Firms Quotes & Sayings

Is it any surprise that the current center of coffee culture, the city of Seattle, home to the Starbucks coffeehouse chain, is also where some of the world's largest software and Internet firms are based? Coffee's association with innovation, reason, and networking - plus a dash of revolutionary fervor - has a long pedigree. — Tom Standage

The rating agencies, who were paid fat fees by Goldman Sachs and other Wall Street firms for each deal they rated, pronounced 80 percent of the new tower of debt triple-A. — Michael Lewis

Having worked at four separate Wall Street firms, having seen a variety of talent at those places, and having competed against Goldman as a banker, one thing you have to be struck by is the power of their recruiting. — William D. Cohan

Wall Street is at best ambivalent. The size of the accounts is nothing big. How many Wall Street firms do you know that are running after people with $5,000 accounts? — Robert Pozen

Brokerage firms don't sell customers stock so much as they sell those horrible mutual funds — Michael Steinhardt

Harvard and Yale concentrated with venture capitalists that got the best calls and brainpower. Very few firms made most of the money, and they made it in just a few periods. Everyone else returned between mediocre and lousy. When returns happened, envy rippled through institutional money management. The amount invested in venture capital went up 10 times post-1999. That later money was lost very quickly. It will happen again. I don't know anyone who successfully resists this stuff. It becomes a new orthodoxy. — Charlie Munger

So we should not be surprised when The Economist tells us that "in Beirut, Cairo, Dubai, Riyadh or even Gaza City, small technology firms are multiplying."18 We should not be surprised that in many Middle East cities women comprise 35 percent of Internet entrepreneurs, three times the global rate for such startups.19 We should not be surprised that in high-growth industries twice as many entrepreneurs are over fifty as are under twenty-five.20 Entrepreneurs are everywhere. Opportunities to nourish them are everywhere, too. — Steven R. Koltai

it refers to the study of the way nations, people and firms identify strategies and techniques that they can use to deal with the competing strategies and techniques carried out by the other parties they are dealing with. — Donald Buphet

Yes. Now I'm a partner for one of the biggest law firms in Dallas. — Megan D. Martin

From the end of 2005 until the middle of 2007, Wall Street firms created somewhere between $200 and $400 billion in subprime-backed CDOs: No — Michael Lewis

Businesses that fail to develop their staff are twice as likely to collapse. Firms seeking to reposition themselves for the economic upturn need to invest in their staff's flexibility, responsiveness and skills. — David Blunkett

History is replete with examples of tech firms that were marginalized by new companies and technologies. — Barry Ritholtz

To be successful in a knowledge economy firms need to create learning organizations. — Don Tapscott

A robust regional food system that benefits eaters and farmers cannot be achieved in a marketplace that is controlled, top to bottom, by a few firms and that rewards only scale, not innovation, quality, or sustainability. — Wenonah Hauter

We love a world in which the people in the white hats get rewarded and the people in the black hats pay the price. And that I have to say doesn't happen very often, particularly in a very complex economy. We're in a time of panic where people have lost trust in what the banks are doing, what the investment firms are doing - lost trust beyond a level of reasonableness, to be honest. And, it's got to be stopped. — Rebecca M. Blank

You don't have to work for Google, or any of the other firms encouraging staff to pursue personal projects on company time, to use slowness to unlock your creativity. Anyone can do it. Start by clearing space in your schedule for rest, daydreaming and serendipity. Take breaks away from your desk, especially when you get stuck on a problem. — Carl Honore

US academic institutions are being bought via funding by biotechnology firms which exert a vice-like grip on the US government. — Ignacio Chapela

After the meeting, RBC conducted a study, never released publicly, in which they found that more than two hundred SEC staffers since 2007 had left their government jobs to work for high-frequency trading firms or the firms that lobbied Washington — Michael Lewis

In the 1970s we saw a massive shift of household savings from the banks to the brokerage firms. — Ron Chernow

Union busting has become a major industry with more than a thousand consulting firms teaching companies how to prevent workers from organizing and how to get rid of existing unions. — Michael Parenti

We now have some years of very reliable polling by Western firms in the Islamic world, in multiple Islamic countries. And invariably, the question that asks, "Do you view U.S. foreign policy as an attack on Islam and Muslims?" is maxed out. Whether it's Jordan or Indonesia or Egypt, you get 80,85 percent of people saying "Yes." — Michael Scheuer

