Mark Sundeen: Wall Street Felons

Meaning of Mark Sundeen Money Quote: saying We complain about the felons of Wall Street, but keep them in control by paying them. Mark Sundeen said:
 

 

“Grumble as we might about Wall Street felons, we keep the banks in business by lending them our money, paying their interest on mortgages and credit cards, and amassing our savings in their IRAs and money-market accounts” — Mark Sundeen

Mark Sundeen seems to be pointing out that despite complaints about unethical behavior by some in the financial industry, average citizens continue to support and fund the major banks through various financial activities.

By taking out loans like mortgages and credit cards that charge interest, keeping savings in retirement accounts at these institutions, and depositing money in bank accounts, people are essentially “lending” their money to the banks and keeping them in business.

So even while some banks engage in illegal behavior, the general public still relies heavily on these financial companies for various services and products. Sundeen’s quote suggests this ongoing financial patronage is what really allows the banks to maintain their prominent role in the economy, more so than any displeasure voiced about their actions on Wall Street.

Elayne Boosler: Charles Schwab Greedy

Elayne Boosler Money Quote saying Charles Schwab took investment money labeled as “safe” to invest in risky mortgages, lost it and paid investors only a dime on the dollar. Elayne Boosler said:
 

 

“Schwab took the money entrusted to it by people willing to accept very little, to protect their savings, and used it to buy high-risk junk mortgages to enrich itself on the back end. We weren’t greedy. Charles Schwab was” — Elayne Boosler

Elayne Boosler seems to be criticizing investment firm Charles Schwab for misusing customers’ savings that were entrusted to the company. She argues that Schwab took the money from customers who were content with modest returns in exchange for protection of their savings.

However, Schwab invested these funds recklessly by using them to purchase high-risk mortgage-backed securities, prioritizing profits for itself rather than maintaining the safety of customers’ money as expected.

Boosler implies Schwab’s greed and risky bets caused harm, while customers had reasonable expectations that their savings would remain secure. Overall, her remarks portray Schwab’s actions as a betrayal of customers’ trust for unjust enrichment.

Elizabeth Warren: Costs of Big Banks

Elizabeth Warren Money Quotation saying the lack of SEC enforcement of banking rules are substantially larger than reported. Elizabeth Warren said:
 

 

“What are the costs of people being cheated on mortgages and credit cards? What are the costs when money launderers are not prosecuted? What are the costs when big financial institutions crash our economy?” — Elizabeth Warren

In this quote, Elizabeth Warren is arguing that any analysis of the costs and benefits of financial regulations must consider broader societal costs beyond just the price of enforcement. She questions what the real costs are when people are taken advantage of through predatory mortgages and credit cards, or when criminal behavior like money laundering goes unpunished.

Warren also questions the high costs incurred when the lack of proper oversight allows large financial institutions to engage in risky practices that crash the overall economy, as seen in the 2008 financial crisis. The quote conveys Warren’s view that regulatory policy needs to account for these types of downstream economic and social impacts, not just focus on compliance costs for the industry. She is advocating for a comprehensive assessment of the true costs of insufficient regulation of Wall Street.

John Darkow, Columbia Daily Tribune, Missouri

Elizabeth Warren: Consumers Before Banks

Elizabeth Warren Money Quote saying we focus on regulating little people before enforcing laws on big financial institutions who break those laws. Elizabeth Warren said:
 

 

“The American people deserve a Congress that worries less about helping big banks and more about helping regular people who have been cheated on mortgages, on credit cards, on student loans, on credit reports” — Elizabeth Warren

In this quote, Elizabeth Warren argues that Congress should prioritize helping average Americans over helping big banks. She asserts that regular citizens deserve more support when they have been taken advantage of through unfair mortgages, high-interest credit cards, burdensome student loans, and inaccurate credit reports.

Warren implies that Congress is too focused on bailing out large financial institutions rather than adequately addressing issues that directly impact people’s lives and financial well-being. The quote conveys Warren’s view that elected representatives need to care less about appeasing powerful banks and more about protecting consumers and making the economy work for regular families across the country.