Robert Reich: Accumulate Billions

Meaning of Robert Reich Money Quote: saying ways to super-wealth are limited to buying your way in, profiting from monopoly or inheriting wealth – not hard work. Robert Reich said:
 
 

 

“There are basically 4 ways to accumulate a billion dollars in America: 1) Profiting from a monopoly 2) Insider trading 3) Political payoffs 4) Inheritance Don’t believe the self-made myth” — Robert Reich

In this quote, Robert Reich is challenging the idea that billionaires in America become self-made through hard work and innovation alone. He suggests there are really only four main ways one can accumulate a billion dollars:

1. By profiting from a monopoly, which allows domination of a market without competition.
2. Through insider trading, or taking advantage of privileged confidential information unavailable to the average investor.
3. Via political payoffs, meaning gaining wealth through lobbying or special favors from politicians.
4. Through inheritance, by acquiring massive wealth simply by being born into a wealthy family rather than earning it themselves.

Overall, Reich is asserting that while some may portray themselves as entirely self-made, the reality is that billionaires often rely on one of these four less meritocratic means to amass their extreme fortune. He aims to dispel the notion that all billionaires achieved their status solely through hard work and talent.

Michael Collins: Tainted PR Money

former astronaut Michael Collins Money Quote saying there is plenty of PR money available for promoting beer but seems slimy to promote it. Michael Collins said:
 

 

“There is money hanging around, but it is tainted PR money, trading great piles of greenbacks for tiny bits of soul in an undetermined but unsatisfactory ratio. For example, I have been offered $50,000 to do beer commercials, and I love beer, but somehow it seems a grubby thing to do” — Michael Collins

In this quote, astronaut Michael Collins is declining a lucrative sponsorship offer, suggesting it would compromise his principles. While the “$50,000” sum for beer commercials is sizable, he implies endorsing a product in exchange for money would diminish something less tangible but more valuable – his “soul” or integrity.

Collins seems to be conveying that certain financial opportunities gain wealth at the expense of character, and the tradeoff is not worth it on a personal level.

Overall, the quote portrays Collins’ perspective that high pay alone does not justify compromising his authenticity for commercial gain if it means losing something richer, like self-respect or the trust of those who admire him.

Birthday: October 31, 1930 – Death: April 28, 2021

Tenbrunsel & Thomas: Insider Trade

Ann Tenbrunsel and Jordan Thomas Money Quote saying junior investment bankers are willing to commit insider trading if they are sure they won’t be caught. Ann Tenbrunsel and Jordan Thomas said:
 

 

“Nearly one third of [investment banking] employees with less than two decades in the industry say they would likely engage in insider trading to make $10 million if there was no chance of being arrested” — Ann Tenbrunsel and Jordan Thomas

In this quote, Ann Tenbrunsel and Jordan Thomas are sharing the results of a survey they conducted of investment banking employees. They found that nearly one third of those with less than 20 years of experience in the industry said they would likely engage in illegal insider trading if they could make $10 million without risk of legal consequences.

Insider trading involves using non-public information to profit in financial markets. This suggests many junior investment bankers have weak ethical standards when it comes to resisting large financial temptations.

The quote highlights how even in a professional field, greed and lack of integrity could potentially override following the law for some individuals when large sums of money are at stake according to this interpretation.