The field of U.S. cancer care is organized around a medical monopoly that ensures a continuous flow of money to the pharmaceutical companies, medical technology firms, research institutes, and government agencies such as the Food and Drug Administration (FDA) and the National Cancer Institute (NCI) and quasi-public organizations such as the American Cancer Society (ACS). — John Diamond

Many adult book authors supplement their income by teaching at the college level. Full-time professors fare well, but pay for adjunct professors is notoriously shabby. Children's book authors have a sweeter deal. We're invited by schools, libraries, law firms, and Fortune 500 companies to share our best writing tips and strategies. — Kate Klise

The big Wall Street firms, seemingly so shrewd and self-interested, had somehow become the dumb money. The people who ran them did not understand their own businesses, and their regulators obviously knew even less. — Michael Lewis

In truth, it's not the shareholders of the American International Group who benefited most from its bailout; they were mostly wiped out. The great beneficiaries have been the creditors and counterparties at the other end of A.I.G.'s derivatives deals - firms like Goldman Sachs, Merrill Lynch, Deutsche Bank, Societe Generale, Barclays and UBS. — Tyler Cowen

However, optimism is highly valued, socially and in the market; people and firms reward the providers of dangerously misleading information more than they reward truth tellers. One of the lessons of the financial crisis that led to the Great Recession is that there are periods in which competition, among experts and among organizations, creates powerful forces that favor a collective blindness to risk and uncertainty. — Daniel Kahneman

Open innovation is a paradigm that assumes that firms can and should use external ideas as well as internal ideas, and internal and external paths to market, as the firms look to advance their technology — Henry Chesbrough

The dirty little secret of what used to be known as Wall Street securities firms-Goldman Sachs, Morgan Stanley, Merrill Lynch, Lehman Brothers, and Bear Stearns-was that every one of them funded their business in this way to varying degress, and every one of them was always just twenty-four hours away from a funding crisis. The key to day-to-day survival was the skill with which Wall Street executives managed their firms' ongoing reputation in the marketplace ... — William D. Cohan

Over 17 years, I took on banks, landlords, real estate firms, local governments, anybody who treated anybody unfairly. — Tim Kaine

The key to branding, especially for smaller firms, is to focus on a limited number of issue areas and develop superb expertise in those areas. — Philip Kotler

In the 1990s, the ratio of buy to sell recommendations climbed to 100 to 1, particularly for brokerage firms with large investment banking businesses. — Burton G. Malkiel

Sometimes it is in the long-run interest of the business sector to restrict the freedom of individual firms so that they do not destroy the common pool of resources that all of them need, such as natural resources or the labour force. — Ha-Joon Chang

Anticompetitive practices hurt Chinese private firms nearly as much as foreign ones. — Henry Paulson

When they are in power, whether in statehouses, Congress, or the White House, Republicans are magnetically drawn to practice political overreach along with scorched-earth tactics, be it through vote suppression, the K Street Project to force lobbying firms to hire only Republicans, or outing a covert CIA agent in their own administration to settle political scores, as happened to Valerie Plame. When they are out of power they focus single-mindedly on seizing up the wheels of government to prove to the American people that government just doesn't work - at least, when the GOP is out of power. These take-no-prisoners tactics flow naturally from an embittered, Manichaean mind-set. This mentality has grave implications for the health of our constitutional system. — Anonymous

Destructive organizational habits can be found within hundreds of industries and at thousands of firms. And almost always, they are the products of thoughtlessness, of leaders who avoid thinking about the culture and so let it develop without guidance. There are no organizations without institutional habits. There are only places where they are deliberately designed, and places where they are created without forethought, so they often grow from rivalries or fear. — Charles Duhigg

How little our side of the industry did to move its business to the more ethical firms and to make a fuss about conflicted or unethical behavior. Had a number of us moved our business, we might have slowed or even stopped the 30-year slide in conflicted, unethical behavior that we have experienced. I, for one, regret the modest nature of our moves. We all could have done more. We have tolerated a pretty nasty decline in standards. Shame on us. — Jeremy Grantham

The superior performance of the original S&P 500 firms surprises most investors. But value investors (as described in Chapter 12) know that growth stocks often are priced too high, and excitement over their prospects often induces investors to pay too high a price. Profitable firms that do not catch investors' eyes are often underpriced. If investors reinvest the dividends of such firms, they are buying undervalued shares that will add significantly to their return. — Jeremy Siegel

