A Quote by Lloyd Dorfman
When I started the business, only banks operated at airports, only banks issued travellers' cheques, only banks issued international payments, only banks serviced their own branch networks.
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A bank-issued digital asset can only really efficiently settle between the banks who issued it. I strongly believe banks need an independent digital asset to enable truly efficient settlement, and we believe XRP is best positioned for that role.
No business in the economy has the easy money that banks get to play with.... The existence of banks with single digit amounts of equity is a completely unhealthy existence -- that is not only a risk for the banks, but for all of us.
Payments banks can also act as business correspondents of other banks.
Between the banks of pain and pleasure the river of life flows. It is only when the mind refuses to flow with life, and gets stuck at the banks, that it becomes a problem.
Separating out banks and investment banks right now under Glass-Steagall would have very big implications to the liquidity and the capital markets and banks being able to perform necessary lending.
People with banking experience haven't all flocked to the biggest banks; community banks and regional banks, along with smaller trading houses and credit unions, have some very talented people.
What is the system? It revolves around the banks, the system is built on the power of the banks, so it can be destroyed through the banks.
Economically, ISIS is making money every day on the black market with their oil fields. But they are also putting money in banks. We know where those banks are. We should go after the banks and the facilitators using them.
The big issue is how much money can the government infuse for the capitalisation of the banks when we have quite a few private banks doing well. Does the government of India really require this number of public sector banks?
Financial institutions have been merging into a smaller number of very large banks. Almost all banks are interrelated. So the financial ecology is swelling into gigantic, incestuous, bureaucratic banks-when one fails, they all fall. We have moved from a diversified ecology of small banks, with varied lending policies, to a more homogeneous framework of firms that all resemble one another. True, we now have fewer failures, but when they occur... I shiver at the thought.
We [US government] have used our taxpayer dollars not only to subsidize these banks but also to subsidize the creditors of those banks and the equity holders in those banks. We could have talked about forcing those investors to take some serious hits on their risky dealings. The idea that taxpayer dollars go in first rather than last - after the equity has been used up - is shocking.
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.
Most banks tell their customers that they only pay a small upfront fee for international payments. But in reality, customers pay much more.
I'm all in favor of banks that play their part in community endeavors, private individuals looking for loans, people who want to start up a little business, and that's what banks are for.
We survived for hundreds of years under the old banking structure. You'd have clearing banks, then merchant banks doing the racy stuff, and then building societies where you'd join a waiting list for a mortgage. But then banks started buying stockbrokers, doing mortgages, and you ended up with these big banking groups doing everything.
The Central Bank should have a permanent window for discounting high quality securities where banks could go and discount these. It gives peace of mind to the banks. In the absence of this facility, what banks tend to do is to keep a liquidity cushion for emergency requirements. This is a very expensive way of managing liquidity.
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