Carefully calculate the potential size of your market to make sure you can grow. Before starting Mint, I knew that there were about 20 million people who had purchased ‘Quicken’ or ‘Microsoft Money’ over the years, and 80 million people using online banking in the U.S. alone.
The Emergency Banking Act reached back in time to amend the Trading with the Enemy Act of 1917, which had originally been intended to criminalize economic intercourse between American citizens and declared enemies of the United States.
The banking collapse was caused, more than anything, by bad government policy and the total failure of bad regulation, rather than by greed.
Hollywood is a small, familial place. Everyone does business with everybody else. The same complications occur in investment banking.
Banks need to think through their ethics very carefully, and many have done so. I don’t know any bank that dismisses the concept of ethical banking.
The attitude of the people proves that not only do we want to, but that we can succeed in pulling our country out of the difficult position it finds itself in. The banking system of our country will survive and grow.
Anytime we wanted to do something, we found a way to do it through conventional banking means.
Out of the bitter experiences of the panic of 1819 emerged the beginnings of the Jacksonian movement, dedicated to hard money, the eradication of fractional reserve banking in general, and of the Bank of the United States in particular.
I thought that I would have a huge literary novel coming out when I was, like, 29. I quit my banking job, and I was halfway through my second novel – and I will never publish it, because it’s very mediocre.
Traditional consumer banking will come under extreme pressure as its central deposit-taking and lending functions are challenged by online savings vehicles, crowdfunding, and loan syndicating by such nontraditional competitors as insurance companies, pension and hedge funds.
We just haven’t had enough women in senior roles on Wall Street overall – fewer women in the investment banking function overall as well.
Divestment measures would improve overall banking sector health.
Estonians are much more used to Internet banking rather than an online credit card.
My fantasy is to break up the big banks. I wish we would end ‘too big to fail’ in our banking system.
You have safety and soundness as primary purpose of the Federal Reserve, the OCC, and the other agencies which control banking regulation.
Whether or not you have good consumer protection has a big effect on safety and soundness of the banking community, especially smaller banks.
The reform of state industry, and most directly related to that, the banking sector, is enormously daunting.
I liked the so-called Volcker Rule. I would have separated investment banking and commercial, deposit banking, as we did under the Glass-Steagal Act. I would have brought back Glass-Steagal.
Banking, as far as I can tell, seems to be almost as precise a science as using a slot machine. You either blindly hope for the best, delude yourself into thinking you’ve worked out a system, or open it up when no one’s looking and rig the settings so it’ll pay out illegally.
I saw a bank that said ’24 Hour Banking’, but I don’t have that much time.
I do believe that banks are special – they are very leveraged institutions by nature; therefore, it’s even more critical to ensure that the governance and the process of running a banking company are well-organised, managed and regulated.
Daniel Tarullo has more power of the U.S. banking system than anybody since Alexander Hamilton. That’s not an exaggeration, by the way.
When you work with web design companies in San Francisco, you end up with a bunch of twenty-somethings who have their own cultural peculiarities, including obscurity for its own sake. You give those guys a website for a banking institution and they screw it up, because they are designing for themselves.
Microcredit has shown how you can reach out to people that conventional banking cannot. It has demonstrated that it’s a doable proposition.
There’s definitely evidence that capitalism at its most ruthless rewards psychopathic behavior. When you look at the worst corners of the American health insurance industry or the sub-prime banking market, it really feels like the more psychopathically someone behaves, the more it’s rewarded.
Complexity and interconnectedness matter as much as size in assessing risk in banking.
Governments of all stripes want to deliver growth and rebalance their economies now that they have learned the hard way that, left to their own devices, markets pick expensive banking losers.
