheating. Elizabeth Warren said:
 

 

“Time after time, big banks cheat their customers and no actual human beings are being held accountable. Instead, there is a fine, which ultimately is paid for by shareholders and not by executives and certainly not by directors of the board. And nothing is going to change at these big banks if that doesn’t change” — Elizabeth Warren

 

 

In this quote, Elizabeth Warren is criticizing how large banks are not properly held accountable for wrongdoing. Some key points:

• She notes that banks “cheat their customers” repeatedly over time.
• When banks are fined, no individual executives or board members face personal consequences – only shareholders pay through the fine.
• This means there is no real incentive for leadership to change behaviors if the penalties do not target them individually.
• Warren argues that as long as fines are treated simply as a business expense by banks, rather than impacting those responsible, real reform will not happen.

Overall, she is arguing the system needs to change so that bank executives and directors face direct accountability and penalties for illegal/unethical actions, in order to incentivize changed behavior and deter future misconduct.