'Nothing Focuses the Attention Like a Hanging': Week's Best Quotes
November 27, 2013 8:29 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.
(Image: Fotolia)
On who's to blame for Fannie Mae's troubles:
"The 'GSE model' for the secondary mortgage market was not flawed. It was sabotaged."
Timothy Howard, former chief financial officer of Fannie Mae
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On why punishing senior execs at badly behaving banks would encourage reform:
"Nothing focuses the attention like a hanging."
Thomas Baxter Jr., general counsel of the Federal Reserve Bank of New York
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(Image: Thinkstock)
On the need for more ways to refinance student loans:
"It's kind of crazy that an employed law school graduate who's making $160,000 a year would be paying the same interest rate as a college freshman."
Derek Kaknes, chief executive of Prime Student Loan
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(Image: Thinkstock)
On the state of the M&A market:
"Buyer beware."
Richard Davis, chairman and chief executive of U.S. Bancorp (USB)
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(Image: Bloomberg News)
On how Bank of America's (BAC) purchase of Countrywide has taught him to be cautious in making deals:
"Remember what happened to us
One of the things that makes my job easier is that we can't acquire."
Brian Moynihan, CEO of Bank of America
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(Image: Bloomberg News)
On why banks have started to become numb to the growing regulatory burden:
"You can only get hit so many times until you don't feel it anymore."
Pam Perdue, chief compliance strategist at Continuity Control
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(Image: Thinkstock)
On how bank foreclose procedures have changed:
A police officer "grabbed [the borrower] by the shirt, pulled him out of the house and said, 'If you ever go back in there again, I'm going to throw you in jail for the rest of your life'
It took about 15 minutes, or maybe a half hour, and then we were in possession of the house. Today it takes... two years to foreclose on a home."
Jim Rohr, executive chairman of PNC Financial Services Group (PNC)
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(Image: Thinkstock)
On why bankers deserve better reputations:
"There's no industry that gives back to the community the way our industry does. It's not even close."
Rohr
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On working to resolve a Federal Deposit Insurance Corp. enforcement action early in his career:
"It was the best thing that could have happened to me. That's where I learned banking. I rolled my sleeves up and went to work."
John Allison, chairman of Home BancShares (HOMB) in Conway, Ark.
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On having had his phone number posted on the internet:
"I actually get many complaints directly to my cellphone - which I answer fairly often."
William Demchak, CEO of PNC Financial Services Group (PNC)
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On whether banks can restore their reputations after the financial crisis:
"People like me ... don't like Jamie Dimon."
Oliver Stone, film director
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(Image: Bloomberg News)
On concerns that a crackdown on payday loans could force lenders to cancel profitable products:
"We're perhaps going to have to be thrown under the bus."
Jim Blaine, president of State Employees' Credit Union
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On whether regulators will be able to finalize the Volcker rule by the White House's unofficial year-end deadline:
"Oh boy... I don't know that we'll get there by the end of the year."
Charles Plosser, president of the Philadelphia Fed
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(Image: Bloomberg News)
On the appropriate penalty for first-time violators of the Volcker Rule:
"The response should be, 'Don't do that again.' No penalty.
Barney Frank, former chairman of the House Financial Services Committee
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(Image: Bloomberg News)
