“Apparently modern financial regulators are vastly more sophisticated than we were as financial regulators 25 years ago – because we had never figured out that the key to financial stability was leaving felons in charge of the largest financial institutions in the world” — William Black
Share the William Black Money quote image above on your site:
Short Link to this Quote:
In this quote, William Black is criticizing the approach of modern financial regulators. He sarcastically notes that today’s regulators see themselves as more sophisticated than in the past, but their strategy of leaving executives in charge of major banks even after crimes have been committed defies common sense.
By keeping “felons” at the helm of large financial institutions, Black argues that regulators are ignoring the obvious threat to stability that comes from not properly enforcing law and accountability within the highest levels of the financial sector. T
he quote reflects Black’s view that regulators have failed to learn from past crises by continuing to allow bankers who should face legal consequences to remain in influential leadership positions, undermining efforts to establish a ethical and lawful financial system.