A Quote by Eric Schneiderman
You can't have some institutions that are protected by the law, not allowed to fail, and not held to account, and all the other companies in America are allowed to fail. You can't have equal justice under law and too big to fail.
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If you run a website that doesn't have something that's terrible on it, you are not trying hard enough. You have to fail, fail, fail. You have to fail and fail miserably many times.
If you or I fail at business, we fail. If we cheat and fail, we go to jail. But if you're rich and politically connected, your incompetence may be protected by a government bailout.
We have institutions that have been allowed to become too big to fail because we had all kinds of flaws in our financial infrastructure, in the whole way over-the-counter derivatives work.
Maybe we don't put our young people in situations often enough where they're allowed to fail. When you fail you gain experience, and with enough experience, you don't fail as often.
We talk about institutions that are too big to fail - I think the story is as much about people who think they are too big to fail.
The Greek debt issue, for example, is such a threat because if that country ever defaulted, it might cause some bank that's 'too big to fail' to actually fail.
There's no checklist of how democracies fail because they fail in different ways. Some of them fail because they break up and civil war breaks out... Often they fail because someone is elected to power who doesn't respect the rules of the democracy.
On matters beyond his ken a gentleman speaks with caution. If names are not right, words are misused. When words are misused, affairs go wrong. When affairs go wrong, courtesy and music droop, law and justice fail. And when law and justice fail them, a people can move neither hand nor foot. So a gentleman must be ready to put names in speech, to put words into deeds. A gentleman is nowise careless of words.
Forget about banks that are too big to fail; the focus should be on cities, municipalities and countries that are too big to fail.
We must limit the perception that some institutions are either too big or too interconnected to fail.
We're still under the weight of this impression that the ocean is too big to fail, that the planet is too big to fail.
Wall Street can never be allowed to threaten main street again. No bank can be too big to fail, no executive too powerful to jail.
The culture of Booking.com has been very good for me because it's a culture where you're allowed to fail. When you think about taking risks, if it's OK to fail, you actually do a lot more. And you learn a lot quicker.
I was fascinated by what happens when government institutions fail and citizens take the law into their own hands.
It is worth noting that 'too big to fail' is not simply about size. A big institution is 'too big' when there is an expectation that government will do whatever it takes to rescue that institution from failure, thus bestowing an effective risk premium subsidy. Reforms to end 'too big to fail' must address the causes of this expectation.
We pay just as dearly for our triumphs as we do for our defeats. Go ahead and fail. But fail with wit, fail with grace, fail with style. A mediocre failure is as insufferable as a mediocre success.
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