Andrew Ross Sorkin Quotes
When you can't lend or trade - and you can't invest with the leverage that juiced returns to support seven- and eight-figure bonuses - how exactly are you going to make money?
Sorkin, Andrew Ross. The New York Times, The New York Times Company, 2012.
Although England had benefitted more from the industrial revolution than most nations, the English Aristocracy and its intelligencia saw business as inherently corrupt with minimal ethical standards and almost no transparency. See {629121} for a Christian religious version of this secular quotation.
Actually, even with higher capital requirements, the banks could take more risk but then they would have to risk their own money rather than their depositors’ funds. The depositors funds are at risk but if the risk pays off, only the bank and their executives profit. The depositors get nothing. If the bank loses their risky gamble, the major loss will be covered by the Government via a bail out and/or Federal Deposit Insurance money that protects most depositors. For the Banks, its “heads we win; tails the government loses”.
Andrew Ross Sorkin is an American journalist and author. He is a financial columnist for The New York Times and a co-anchor of CNBC's Squawk Box. He is also the founder and editor of DealBook, a financial news service published by The New York Times. He wrote the bestselling book Too Big to Fail and co-produced a movie adaptation of the book for HBO Films. He is also the co-creator for the Showtime series Billions.
