Financial Oversight Quotes

AIG’s failure was possible because of the sweeping deregulation of over-the-counter (OTC) derivatives, including credit default swaps, which effectively eliminated federal and state regulation of these products, including capital and margin requirements that would have lessened the likelihood of AIG’s failure. The OTC derivatives market’s lack of transparency and of effective price discovery exacerbated the collateral disputes of AIG and Goldman Sachs and similar disputes between other derivatives counterparties. AIG engaged in regulatory arbitrage by setting up a major business in this unregulated product, locating much of the business in London, and selecting a weak federal regulator, the Office of Thrift Supervision (OTS).

We need open, competitive, market economies... but at the same time with effective regulation and supervision.

To safeguard the people's money what we call red tape is tied around all government activity until the really efficient honest public servant has a somewhat difficult time, but we are still laboring under the theory that the majority of the world is dishonest.

No private enterprises should be allowed to think of itself as too big to fail. No taxpayer bailouts should allow executives or stockholders to relax.

Lots of entrepreneurs don't want to be hassled by a board of directors early on. The entrepreneurs want to control the company, don't want to be responsible to a board, or don't want to waste time communicating with board members. This is a classic error of thinking about the early stage board incorrectly.

As a former entrepreneur who left Main Street to help President Trump drain the swamp of corruption in Washington, I'm proud to spearhead the Payment Integrity Information Act of 2019 which will reduce billions of dollars of improper payments from the federal government.

The creation of a consumer agency, structured similarly to the Office of the Comptroller of the Currency, levels the playing field. It gives consumers a powerful advocate at the federal level.

Regulation is necessary, particularly in a sector, like the banking sector, which exposes countries and people to a risk.

Let me tell you about being executive producer. It is not a job, it's a title. Don't go around asking executive producers what they do because they don't do anything, alright?

The war to rein in Wall Street excess is never over.

Teachers, social workers, public lawyers who bring companies to justice, government accountants who try to make sure money is spent as it should be - all need at least four years of college.

The Fed's organization reflects a long-standing desire in American history to ensure that power over our nation's monetary policy and financial system is not concentrated in a few hands, whether in Washington or in high finance or in any single group or constituency.

If Mohammed bin Salman wants to deal properly with corruption, he must preserve two elements vital to the Saudi economy: trust in the state and the role of national companies.

People just want to hear some common sense... and I bring to bear the experience in local government and state government and national government - I was the first woman in history on the Senate Finance Committee - not to mention the diplomatic international experience.

I was, as president and chairman of the board, required by law to verify the veracity of the financial figures, the assets under management, the number of outstanding shares, et cetera.

The mode of founding a college is, commonly, to get up a subscription of dollars and cents, and then, following blindly the principles of a division of labor to its extreme,--a principle which should never be followed but with circumspection,--to call in a contractor who makes this a subject of speculation,... and for these oversights successive generations have to pay.

The work of the CSSF and Prosperity Fund is guided by the National Security Council. As chair of the National Security Council Sub-Committee that oversees both funds, I am working to ensure that they are accountable and measurable against their intended objectives.

To the senate belongs, in the first place, the sole care and management of the public money. For all returns that are brought into the treasury, as well as all the payments that are issued from it, are directed by their orders. Nor is it allowed to the quaestors to apply any part of the revenue to particular occasions as they arise, without a decree of the senate

My actual statement during the campaign was I want to be the sheriff of Wall Street, Albany and Main Street. I'm going to go after crime and corruption, wherever it is.

I don't let nobody sign for my money. Me and my wife write our own checks. So, if there's some money missing, we know how it got missing.

I'm the non-executive chairman of nine or so major companies, and on the nine companies, it's a little trying because you jump from one industry to another, as the case might be. But one had the reasonable knowledge of those nine activities, and it's been an exciting job.

What we're going to do is redouble our efforts on financial regulatory reform, because that has in it sensible things like say on pay, so at least the shareholders are minding the store, sensible things like saying, for heaven's sakes, compensation should be focused on - on long term, so that you don't have rewards for short-term risk-taking.

If the government has any courage, it will punish those at the top of failed banks. Accountability is critical in every area of human endeavour - there has to be a penalty for failure; otherwise, it's only a matter of time before the economic pain our banks have caused to so many innocent businesses and homeowners is forgotten.

Britain needs a tough, strong financial conduct regulator.

As quickly as you start spending Federal money in large amounts, it looks like free money.