Eric Schneiderman Quotes

The financial crisis is a stark reminder that transparency and disclosure are essential in today's marketplace.

I don't feel any pressure at all to go along with anybody. I feel pressure to do the right thing for U.S. markets and U.S. investors.

If you are an investor, I hope that you will stay with me for three, four, ten years. But if you ask me to make profits in ways that I have to change my allure, I won't do that. I won't lose my identity.

It should strengthen investors' confidence. This is done through transparency, high quality financial reports, and a standardized economic market. This is not just for China, but also for the world market as a whole.

The financial industry is a service industry. It should serve others before it serves itself.

Quite frankly, the financial community has to improve its image. The financial community has to be much more transparent than it is.

But my point is that you design something in the end that precludes any unhealthy trading practices that are not going to serve your environmental or your economic objectives but now is not the time to do it.

I don't like conflicts of interest; they should be eliminated or disclosed. I believe in transparency: that people have to really not just know but understand what they're buying and selling.

I mean, everyone agrees with stress tests for banks. I mean that's clear. But banks should do that on their own. And they should worry about their own capital functioning. That's what they should do. It shouldn't be a government function.

… clean up thoroughly unwholesome conditions in the field of investment. In this we have had assistance from many bankers and businessmen, most of whom recognize the past evils in the banking system, in the sale of securities, in the deliberate encouragement of stock gambling, in the sale of unsound mortgages and in many other ways in which the public lost billions of dollars. They saw that without changes in the policies and methods of investment there could be no recovery of public confidence in the security of savings.

I hope we’re on the road to more truth-telling to investors.

You cannot have fairness unless you have transparency…We don’t know that is going on inside those boxes … we could have a meltdown [in the entire economy].

Secrecy is for losers. For people who do not know how important the information really is.

We need to change how we run banks. We need to change the culture. If we get it right, we can have a huge impact.

The TMPG is the place where market participants recognize and address their responsibilities to each other.

I fully support accountability and transparency.

I support the Volcker rule, but there needs to be proper definitions around the Volcker rule so that banks can understand exactly what they can do and what they can't do, and that they can provide the necessary function of liquidity in customer markets.

Until you separate the speculative behaviour of the financial sector from the real economy and the financing of the real economy, then we are not going to see the kind of stability or the capacity to drive genuine, income-led growth as opposed to debt-fuelled, speculative behaviour.

A lot has been done to improve safety and soundness and confidence in financial markets and financial institutions, a lot of which was necessary.

It's important to recognize the vital role that the financial markets play in our economy and that so many of you are contributing to. To function effectively those markets and the men and women who shape them have to command trust and confidence, because we all rely on the market's transparency and integrity. So even if it may not be 100 percent true, if the perception is that somehow the game is rigged, that should be a problem for all of us, and we have to be willing to make that absolutely clear.

The SEC does way more good than harm - the last thing I would do is get rid of the SEC...if accounting were thoroughly fixed, a lot of other sins would go away. We're paying a huge price for deterioration of accounting.

When I received the Nobel Prize, the only big lump sum of money I have ever seen, I had to do something with it. The easiest way to drop this hot potato was to invest it, to buy shares. I knew that World War II was coming and I was afraid that if I had shares which rise in case of war, I would wish for war. So I asked my agent to buy shares which go down in the event of war. This he did. I lost my money and saved my soul.

Can you know you can have institutions that put curbs on that in various ways, and actually what the banks, you know, they have various capital ratios and that sort of thing, but the banks got around them, I mean, they set up sieves and that sort of thing just to get more leverage. People love leverage when it's working. I mean, it's so easy to borrow money from a guy at X and put it out at X.

We will only do with your money what we would do with our own.

Business has to have capital.I think Wall Street is a necessary ingredient of the global economy, you've just got to keep people realizing that helping clients is the most important thing, not helping yourself.