A Quote by Stephen A. Schwarzman
When you lose control of risk at a financial institution, you do a variety of unfortunate credit extensions or purchases - and all of a sudden, you've blown up your business.
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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.
The minute a Wall Street firm purchases your debt, your bank no longer has it on its financial statement, which then allows the bank to look for more credit card customers. That's one reason why you get so many credit card offers.
A credit derivative, at its core, is actually a very simple concept... The simplest way to think of a credit derivative is it is analogous to insurance against the risk of a credit default by your counterparty, your business counterpart.
No one anticipates divorce when they're exchanging vows, and it can be devastating emotionally and financially. To ease the financial side of the blow, you need to maintain your financial identity in your relationship. That means having your own credit history - you need your own credit card - and your own savings and retirement accounts.
I think Britain can be one of the great success stories of the 21st century - we've got the talent, the drive, the connections around the world. But if we vote to Leave, then we lose control. We lose control of our economy, and if you lose control of your economy you lose control of everything. That's not a price worth paying.
Mastery over the body - its impulses, its needs, its size - is paramount; to lose control is to risk beauty, and to risk beauty is to risk desirability, and to risk desirability is to risk entitlement to sexuality and love and self-esteem.
The beauty of a financial institution is that there are a lot of ways to go to hell in a bucket. You can push credit too far, do a dumb acquisition, leverage yourself excessively - it's not just derivatives [that can bring about your downfall].
The banks, because of mismanagement, because of huge risk taking, are now in very vulnerable positions. We can expect that we're gonna have to do more to shore up the financial system. We also are gonna have to make sure that we set up financial regulations so that not only does this never happen again, but you start having some sort of - trust in how the credit markets work again.
You can't make good decisions that are going to be meaningful, productive, when you lose control, and you have to maintain mental control, emotional control and to be able to perform physically up to your own particular level of competency; you have to keep your emotions under control.
Being a Navy SEAL and sniper taught me all about risk management. Take away all the risk variables under your control and reduce it to an acceptable level. The same fundamentals apply in business.
Your ancestors fought for you to have a share in that institution over there. It's yours. See the school board, and every Friday night hold your meetings there. Have your wives clean it up Saturday morning for the children to enter Monday. Your organization is not a praying institution. It's a fighting institution. It's an educational institution along industrial lines. Pray for the dead and fight like hell for the living!
Even if a financial institution rejects an initial application by an individual using a synthetic identity, credit bureaus create a record from the transaction based on the fraudulent credentials. Consequently, the record can be used repeatedly by a fraudster to establish a fake identity used to commit financial and other types of fraud.
If a financial institution has business operations in the United States, hires people in the United States, if they are clogged with illiquid assets, they have the same impact on the American people as any other institution.
I say don't overreact; cool your jets. Focus on things that you can control: your business, your employees' welfare, your guests, and the quality of the product that you dish up. Do that, keep your chin down, pay attention to business, and the sun will come up tomorrow. That's the way I figure it.
Financial risk is always associated with drug discovery. But the benefit that a blockbuster drug can bring to the business can be phenomenal if you can take that risk.
Banks and credit agencies learn continuously about the purchases we make. This is convenient and diminishes the risk of theft. It also means that banks can know more about our lifestyle than our close relatives.
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