A Quote by Charlie Munger
Financial institutions make us nervous when they're trying to do well.
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The subprime disaster was a result of financial bombs - derivatives - exploding in financial institutions such as AIG and Lehman Brothers, as well as banks and financial institutions throughout the world.
Financial institutions are not being bailed out as a favor to them or their stockholders. In fact, stockholders have come out worse off after some bailouts. The real point is to avoid a major contraction of credit that could cause major downturns in output and employment, ruining millions of people, far beyond the financial institutions involved. If it was just a question of the financial institutions themselves, they could be left to sink or swim. But it is not.
FinCEN directs financial institutions to file suspicious activity reports (SARs) to inform law enforcement of certain types of cyber-enabled crime. As the agency charged with protecting the United States from financial crime, FinCEN's guidance does not deem financial institutions who process such transactions to be involved in a criminal activity.
Well, the U.S., of course, is the world's largest economy. It's about a quarter of the world's output. It's also home to many of the largest financial institutions and financial markets.
Apparently modern financial regulators are vastly more sophisticated than we were as financial regulators 25 years ago - because we had never figured out that the key to financial stability was leaving felons in charge of the largest financial institutions in the world.
Regulators around the world have achieved an unprecedented level of collaboration since the financial crisis to create global standards for financial institutions. American regulators have largely viewed these international standards as a floor, and imposed higher standards on U.S. institutions.
You talk more when you're nervous," he said, still standing close to her. "No i don't. That's absurd. I'm just trying to explain to you-" "Do i make you nervous?" "No. I'm not nervous." "You're trembling." "I'm cold. I'm wearing practically zero clothes." His glance went to her lips, then back to her eyes. "I noticed.
There is a simple way of avoiding excess risk-taking by the managers of our financial institutions. It is to make it a crime ... had a crime for reckless management of a financial institution been on the books, Northern Rock and RBS would not have blown up.
For market discipline to constrain risk effectively, financial institutions must be allowed to fail. Under optimal financial regulatory and financial system infrastructures, such a failure would not threaten the overall system.
To restore confidence in our markets and our financial institutions so they can fuel continued growth and prosperity, we must address the underlying problem. The federal government must implement a program to remove these illiquid assets that are weighing down our financial institutions and threatening our economy.
The crisis in Europe has affected the US economy by acting as a drag on our exports, weighing on business and consumer confidence and pressuring US financial markets and institutions.
I'm not trying to be diplomatic. I'm trying to be more nuanced and realistic. I think there has to be a serious examination of the shortcomings of the Euro structure. Euro central institutions, whether it be fiscal policy, monetary policy, financial regulation, are simply not as robust as they are in a currency that has a national government behind it.
So the misplaced assumption is that we have this whole new institutional element where these [financial] institutions are looking after their own financial interests before the financial interests of the principals, princi-pals whose interests they are really bound to observe first.
The Federal Reserve has a responsibility to ensure the safety and soundness of financial institutions and to contain systemic risks in financial markets.
You need in the long run for stability, for economic growth, for jobs, as well as for financial stability, global economic institutions that make sure that growth to be sustained has to be shared, and are built on the principle that the prosperity of this world is indivisible.
Just as the financial crisis has created toxic assets and 'zombie' financial institutions, so has it transformed conservatism into a movement of the living dead.
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