Kumbaya Moment for Banks, CUs; Brown-Vitter as WMD: Week's Best Quotes

May 7, 2013 8:00 AM

The most notable quotes from American Banker stories of the previous week. Readers are encouraged to add their own observations in the Comments fields at the bottom of each slide.

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On President Obama's selection of Penny Pritzker as U.S. Commerce secretary, despite her role in the 2001 failure of Superior Bank:

"It's mind-boggling."

a former regulatory official, speaking on condition of anonymity

(Image: Bloomberg News)

On the threat the Brown-Vitter bill and other proposed regulations pose to investment banking revenue:

"Those are massive-destruction weapons."

Philippe Morel, a senior partner at the Boston Consulting Group

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On how the dispute between bank regulators over Basel III capital requirements is playing out:

"The FDIC has the Fed and the OCC over a barrel on Basel III."

Karen Shaw Petrou, managing partner at Federal Financial Analytics

On why he thinks a lot of community bankers would be willing to accept book value or less for their banks:

"They'd like to get out of this goofy business and move on, because as they all tell you, they're just really tired."

Ed Wehmer, CEO of Wintrust Financial (WTFC)

Related Article: Bank CEOs Gloomy About M&A Market

On why many banks are not worth buying:

"The value of some small banks is probably permanently impaired. Even when rates go up, a lot of the deposit bases are unattractive because they're CD-dominated and the asset side consists primarily of small CRE loans."

Mitchell Feiger, CEO of MB Financial

Related Article: Bank CEOs Gloomy About M&A Market

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On the big fall in BMO Harris' 2013 consumer-satisfaction score after it had trouble integrating M&I customers:

"Their scores went down dramatically, more than what we would have expected in a typical merger."

James Miller, senior director of banking at J.D. Power

On why strong fee income removes the temptation to make risky loans:

"It protects us from feeling the pressure to reach."

Mariner Kemper, chairman and CEO of UMB Financial (UMBF)

Related Article: UMB Turns 100, But Fees Keep It Spry

On why New York City Comptroller John Liu has demanded executive pay clawbacks at banks:

"We've seen how perverse incentives for short-term gains may encourage excessive risk-taking or questionable conduct."

John Liu, comptroller of New York City

(Image: Bloomberg News)

On why bank buyers should look closely at potential targets' executive-compensation arrangements:

"We've been nipped by some of these things, and we've been fortunate to discover some before we got nipped."

David Gaines, chief financial officer of Park Sterling (PSTB)

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On why community banks and credit unions should jointly oppose Consumer Financial Protection Bureau rules:

"We don't have a fight with our community banking brethren. We have a lot more common ground than people think."

Pamela Stevens, chief executive of Security One Federal Credit Union in Arlington, Texas

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Former Wells Fargo CEO Richard Kovacevich on speculation that he might consider a comeback elsewhere in the banking industry:

"My loyalties are with Wells Fargo It's like family, so I would never compete with them."

Dick Kovacevich, retired chairman and CEO of Wells Fargo (WFC)

Frank Bisignano on his departure from JPMorgan Chase (JPM), where he was co-chief operating officer, to become chief executive at First Data:

"It's a great day, I'm doing super. I love processing companies."

Frank Bisignano