'The Wolf Pack Is Going to End Up Suing You': The Week's Best Quotes
July 23, 2013 8:20 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: Thinkstock)
On the pressure activist investors put on the managers of former mutual thrifts that convert to stock-owned institutions:
"The wolf pack is going to end up suing you and making your life miserable."
Doug Faucette, a lawyer at Locke Lord
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(Image: Thinkstock)
On why regulators have begun speaking more frankly about their difficulties writing rules under Dodd-Frank Act:
"If they were cautious about talking about that before, it was probably just because it wasn't so incredibly painfully obvious two years or arguably a year ago."
Douglas Elliott, a fellow at the Brookings Institution
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(Image: Thinkstock)
Tom Hoenig, vice chairman of the Federal Deposit Insurance Corp., on a bill in the Senate that would restore the Glass-Steagall Act's separation of commercial and investment banking:
"I'm supportive of it. It would be very healthy for the financial industry generally and very healthy for businesses."
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(Image: Michael Chu)
On initial skepticism about his investments in the debt of failed banks whose assets had been seized by the FDIC:
"People said, 'Look, the FDIC is never going to let you get this money.' We were buying things that we thought had a lot of value but the market was basically laughing at us."
Vik Ghei, founder of the hedge fund HoldCo Advisors
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On problems with banks' debt-collection practices:
"Just as we saw in the mortgage market, banks and other lenders are keeping shoddy records and giving them a seal of approval."
Senator Sherrod Brown (D-Ohio)
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(Image: Bloomberg News)
On how big banks are undercutting community banks on loan pricing:
"Right now, it's the little banks trying to hold their ground, particularly when you see some of the rates being offered."
Lynda Messick, chief executive of Community Bank Delaware
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On the pressure on banks' mortgage businesses as they scramble to adjust to rising interest rates:
"[Home] purchase volume
continues to gain momentum, though obviously not nearly enough to offset the expected refi decline."
William Rogers, CEO of SunTrust Banks (STI)
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On why he's not pushing for short-term cost savings that may end up lowering revenue in the long run:
"I don't want to be dollar-for-dollar and be shortsighted."
Richard Davis, Chairman and CEO of U.S. Bancorp (USB)
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(Image: Bloomberg News)
On how MB Financial's (MBFI) deal to buy Taylor Capital Group (TAYC) could bring about the long-awaited M&A boom in Chicago:
"It raises a lot of questions internally at the other Chicago banks in terms of their strategy and what they want to do."
Eugene Katz, a managing director at D.A. Davidson in Chicago
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(Image: Bloomberg News)
On Synovus' plan to exit the Troubled Asset Relief Program after years of struggling with problem assets:
"Our team is certainly not celebrating today. The team is energized and ready to . . . execute on the many strategies that we have laid out."
Kessel Stelling, chairman, Synovus Financial
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On how banks can engage customers over Facebook:
"Make it more about other people than [you]. Celebrate the good that people are doing in the community."
Susan Guess, senior vice president of marketing at Paducah Bank in Kentucky
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On why undertaking a large data-analytics project at a bank is like painting a bridge:
"You start from one end and when you get to the other end, you've got to start at the beginning again."
Deva Annamalai, vice president and product and marketing technology strategist at Zions Bank (ZION)
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