Broadband firms want to manage more actively the data pulsing through their conduits - their — Anonymous

I think that argument is completely morally bankrupt, and I think people know that when they make it. There's a very big difference between having a sincere, passionate interest in a topic and being a paid shill ... Particularly for PR firms, it's something they should really very strongly avoid: ever touching an article. — Jimmy Wales

American firms are beginning to reproduce nonsustainable systems, to force the elite of India to become energy consumers of the kind that the U.S. has become. That's what globalization is about: Find markets where you can. — Vandana Shiva

The orders resting on BATS were typically just the 100-share minimum required for an order to be at the front of any price queue, as their only purpose was to tease information out of investors. The HFT firms posted these tiny orders on BATS - orders to buy or sell 100 shares of basically every stock traded in the U.S. market - not because they actually wanted to buy and sell the stocks but because they wanted to find out what investors wanted to buy and sell before they did it. BATS, unsurprisingly, had been created by high-frequency traders. — Michael Lewis

There's a lot of money with a lot of big law firms that have a tremendous amount at stake by getting the right language to convince the right jury that my client is either innocent or that the opposition is guilty. — Frank Luntz

The built environment is shaped not only by private sector development pratices, but also by the honored and fascinating field of planning. Planners in towns, counties, regional and state government, consulting firms and in economic development agencies translate ideas about human settlements into concrete designs. They can be generalists or specialize in transportation, urban centers, rural land use, economic development and more. At its best, the planning profession aims to mediate tensions between people, social groups, and the natural environment by creating an orderly process for determining common values, shared priorities and elegant principles for transcending conflicts. Therefore planners may find themselves caught in some of the most challenging political crossfire to be found. But they also have the opportunity to educate many sectors and communities. — Melissa Everett

Private equity does pay very well, and my counterparts, guys that I grew up with who are still working at a number of firms, all make a lot of money. — Gerry Schwartz

You have various institutions like law firms and accounting firms which bill by the hour. I'm really against that. You have an incentive to go slowly, be there as long as possible, to over-research things and over-staff. — Robert Pozen

Logograms pose a more difficult question. An increasing number of persons and institutions, from archy and mehitabel to PostScript and TrueType, come to the typographer in search of special treatment.In earlier days it was kings and deities whose agents demanded that their names be written in a larger size or set in a specially ornate typeface; not it is business firms and mass-market products demanding an extra helping of capitals, or a proprietary face, and poets pleading, by contrast, to be left entirely in the vernacular lower case. But type is visible speech, in which gods and men, saints and sinners, poets and business executives are treated fundamentally alike . Typographers, in keeping with the virtue of their trade, honor the stewardship of texts and implicitly oppose private ownership of words. — Robert Bringhurst

When I was a young man in the 1970s, tech firms were scattered across the developed world. Since then, America has come to dominate tech almost totally. — Kenneth Fisher

I think it's sort of an outrage that companies should have to hire firms to teach the college graduates they employ how to write. — Derek Bok

When German companies take over firms in India, it is seen as normal. When an Indian buys one or two firms in Germany, that is something special. — Tulsi Tanti

Now, it has been independently shown that people hate to lose something more than they enjoy gaining it. For example, they don't mind paying for something with a credit card even when told there is a discount for cash, but they hate paying the same amount if they are told there is a surcharge for using credit. As a result, people will often refuse to gamble for an expected profit (they turn down bets such as "Heads, you win $120; tails, you pay $100), but they will gamble to avoid an expected loss (such as "Heads, you no longer owe $120; tails, you now owe an additional $100"). (This kind of behavior drives economists crazy, but is avidly studied by investment firms hoping to turn it to their advantage.) The combination of people's loss aversion with the effects of framing explains the paradoxical result: the "gain" metaphor made the doctors risk-averse; the "loss" metaphor made them gamblers. — Steven Pinker

The Court is perhaps one of the last citadels of jealously preserved individualism. For the most part, we function as nine, small independent law firms. — Colin Powell

I love hiking in the mountains in Aspen. Breathing the clean, fresh air is great. Plus, it gives me a cardiovascular workout and firms my legs. — Chris Evert

Management innovation is going to be the most enduring source of competitive advantage. There will be lots of rewards for firms in the vanguard. — Gary Hamel

It is very likely that many firms spend more on advertising than, for their own best interests, they should. — Michael Schudson

