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The viral power of online media has proven how fast creative ideas can be spread and adopted, using tools like cellphones, digital cameras, micro-credit, mobile banking, Facebook, and Twitter. A perfect example? The way the Green Movement in Iran caught fire thanks to social media.
Investment banking has, in recent years, resembled a casino, and the massive scale of gambling losses has dragged down traditional business and retail lending activities as banks try to rebuild their balance sheets. This was one aspect of modern financial liberalisation that had dire consequences.
Banking was conceived in iniquity and born in sin.
If you don't have a functioning financial system the world economy won't be revived. All the major economies have their responsibility to assist at a pace which is required to clean up the balance sheet of the banking system and to ensure that credit flows are resumed.
It is not by augmenting the capital of the country, but by rendering a greater part of that capital active and productive than would otherwise be so, that the most judicious operations of banking can increase the industry of the country.
We need to increase the transparency of shadow banking markets so that authorities can monitor for signs of excessive leverage and unstable maturity transformation outside regulated banks.
Investment banking is not a business; it is a personal service where bankers work hand in hand with their clients. And it is a service that must not simply be about making bigger and bigger deals that reap rewards for only a small group of executives.
There is no evidence that more regulation makes things better. The most highly regulated industry in America is commercial banking, and that didn't save those institutions from making terrible decisions.
John D. Rockefeller wanted to dominate oil, but Microsoft wants it all, you name it: cable, media, banking, car dealerships.
There's more honor in investment management than in investment banking.