Robert Reich: Financiers Pockets

Robert Reich Money Quote saying finance, law, corporate lobbying moves money between different pockets. Robert Reich said:
 

 

“Most financiers, corporate lawyers, lobbyists, and management consultants are competing with other financiers, lawyers, lobbyists, and management consultants in zero-sum games that take money out of one set of pockets and put it into another” — Robert Reich

In this quote, Robert Reich is describing how many people working in finance, law, lobbying and consulting industries are essentially engaged in zero-sum competitions. A zero-sum game is one where one person’s gain results in an equal loss for others involved.

Reich suggests that within these fields, professionals are often competing with each other in a way that simply moves money from one set of clients/stakeholders to another, without necessarily creating new wealth.

So while individuals within these industries may profit, the competitions they engage in do not grow the overall economic pie, but rather just shift money from one group to the other.

Overall, Reich is criticizing how these types of careers focus more on redistributing existing wealth rather than generating new value.

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

Hugh McCulloch seems to be criticizing speculative or risky financial practices that were presented as legitimate banking. He argues that “splendid financiering” through complex or opaque investments is not true banking and those who engage in such behavior portray themselves as “splendid financiers” but are often deceiving others (“humbugs”) or acting through fraudulent means (“rascals”).

McCulloch’s remarks imply that real banking should involve simple, honest activities rather than sophisticated schemes, and that bankers have a responsibility to serve customers through transparent, low-risk practices rather than ambitious but dubious maneuvers for profit.

Overall, he appears to believe the financial system works best when banks focus on prudent stewardship of deposits rather than flashy deals.

Birthday: December 7, 1808 – Death: May 24, 1895

#HumBugDay December 21
 

George Bernard Shaw: Financiers Illusions

George Bernard Shaw Money Quote saying the unreality of money and capital is emphasized by financiers belief in that odd netherworld concept. George Bernard Shaw said:
 

 

“Financiers live in a world of illusion. They count on something which they call the capital of the country, which has no existence” — George Bernard Shaw

George Bernard Shaw was criticizing the way that financiers view and treat capital. He believed they lived in an illusory or unrealistic world where they acted as if the “capital of the country” was a real thing that could be counted on, when in Shaw’s view it had no true existence or substance.

The best interpretation is that Shaw saw the concept of capital that financiers relied on as being more of an abstract idea or belief than a concrete reality, and that they were deluding themselves by thinking they could depend on something as intangible as the overall capital of a nation.

Birthday: July 26, 1856 – Death: November 2, 1950

Napoleon Bonaparte: Patriotism & Banker Decency

Napoleon Bonaparte Money Quotation saying bankers are not beholden to governments or countries when their primary objective is profit. Napoleon said:
 

 

“Money has no motherland; financiers are without patriotism and without decency; their sole object is gain” — Napoleon Bonaparte

Napoleon Bonaparte seems to be making the point that money itself has no inherent loyalty or attachment to any particular nation or group of people. He suggests that those involved in finance as their occupation (“financiers”) prioritize profit above all else, including patriotic allegiance to their home country or moral scruples.

Bonaparte appears to be implying that the pursuit of wealth through economic activities like banking and trade causes people to transcend national boundaries and social obligations in favor of maximizing personal “gain” or earnings wherever possible.

In essence, the message is that money is an influence that can undermine traditional loyalties to community or nation, since its movement knows no political borders and those who handle it professionally are chiefly devoted to accumulation regardless of other concerns.

Birthday: August 15, 1769 – Death: May 5, 1821