Comments of the Week: Warren Grills Regulators, Reddit Accepts Bitcoin, Payday Loan Terms
Published February 22, 2013 8:22 AM
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Updated February 22, 2013 8:25 AM
1 Min Read
On the GOP targeting Dodd-Frank in the budget battle:
"There is no doubt left in the aftermath of the 2008 financial crisis that politics will determine survivors."Related Article: GOP Likely to Target Dodd-Frank in Budget Battle (Image: Bloomberg News)
On Sen. Elizabeth Warren grilling regulators over a lack of banker prosecutions:
"It appears that an increasing number of people … are more interested in vengeance than rule of law."Related Article: Warren Takes Center Stage in Grilling Regulators on Bank Prosecutions (Image: Bloomberg News)
On Sen. Elizabeth Warren grilling regulators over a lack of banker prosecutions:
"The rule of law is the hallmark of a democracy. Why isn't the rule of law applicable to banksters?"Related Article: Warren Takes Center Stage in Grilling Regulators on Bank Prosecutions (Image: Fotolia)
On why the market values banks at less than book value:
"Warren and [Daniel] Tarullo agree it's because no one trusts them. Nice work, management. It only took a few years from the final dismantling of Glass-Steagall to wreck decades of work in building up public confidence."Related Article: Warren Takes Center Stage in Grilling Regulators on Bank Prosecutions (Image: Bloomberg News)
On JPMorgan Chase shareholders' desire for CEO Jamie Dimon to relinquish his chairman title:
"Separating the two functions would undoubtedly improve the bank's board access to information about what's really happening, rather than rely on just the information Mr. Dimon chooses to share."Related Article: JPM Chase Shareholders Want Dimon to Relinquish Chairman's Title (Image: Bloomberg News)
On Reddit's news site choosing to accept Bitcoin:
"The more people who get into this virtual currency, the more difficult it will be for traditional banks to continue ignoring it."Related Article: Reddit News Site Now Accepts Bitcoin
On the need for financial privacy:
"Without privacy, citizens are subject to the tyranny of government and that outcome results in no economy or marketplace."Related Article: A Dystopian Vision of Banking from the 'Mad Men' Era (Image: Fotolia)
On a vision of banking from the 1950s now described as 'dystopian':
"Orwell is dystopian... [This] vision of banking doesn't quite make that mark. On the other hand, the current model of banking has created a whole genre [of] distinctly dystopian non-fiction."Related Article: A Dystopian Vision of Banking from the 'Mad Men' Era (Image: Fotolia)
On a call to scrap payday loans:
"If we are choosing to dispose of the payday lending industry over a few controversies then Wall Street should be disposed of as well."Related Article: How Do You Reinvent the Payday Loan? Scrap It (Image: Bloomberg News)
On simplifying the terms associated with a payday loan:
"If someone has a problem understanding that a payday loan is an advance on their next payday, they're probably having problems with credit generally."Related Article: Forget Payday, It's Time to Reinvent All Lending Practices (Image: Fotolia)
On who would benefit from money market fund reform:
"Allowing the MMF industry to buy insurance only when their funds are underwater clearly harms taxpayers and is a lousy business model for this line of business at the FDIC."Related Article: Money Fund 'Reform' Will Drive Cash to Banks and Help No One (Image: Fotolia)
On the impact of loan vintages on a bank's risk profile:
"The year class of the assets greatly affects recovery. Those banks that want to raise capital or make acquisitions, or just survive, need to understand the ramifications."Related Article: What Banks Still Get Wrong About Capital (Image: Fotolia)
