'You Guys and Your Ethics!': Comments of the Week
Published January 10, 2014 7:30 AM
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Updated January 9, 2014 3:54 PM
1 Min Read
American Banker readers share their views on the most pressing banking topics of the week. As excerpted from the Comments sections of AmericanBanker.com articles.
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On the title of bank analyst Dick Bove's new book defending large banks:
"'Guardians of Prosperity'
Really! Sorry, Bove, lost me at the title."
Related Article:
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On Bove arguing that the industry should be allowed to embrace risk:
"Bove is exactly right
Risk is not merely about reaping rewards, it is also about losing one's money if one makes a wrong decision or does a failed job of executing the project."
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On Bove arguing that the industry should be allowed to embrace risk:
"Taking on risk in order to reap the rewards is a fine practice, so long as the players are willing to accept the consequences when they fail."
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On Bove defending the large banks:
"You lose most of Main Street whenever the 'woe is the banker' theme is played."
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On JPMorgan Chase avoiding prosecution as part of its Madoff settlement:
"If this isn't the very definition of 'too big to fail' as well as 'too big to jail', I'm not sure how you would define it."
Related Article:
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On a report that poor data management blinded JPM to Madoff's fraud:
"Yeah, it was the data, man. I mean dig it
Make a pile of money now and ask questions later. What's the problem with that? Geez! You guys and your ethics."
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On Bitcoin skeptics:
"For those who are afraid the U.S. dollar is being devalued monthly by the Fed's expansion of the money supply, and yet they don't want to physically handle gold or silver
Bitcoin makes a good case for an accessible means to store value over time."
Related Article:
(Image: Bloomberg News)
On Sen. Sherrod Brown and others raising bias concerns over the Government Accountability Office's pending 'Too Big to Fail' report:
"So it is not about finding the true story after all but rather trying to get someone to validate your preset notions."
Related Article:
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On the Consumer Financial Protection Bureau possibly revisiting small bank exemptions to the qualified mortgage rule:
"Eventually, common sense should dictate that if community banks hold a mortgage in portfolio until maturity, thus keeping 100% skin in the game, it should be exempt from QM rules and litigation risk." (Pictured: CFPB Director Richard Cordray)
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On a call to change bankers' mind-sets:
"It will take some time to incorporate both a change management culture and a risk culture into the fabric of the businesses. Only those that do will survive this transformation."
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On data-driven decisions:
"As a late and somewhat hesitant convert to the value of Big Data, I now see its value in avoiding the undesired product pitch that annoys customers and gets poor results."
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On data-driven decisions:
"Big Data is the latest big buzzword that clueless managements are grasping at
Without personal follow-up and trust, big data will be no more successful in expanding your business than a direct mail campaign."
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On a proposal that banks ditch promotional pricing:
"Pricing for value is not a one size fits all proposition. Consider the approaches other industries take to pricing. Does everyone pay the same price for the same box of cereal in the same store on the same day?
Yes, you shouldn't rely upon promotional pricing as your key sales catalyst. But don't fall for the notion that "undifferentiated pricing" will deliver superior results."
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