Quotes & Sayings About Bankers And Banking

Central bankers got it right in the United States in 1987 when they avoided deflationary pressures as well as serious trouble in the banking system. — Ben Bernanke

Suckers think that you cure greed with money, addiction with substances, expert problems with experts, banking with bankers, economics with economists, and debt crises with debt spending — Nassim Nicholas Taleb

Investment banking is not a business; it is a personal service where bankers work hand in hand with their clients. And it is a service that must not simply be about making bigger and bigger deals that reap rewards for only a small group of executives. — Felix Rohatyn

Banks have never made money in the history of banking, losing the equivalent of all their past profits periodically - while bankers strike it rich. — Nassim Nicholas Taleb

Banking was still in such a rudimentary state that even bankers seemed to be baffled by it. — Virginia Cowles

By the 1890s, the leading Wall Street bankers were becoming increasingly disgruntled with their own creation, the National Banking System ... while the banking system was partially centralized under their leadership, it was not centralized enough. — Murray Rothbard

Bankers own the earth. Take it away from them, but leave them the power to create money and control credit, and with a flick of a pen they will create enough to buy it back. — Josiah Stamp

Thus, our national circulating medium is now at the mercy of loan transactions of banks, which lend, not money, but promises to supply money they do not possess — Irving Fisher

Dear Sir: My ten years of bank experience should be of interest to a rapidly growing bank like yours. In various capacities in bank operations with the Bankers Trust Company in New York, leading to my present assignment as Branch Manager, I have acquired skills in all phases of banking including depositor relations, credits, loans and administration. I will be relocating to Phoenix in May and I am sure I can contribute to your growth and profit. I will be in Phoenix the week of April 3 and would appreciate the opportunity to show you how I can help your bank meet its goals. Sincerely, — Dale Carnegie

Anyone interested in the past, present, or future of banking and financial crises should read The Bankers' New Clothes. Admati and Hellwig provide a forceful and accessible analysis of the recent financial crisis and offer proposals to prevent future financial failures. While controversial, these proposals
whether you agree or disagree with them
will force you to think through the problems and solutions. — Michael J. Boskin

The turn of the century was the age of the banker, so much so that the leading bankers of the day had become legendary figures in the public imagination-vast, overshadowing behemoths whose colossal power seemed to reach everywhere. — Doris Kearns Goodwin

The only inexplicable aspect of the process was that economic theory (which is, after all, what economics students were supposed to know) served almost no function in an investment bank. The bankers used economics as a sort of standardized test of general intelligence. — Michael Lewis

It is not by means of a metaphor that a banking or stock-market transaction, a claim, a coupon, a credit, is able to arouse people who are not necessarily bankers. And what about the effects of money that grows, money that produces more money? There are socioeconomic "complexes" that are also veritable complexes of the unconscious, and that communicate a voluptuous wave from the top to the bottom of their hierarchy (the military-industrial complex). And ideology, Oedipus, and the phallus have nothing to do with this, because they depend on it rather than being its impetus. For it is a matter of flows, of stocks, of breaks in and fluctuations of flows; desire is present wherever something flows and runs, carrying along with it interested subjects - but also drunken or slumbering subjects - toward lethal destinations. — Gilles Deleuze

How did people come to chant rude poems while pulling certain ropes or gathering certain fruit, and why did nobody do anything of the kind while producing any of the modern things? Why is a modern newspaper never printed by singing in chorus? Why do shopmen seldom, if ever, sing?
If reapers sing while reaping, why should not auditors sing while auditing and bankers while banking? — G.K. Chesterton

In some circumstances, a focus on extrinsic rewards (money) can actually diminish effort. Most (or at least many) teachers enter their profession not because of the money but because of their love for children and their dedication to teaching. The best teachers could have earned far higher incomes if they had gone to banking. It is almost insulting to assume that they are not doing what they can to help their students learn, and that by paying them an extra $500 or $1,500, they would exert greater effort. Indeed, incentive pay can be corrosive: it reminds teachers of how bad their pay is, and those who are led thereby to focus on money may be induced to find a better paying job, leaving behind only those for whom teaching is the only alternative. (Of course, if teachers perceive themselves to be badly paid, that will undermine morale, and that will have adverse incentive effects) — Joseph E. Stiglitz

We are all socialists now, it seems. John McCain, David Cameron and Gordon Brown attack bankers' irresponsible behaviour and salaries, and call for state intervention in the financial markets. But these calls will not get them elected or re-elected if they are addressed only to the banking sector. — Noreena Hertz

So Merrill Lynch has launched its first campaign in years to advertise the accomplishments of its investment banking business. The ads feature things like Merrill's recapitalization of Sierra Pacific. I guess including "helping Enron achieve its earnings goals in 1999" might be a little awkward given that Merrill Lynch bankers are currently on trial in Houston for that "accomplishment." — Bethany McLean

To honour his bills of exchange, Badoer had at least four accounts with local bankers in Constantinople, where banking was organised along the same lines as on the Rialto: a bank's primary function was not to lend money, but to transfer the funds of its depositors, who personally presented themselves to authorise the transfer of money to creditor accounts in different cities. — Jane Gleeson-White

Bankers regard research as most dangerous a thing that makes banking hazardous due to the rapid changes it brings about in industry. — Charles Kettering

Glass-Steagall was an act of the US Congress, but it worked more like an act of God. It cleaved mankind in two. With it, in 1934, American lawmakers had stripped investment banking out from commercial banking. Investment bankers now underwrote securities, such as stocks and bonds. Commercial bankers, like Citibank, took deposits and made loans. The act, in effect, created the investment banking profession, the single most important event in the history of the world, or so I was led to believe. — Michael Lewis

Nothing brings home the fragility of the banking system or the potency of a financial crisis more vividly than writing about these issues from the eye of the storm. Watching the world's central bankers and finance officials grappling with the current situation - trying one thing after another to restore confidence, throwing everything they can at the problem, coping daily with unexpected and startling shifts in market sentiment - reinforces the lesson that there is no magic bullet or simple formula for dealing with financial panics. — Liaquat Ahamed

At the lowest level of the investment banking hierarchy are the analysts. To find this young talent, the I-banks send their manicured young bankers out to the Whartons, Harvards and Princetons of the world to roll out the red carpet for the top undergraduates and begin the process of destroying whatever noble ideals the youngsters have left. — John Rolfe

When the Federal Reserve Act was passed, the people of these United States did not perceive that a world banking system was being set up here. A super-state controlled by international bankers and international industrialists acting together to enslave the world for their own pleasure. Every effort has been made by the Fed to conceal its powers but the truth is - The Fed has usurped the government!! — Louis Thomas McFadden

The general culture of investment banking has deteriorated over the years. We did a $6 million deal years ago for Diversified Retailing and we were rigorously and intelligently screened. They bankers cared and wanted to protect their clients. The culture now is that anything that can be sold for a profit will be. 'Can you sell it?' is the moral test, and that's not an adequate test. — Charlie Munger