A Quote by Alan Greenspan

I made a mistake in presuming that the self-interests of organisations, specifically banks and others, were such that they were best capable of protecting their own shareholders and their equity in the firms.

Alan Greenspan

Quote Topics

Banks Best Capable Equity I Made A Mistake Interests Made Made A Mistake Mistake Others Own Presuming Protecting Self Self-Interest Shareholders Specifically Were

Quote Author

Alan Greenspan
American - Economist
Born: March 6, 1926

We are in the midst of a once-in-a-century credit tsunami. Central banks and governments are being required to take unprecedented measures. Those of us who have looked to the self-interest of lending institutions to protect shareholders' equity are in a state of shocked disbelief.

Alan Greenspan

My old firm, Goldman Sachs - traditionally, the best banks are leveraged 8:1. When we had the financial crisis in 2008, the investment banks were leveraged 35:1. Those rules had specifically been changed by a guy named Hank Paulson. He was secretary of Treasury.

Steve Bannon

If we all hold on to the mistake, we can't see our own glory in the mirror because we have the mistake between our faces and the mirror; we can't see what we're capable of being. You can ask forgiveness of others, but in the end the real forgiveness is in one's own self.

Maya Angelou

Dodge v. Ford still stands for the legal principal that managers and directors have a legal duty to put the shareholders' interests above all others and no legal authority to serve any other interests - what has come to be known as "the best interests of the corporation" principal.

Joel Bakan

You know policy is driven purely in self interest. The Federal Reserve Bank and the commercial banks and the Wall Street banks are not acting in the interests of the population at large, they're acting purely in their own self-interest, which is a shame because they're actions dictate the reality for 300 million Americans. But they don't see it that way, they see it only as a way to preserve their own self-interest.

Max Keiser

Big banks have long had private equity divisions that put up capital for deals too complex or risky for individual shareholders to finance.

Alex Berenson

Self-confidence is not pride. Just the contrary: only a person or a nation that is self-confident, in the best sense of the word, is capable of listening to others, accepting them as equals, forgiving its enemies and regretting its own guilt.

Vaclav Havel

It is very likely that many firms spend more on advertising than, for their own best interests, they should.

Michael Schudson

I know that sounds so circular, but for you, what you were made to do, is different than what I was made to do. But instead of spending all of our time having Bible studies about what we were made to do, go do stuff and you'll figure out what you were made to do, because you'll be great at some things and you'll be terrible at others.

Bob Goff

The Germans made just about every bad investment you could have made in the last 10 years. They invested in Icelandic banks. They invested in Greek government bonds. They were heavy into Irish banks, big into Irish banks, and they bought U.S. subprime mortgage bonds.

Michael Lewis

Once we were a part of Equity, we were able to get a salary, and then because we were employing ourselves, we just made sure we were always working. We put in hours to get subscribers. We used to do little shows at rich peoples' houses to get them to give us money.

Glenne Headly

Under Bill Clinton's HUD Secretary Andrew Cuomo, Community Reinvestment Act regulators gave banks higher ratings for home loans made in 'credit-deprived' areas. Banks were effectively rewarded for throwing out sound underwriting standards and writing loans to those who were at high risk of defaulting.

Lawrence Kudlow

Before the 1970s, banks were banks. They did what banks were supposed to do in a state capitalist economy: they took unused funds from your bank account, for example, and transferred them to some potentially useful purpose like helping a family buy a home or send a kid to college.

Noam Chomsky

The securitisation of mortgages added a new dimension of systemic risk. Financial engineers claimed they were reducing risks through geographic diversification: in fact they were increasing them by creating an agency problem. The agents were more interested in maximising fee income than in protecting the interests of bondholders. That is the verity that was ignored by regulators and market participants alike.