Understanding capitalism is in some ways simple. At its best, capitalism rewards creators, makers and providers: the people and firms that create valuable things for others, like imaginative technologies and good food, cars and drugs. — Geoff Mulgan

Managers may think they control the flow of resources in their firms, in the end it is really customers and investors who dictate how money will be spent because companies with investment patterns that don't satisfy their customers and investors don't survive. — Clayton M Christensen

Hours are long. Wages are pitiful. But sweatshops are the symptom, not the cause, of shocking global poverty. Workers go there voluntarily, which means - hard as it is to believe - that whatever their alternatives are, they are worse. They stay there, too; turnover rates of multinational-owned factories are low, because conditions and pay, while bad, are better than those in factories run by local firms. And even a local company is likely to pay better than trying to earn money without a job: running an illegal street stall, working as a prostitute, or combing reeking landfills in cities like Manila to find recyclable goods. — Tim Harford

Daytime television, you can tell who's watching by the three kinds of commercials. Either it's clinics for drying out drunks. Or it's law firms who want to settle injury suits. Or it's schools offering mail-order vocational degrees to make you a bookkeeper. A private detective. Or a locksmith. If you're watching daytime television, this is your new demographic. You're a drunk. Or a cripple. Or an idiot. — Chuck Palahniuk

Remember, aid cannot achieve the end of poverty. Only homegrown development base on the dynamism of individuals and firms in free markets can do that. — William Easterly

The focus on context is growing. Leading firms such as Coca-Cola, Amazon, GE, IBM, Google, Hertz, Proctor & Gamble, Standard & Poor's, and AT&T have begun to use context to shape their offers. — Robert Docters

What's odd is that nobody in my family is an artist. My cousins are, like, secretaries at law firms or nurses or just more blue collar. And I was in a baseball team. I used to be, like, a really big tomboy. — Melonie Diaz

If you look at firms like General Electric or other large companies, they don't just do one thing; they do many different things to generate sources of revenue. — Jan Koum

Profitability, growth, and safeguards against existential risks are crucial to strengthening a company's long-term prospects. But if these three factors constitute a company's 'hard power,' firms also need 'soft power': public trust and acceptance, won by fulfilling a company's social responsibility. — Klaus Schwab

Generally speaking, they have as many stars as other firms, but they are low-key about it, because that's not the Goldman way, but their bench is a lot deeper. I think Goldman has as many A players, but more importantly they have fewer C players. And no firm, I have noticed, has the depth anywhere like that. — William D. Cohan

Possibly you are not aware of the fact that the largest sum given by any contributor to the fund is but a trifle when compared with the losses suffered by nearly all the firms in the cotton trade during the disastrous years of the American war. — John Bright

As homeowners see the value of their homes decline, they become more likely to delay purchases of the big items - like automobiles, electronics and home appliances - that are ballasts of the American economy. When those purchases decline, large manufacturing firms, suddenly short on funds, could begin laying off employees. — Charles Duhigg

Patent lawyers had only lately ascended to the aristocracy of the American bar. Trained not just as lawyers but as scientists or engineers, and working in small, specialized firms, they were at one time rudely dismissed by corporate lawyers as gearheads in green eyeshades, not good enough at science to be scientists, nor sufficiently talented at law to be real lawyers. Then came the intellectual property revolution of the 1990s, and these onetime outcasts found themselves ruling the last vibrant corner of the American economy. — Paul Goldstein

Well-functioning financial systems are important in achieving sustained economic growth. They play a crucial role in channeling household savings into the corporate sector and allocating investment funds among firms. — Toshihiko Fukui

It applies in any business. Shoemakers should be run by shoe guys, and software firms by software guys, and supermarkets by supermarket guys. With the advice and support of their bean counters, absolutely, but with the final word going to those who live and breathe the customer experience. Passion and drive for excellence will win over the computer-like, dispassionate, analysis-driven philosophy every time. — Bob Lutz

In a pure capitalist system, an institution as moronic and corrupt as Bank of America would be swiftly punished by the market - the executives would get to loot their own firms once, then they'd be looking for jobs again. — Matt Taibbi

VC firms are ... responsible for the full life cycle of a company: they find it, help it grow, open up a Rolodex, and sell it. — Bill Maris

