The Week's Best Quotes: JPM Cuts Staff, FHFA Vetoes Insurance Plan

March 5, 2013 2:31 PM

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 what led the Federal Housing Finance Agency to veto a plan aimed at saving taxpayers millions in force-placed insurance premiums:

"Incompetence or corruption. It's got to be one or the other."

- Robert Hunter, consumer advocate and former Texas insurance commissioner

(Image: Bloomberg News)

On banks' failure to provide data that would show whether the black and Hispanic communities hit hardest by the foreclosure crisis are getting the bulk of relief:

"If the banks are aboveboard, they should be proud of what they're doing. The mere fact that they're being secretive about this is proof positive that they are lying to us."

- Mark Seifert, executive director of Empowering and Strengthening Ohio's People, a Cleveland housing group

(Image: Bloomberg News)

On why Berkshire Hathaway is aiming to increase its stakes in Wells Fargo and American Express:

"Mae West had it right: 'Too much of a good thing can be wonderful.'"

- Warren Buffett, in a letter to shareholders

(Image: Bloomberg News)

On why JPMorgan's plans to cut staff and invest in technology will pay off in the future:

"My guess is four years from now we make a lot more money."

- JPMorgan Chase CEO Jamie Dimon

(Image: Bloomberg News)

On making the point that People's United Financial's boss is serious about cutting expenses:

"This is not a project or initiative -- this is our life's work,"

- John Barnes, CEO of People's United Financial

On the prospects of BancorpSouth-and Washington D.C.-finding ways to cut expenses:

"If we can find 2.5% [in cuts], I bet other people can, too. No political agenda here."

- Dan Rollins, CEO, BancorpSouth

On why bank buyers have become more willing to pay premiums:

"The benefits of getting larger have never been greater."

- Phil Weaver, a partner at PricewaterhouseCoopers

(Image: Thinkstock)

On why it would be hard for a U.S. bank to pursue a purchase of Citizens Financial Group:

"Public policy is discouraging big banks from getting bigger."

- Jeff Davis, managing director of the financial institutions group at Mercer Capital

(Image: Thinkstock)

On why Toronto-Dominion Bank does not plan to buy Citizens Financial:

"If we were to look at a larger deal it would need to fit the bank's strategy, timing and risk appetite... We do not believe that a transaction to acquire RBS's Citizens Bank is available that meets these criteria."

- Ed Clark, CEO of Toronto-Dominion Bank

(Image: Bloomberg News)