A Quote by Merton Miller
My research interests since then have shifted strongly towards the economic and regulatory problems of the financial services industry, and especially of the securities and options exchanges.
Related Quotes
When it comes to making laws that protect the public from the financial services industry, Congress has done a progressively worse job since the Pecora Commission hearings of the early 1930s, which led to Congress taking bold steps to regulate banking and securities firms in 1933 and 1934.
By any measure, CapitalSource outperformed both our direct competitors and the financial services industry in general, particularly in the context of the near collapse of the financial services industry where 19 of the 20 largest financial institutions in the country either failed or were bailed out by the government.
Digital currency attempts to disrupt the financial industry, and it's potentially threatening to the existing financial services industry, but it doesn't have to be that way.
When the banks grow to or when these financial institutions grow to such a size that they can't sustain themselves, or what have you, they have problems, economic problems, or financial problems, they shouldn't be able to look back to you and I, the taxpayer, to be bailed out.
To ensure financial stability, we expect the provision of U.S. government securities settlement services to be robust in nearly all contingencies.
Fundamentally, the solution to economic insecurity is economic prosperity - an achievable goal. But for anyone who has grown up without financial security, there's a shadow that lies over even those who move towards independence: lack of financial literacy.
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.
It is no exaggeration to say that since the 1980s, much of the global financial sector has become criminalised, creating an industry culture that tolerates or even encourages systematic fraud. The behaviour that caused the mortgage bubble and financial crisis of 2008 was a natural outcome and continuation of this pattern, rather than some kind of economic accident.
One of the big problems we had during the financial crisis was the intermingling of banks and holding companies and complex securities.
I have been an organizer and then activist and a legislator, all of that. But then there's this big gap after I advanced in Congress and ended up as the ranking member of financial services committee. It took me into the financial services issues and Wall Street and Dodd Frank. And it took me away from the things that I did years ago.
Make the financial industry pay for its mistakes. That's the idea behind the best of the Obama administration's reform proposals: If banks issue securities backed by mortgages, say, then require them to hold some of that paper so that they will bear some of the losses.
In some industries, we refer to risk taking as 'research and development.' At financial institutions, we often take risk by investing in securities.
My career in academic research has not been involved with active management of securities. I've tried to understand risk-and-return relationships; also the pricing of derivative securities.
I'm a huge proponent of exchanges, student exchanges, cultural exchanges, university exchanges. We talk a lot about public diplomacy, .. It's extremely important that we get our message out, but it's also the case that we should not have a monologue with other people. It has to be a conversation, and you can't do that without exchanges and openness.
If Harvard has a smaller endowment, they are less likely to build a building. And that hurts my construction industry, that hurts my financial services industry.
The financial services industry is a ward of the state.
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