industry
is a service industry.
It should serve others before it serves
itself. two lawyers from the regulator going down to a bank... When they approach the bank ...they would see 1 9 SUVs outside the bank...they would see 1 9 SUVs outside the bank . You enter the bank... 19 lawyers sitting in front of you...and you have the 1 9 lawyers sitting in front of you, right ... to kill any argument you make. "That was Larry Summers" And she looked at me and said, ''That was Larry Summers.'' There were 13 bankers in his office
He had 1 3 bankers in his office.
He told
He conveyed it in a very bullying fashion in a very domineering tone...
it can be said to order her to stop
...sort of directing her to stop.
——————— ————————————————————————
2. The "smart" trader who worked at Merrill Lynch in the
1970s
...at Merrill Lynch in the 1 9 70s.
He evenings He had a job as
a train conductor at night... because he had three kids
on the trader's salary
...because he had three kids and couldn't support them...couldn't support
them
. ..on what a trader made. By 1 986, he was making millions of dollars...
and thought it was because he was smart. — ————————————————————— 3. The dispassionate onlooker (George Soros, chairman of Soros Fund Management) Why should there be big banks?
Why do you have big banks? Because banks like monopoly power, lobbying power.
Because banks know that when they're too big... they will be Custody ...they will be bailed. Markets are inherently unstable. Or at least potentially unstable. Tankers are an appropriate metaphor . An appropriate metaphor is the oil tankers. They are large . very big... so you have to put parts ...and therefore, you have to put in compartments... to prevent the sloshing around of oil...to prevent the sloshing around of oil ... ...from capsizing the boat. The design of the boat has to take that into account.
And after the Depression... the
regulations
actually introduced these very watertight compartments.And
deregulation
has led to the end of compartmentalization.
——————————————————————————————
4. Call the beast into a consultant "How much did you get for writing that report?"
Buddha Frederic Mishkin
, who returned to Columbia Business School
...
after leaving the Federal Reserve, reported on his disclosure report. ..his net worth was between $6 million and $1 7
million
...that his net worth was between $6 million and $1 7 million.
In 2006, you co-authored a study on the Icelandic financial system Report
ln 2006, you coauthored a study of lceland's financial system.
(Omitted)
- It is an advanced country... - Who told you?
-lt was an advanced country-- -Who told you that?
- What research did you do? - You will ask people
-What research did you do? -You talk to people.
Because you will trust the information you get
Because you go with the information you have.
- How much did you get for writing that report? - I took...
-How much were you paid to write it? -l was paid--
(Frederick Mishkin wrote this report)
(Take the Iceland Chamber of Commerce $124,000)
on your resume
On your CV, the title of this report has been changed... from 'Financial Stability in Iceland' to 'Financial Stability in
Iceland'
...from ''Financial Stability in lceland '' to ''Financial lnstability in lceland.''
I don't know that, maybe
a typo Well, l don't know. Whatever it is-- lf there's a typo, there's a typo.
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