It was the kind of upheaval, smack in the middle of adulthood, which was messy enough to make me consider, back then, the wisdom of early marriage. When we're young, after all, our lives are so much more pliant, can be joined without too much fuss. When we grow on our own, we take on responsibility, report to bosses, become bosses; we get our own bank accounts, acquire our own debts, sign our own leases. The infrastructure of our adulthood takes shape, connects to other lives; it firms up and gets less bendable. The prospect of breaking it all apart and rebuilding it elsewhere becomes a far more daunting project than it might have been had we just married someone at twenty-two, and done all that construction together. The — Rebecca Traister

While Wall Street firms typically underwrite offerings in teams, the lead underwriter, or manager, of the offering has primary responsibility for selling the offering and reaps much of the fees and profit. — Alex Berenson

It's not wise to limit firms' expansion projects. Let us only be limited by the market. — Ciputra

At the top of Charlie Ledley's list of concerns, after Cornwall Capital had laid its bets against subprime loans, was that the powers that be might step in at any time to prevent individual American subprime mortgage borrowers from failing. The powers that be never did that, of course. Instead they stepped in to prevent the failure of the big Wall Street firms that had contrived to bankrupt themselves by making a lot of dumb bets on subprime borrowers. After — Michael Lewis

There is evidence that young men in the big law firms, although they still work harder than most of their clients, do not glory in putting in night work and weekend hours as they once did. — David Riesman

It would be a very accurate historian who could pinpoint the precise day when the Japanese changed from being fiendish automatons who copied everything from the West, to becoming skilled and cunning engineers who would leave the West standing. But the Wasabi had been designed on that one confused day, and combined the traditional bad points of most Western cars with a host of innovative disasters the avoidance of which had made firms like Honda and Toyota what they were today. Newt — Terry Pratchett

Snohetta promotes a more democratic workplace atmosphere than most other architectural offices. This may merely reflect prevalent employment practices in Scandinavia, but Snohetta places a stronger emphasis on group participation in the design process than typical high-style firms. — Martin Filler

Chicago at the time owned a lake the size of a sea, several advertising firms, at least six tribes of marauding criminals, healthy herds of sailors grazing free, the first Ferris wheel in all the world, and more wind than it could care for. — Catherynne M Valente

I was lucky enough to build on the work of a number of people who had already run laps around this theory-building track. The original classification scheme, years ago, distinguished radical from incremental change. The theory said that established firms managed incremental change well, but would be expected to founder when their industry encountered a radical change. — Clayton Christensen

Silicon Valley has evolved a critical mass of engineers and venture capitalists and all the support structure - the law firms, the real estate, all that - that are all actually geared toward being accepting of startups. — Elon Musk

As research on willpower has become a hot topic in scientific journals and newspaper articles, it has started to trickle into corporate America. Firms such as Starbucks - and the Gap, Walmart, restaurants, or any other business that relies on entry-level workers - all face a common problem: No matter how much their employees want to do a great job, many will fail because they lack self-discipline. They show up late. They snap at rude customers. They get distracted or drawn into workplace dramas. They quit for no reason. — Charles Duhigg

Authority never matches responsibility. That's one of the great myths and delusions of all times. Winning managers and individual performers at all levels know that effectiveness means building your own network and creating your own authority. Those who succeed always reach far beyond formal deputation, take initiatives, and take the heat when things go awry. That's true in the military in times of war, true for 200 person manufacturing firms, and true at giant automakers or software companies. — Tom Peters

(P162) The great blessing of private property, then, is that people can benefit from their own industry and insulate themselves from the negative effects of others' actions. It is like a set of invisible mirrors that surround individuals, households or firms, reflecting back on them the consequences of their acts. The industrious will reap the benefits of their industry, the frugal the consequences of their frugality; the improvidant and the profligate likewise. They receive their due, which is to say they experience justice as a matter of routine. Private property institutionalises justice. This is its great virtue, perhaps dwarfing all others. We may say with the economists that private property "internalizes the externalities," or with the philosophers that it gives rise to "social justice. — Tom Bethell

Private-sector firms are increasingly active in the prison industry and they and the militantly unionized correctional officers, almost all unskilled labor, constantly lead public demands for more criminal statutes and more draconian penalties. — Conrad Black

Countries with high levels of atheism are also the most charitable both in terms of the percentage of their wealth they devote to social welfare programs and the percentage they give in aid to the developing world. The dubious link between Christian literalism and Christian values is belied by other indices of social equality. Consider the ratio of salaries paid to top-tier CEOs and those paid to the same firms' average employees: in Britain it is 24:1; in France, 15:1; in Sweden, 13:1; in the United States, where 80 percent of the population expects to be called before God on Judgment Day, it is 475:1. Many a camel, it would seem, expects to pass easily through the eye of a needle. — Sam Harris

