A Quote by Vikram Pandit
There's no question the crisis demonstrated that the bank system didn't work. And when you looked at the aftermath of the crisis, what needed to be done. You had to make sure banks got back to the basics of banking, and that they had to address the trust issue.
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We think it would be safer if the Bank of England had responsibility for solvency regulation of UK-based banks, as well as having an overall duty to keep the system solvent. Otherwise, there could be dangerous delays if a banking crisis did hit.
There has been a banking crisis, a financial crisis, an economic crisis, a social crisis, a geostrategic crisis and an environmental crisis. That's considerable in a country that's used to being protected.
The problem with the focus on speculators, as was demonstrated during the financial crisis, is that it tends to divert attention from the real villains. During the financial crisis, the villains were the actions of the banks, not the speculators betting on bank share prices.
So perhaps the most worrying single remark made by a responsible banking official during the current crisis came from Jochen Sanio, the head of Germany's banking regulator BaFin. He warned on Aug. 1 that his country could be facing the worst banking crisis since 1931 - a reference to the collapse of Austria's Kredit Anstalt, which provoked a wave of bank failures across Europe.
The Cyprus Financial Crisis was a devastating blow to Cypriots and halted their banking system. Banks closed for two weeks to prevent a banking panic. When they reopened, capital controls were placed on the people's money, and customers were met by armed guards at the branches.
Throughout the 19th century, when there was a laissez-faire mentality and insufficient regulation, you had one crisis after another. Each crisis brought about some reform. That is how central banking developed.
When my mother died, my father was in a crisis, my sister was in a crisis, everyone was in a crisis. I went round the night my mother was lying in the kitchen, and I organised everything, from the undertaker to the funeral... I looked after everybody, I sorted it all out and I've done so ever since.
When Cuba lost their fossil fuel pipeline when the Soviet Union collapsed in 1990. Overnight they had no choice, they had to transition to clean energy, they didn't have any fuel to burn, and they also had to transition to a healthy food system, an organic system - their economy is crashing, this was not a planned transition. This was a crisis, but a crisis nonetheless, in which pollution went away. And it's very instructive to see what happened to their health.
When my mother died, my father was in a crisis, my sister was in a crisis, everyone was in a crisis. I went round the night my mother was lying in the kitchen, and I organised everything, from the undertaker to the funeral... I looked after everybody, I sorted it all out and Ive done so ever since.
And the banks - hard to believe in a time when we're facing a banking crisis that many of the banks created - are still the most powerful lobby on Capitol Hill. And they frankly own the place.
Trust doesn't come haphazardly. It really has to be built over time. And that trust has to happen really at times when there isn't a crisis. That's why I think having regular meetings and conversation when there's no crisis, when you can build trust and a friendship and a relationship that allows for better dialogue and far more consequential deal-making can occur when a crisis does come up.
When we talk about the healthcare crisis in America we've got to also be talking about the dental crisis and how to address it.
The market, as we're all painfully aware in the aftermath of the banking crisis, can be an idiot. It has no perception of right or wrong, or even sensible or insane. It sees profit.
I've got to say our banking system is a safe and a sound one. And since the days when we've had federal deposit insurance in place, we haven't had a depositor who's got less than $100,000 in an account lose a penny. So the American people can be very, very confident about their accounts in our banking system.
This crisis started probably due to the freedom they gave to the banks. First President [Ronald] Reagan and then President [Bill] Clinton. So, for [Barack] Obama it is extremely difficult to change now, to find a way to organize this banking system [differently].
The financial crisis and the Great Recession demonstrated, in a dramatic and unmistakable manner, how extraordinarily vulnerable are the large share of American families with very few assets to fall back on. We have come far from the worst moments of the crisis, and the economy continues to improve.
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