A Quote by James P. Gorman
Banks should decide on dividend increases and share buybacks after receiving the results of stress tests, when they know how much capital regulators wish them to hold.
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I mean, everyone agrees with stress tests for banks. I mean that's clear. But banks should do that on their own. And they should worry about their own capital functioning. That's what they should do. It shouldn't be a government function.
There are a number of institutions globally where the Federal Reserve typically leads the U.S. effort to work with financial regulators from other countries, and we try to, to the extent possible, establish international standards for how - the amount of capital a bank should hold, for example, or how much.
I admit that one should never underestimate the capacity of banks to destroy enormous amounts of accumulated capital and reduce, temporarily, the supply. After all, capital is the accumulated savings of mankind. And banks are great masters in destroying enormous amounts of capital with great regularity.
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.
There are several things that can create an alpha - stock buybacks are one. High dividend yields are another, especially nowadays because the stock market yields more than the banks and the tenure treasury. But by and large, it tends to be companies with a strong cash flow, rising sales, accelerated earnings, a profit margin expansion.
If, for example, each of us had the same share of capital in the national total capital, then if the share of capital goes up it's not a problem, because you get as much as I do. The problem is that capital in capitalist countries is very heavily concentrated, especially financial capital. So then if the share of income from that source goes up, that actually exacerbates inequality.
We need the government to force the banks to write down all their bad assets now and then recapitalize themselves, preferably with private capital. Those banks that cannot raise sufficient capital should be seized and their deposits sold off.
The financial crisis was linked to the fact that banks had excessive leverage and too many risky assets. The solution is not to try to dictate to banks what they can do or not do, but to require them to strengthen their capital to absorb potential losses and hold less risky assets.
Jerusalem is the capital of Israel. Take that off the table. Tell both sides to come together and say, 'Okay, you decide how you want to split up Jerusalem. You decide if you're going to create boundaries or borders there.' And let them decide.
It is no wonder that bank capital is regulated. When borrowing and lending is profitable, it is tempting for banks to scale up their operations and to borrow and lend too much in relation to their capital, in effect reducing the effectiveness of the potential capital cushion.
Companies are returning a lot of money to shareholders through dividends and buybacks. And a lot of people say that's not a good use of capital. I think that's normal reallocation of capital.
This is the joint responsibility of everyone who was involved in the introduction of the euro without understanding the consequences. When the euro was introduced, the regulators allowed banks to buy unlimited amounts of government bonds without setting aside any equity capital. And the European Central Bank discounted all government bonds on equal terms. So commercial banks found it advantageous to accumulate the bonds of the weaker countries to earn a few extra basis points.
... so large a portion of those who hold much capital, instead of using their various advantages for the greatest good of those around them, employ the chief of them for mere selfish indulgences; thus inflicting as much mischief on themselves, as results to others from their culpable neglect. A great portion of the rich seem to be acting on the principle, that the more God bestows on them, the less are they under obligation to practise any self-denial, in fulfilling his benevolent plan of raising our race to intelligence and holiness.
No one thinks of the lab-testing experience as positive. It should be! One way to create that is to help people engage with the data once their physicians release it. You can't do that if you don't really understand why you're getting certain tests done and when you don't know what the results mean when you get them back.
How much I wish I could tell you, Dad
How much you mean to me....
But there are no words to say
How much I admire you...
appreciate you...
thank you for everything you've done.
love you
Actually, there are
I've just used them
How much I wish you
A happy, happy birthday Dad
But when I looked at a lot of the questions they had on them army tests, I just didn't know the answers. I don't even know how to start after finding the answers. That's all.
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