It is not acceptable for customers in one member state to pay the price for a company to become a bigger player in other member states. The ruling shows that in these cases it is essential that companies propose adequate remedies in order to guarantee sufficient competition from other firms. — Neelie Kroes

I am pleased to be part of Promontory's steady efforts to assist banks and other financial firms in meeting legal and regulatory obligations and challenges. — Laurence D. Fink

This problem," Rick said, "stems entirely from your method of operation, Mr. Rosen. Nobody forced your organization to evolve the production of humanoid robots to a point where - "
"We produced what the colonists wanted," Eldon Rosen said. "We followed the time-honored principle underlying every commercial venture. If our firm hadn't made these progressively more human types, other firms in the field would have. We knew the risk we were taking when we developed the Nexus-6 brain unit. But your Voigt-Kampff test was a failure before we released that type of android. If you had failed to classify a Nexus-6 android as an android, if you had checked it out as human - but that's not what happened." His voice had become hard and bitingly penetrating. "Your police department - others as well - may have retired, very probably have retired, authentic humans with underdeveloped empathic ability, such as my innocent niece here. Your position, Mr. Deckard, is extremely bad morally. Ours isn't. — Philip K. Dick

We must sober up and admit that too many of the Republicans and the Democrats have played us, lied to us and stolen from us, while the getaway car was driven by the media. A media that can no longer claim with a straight face the role of journalist. Journalists print the things the powerful don't want printed. What they do is public relations. Those PR firms will not print the truth about the average American who finds himself concerned with the direction of our country today. So we must. We are not violent. We are not racist. We are not anti immigrant. We are not anti-government. And we will not be silent anymore. — Glenn Beck

Dying venture firms are like the walking dead. They can have years of staggering around with stakes in still active portfolio companies, hoping they're still holding a lottery ticket that could put them back in the game. If not, they just slowly wind down. — Sarah Lacy

Economics itself offers a parallel that explains why this integration affects creativity. Clay Christensen has written about the "Innovator's Dilemma": the fact that large traditional firms find it rational to ignore new, breakthrough technologies that compete with their core business. The same analysis could help explain why large, traditional media companies will undermine our tradition of free culture. The property right that is copyright is no longer the balanced right that it was, or was intended to be. The property right that is copyright has become unbalanced, tilted toward an extreme. The opportunity to create and transform becomes weakened in a world in which creation requires permission and creativity must check with a lawyer. — Lawrence Lessig

In response to the drop in wealth suffered as a consequence of the 2008 financial crisis, homeowners and firms did attempt to increase savings in financial assets by reducing expenditure on durables. — Dale T. Mortensen

Derivative trading with mark-to-market accounting degenerates into mark-to-model. Two firms make a big derivative trade and the accountants on both sides show a large profit from the same trade. — Charlie Munger

The economy is turning, and credit comes in with a lag, .. To the extent that a number of small firms are finding it difficult to get the credit they need at a price they can afford, that's likely to change for the better. — Alan Greenspan

In software and many other online markets, even dominant firms face potential threats because of the low costs for competitors to enter those markets. Threats more easily emerge because of better or newer technologies leapfrogging older ones. — Marvin Ammori

A dominant firm may launch new products in direct competition with any competitor that tries to fill in gaps in the market. These new products may trade on the high esteem in which clients hold the dominant firm or may simply dilute the profitability of new products for smaller firms, leading them to withdraw from the market. — Craig S. Fleisher

It is clear as you look at the team why Data Point Capital has so quickly become one of the premier venture capital firms. I look forward to adding to the firm's very bright future. — Colin Angle

Privatization, of course, is based on yet another myth: that government-run programs must be inefficient, and privatization accordingly must be better. In fact, as we noted in chapter 6, the transaction costs of Social Security and Medicare are much, much lower than those of private-sector firms providing comparable services. This should not come as a surprise. The objective of the private sector is to make profits - for private companies, transactions costs are a good thing; the difference between what they take in and what they pay out is what they want to maximize.31 — Joseph E. Stiglitz

We find that firms with award-winning CEOs subsequently underperform, in terms both of stock and of operating performance. At the same time, CEO compensation increases, CEOs spend more time on activities outside the company such as writing books and sitting on outside boards, and they are more likely to engage in earnings management. — Daniel Kahneman