Posts Tagged ‘hugh mccolloch’
“Splendid financiering is not legitimate banking, and ‘splendid financiers’ are generally either humbugs or rascals” — Hugh McCulloch
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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.
#HumBugDay December 21