Joe Nocera on All Topics
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“The Pax Bloombergiana will endure a while longer. But then what? Will we have forgotten how to govern ourselves?”
“What other business knows that it will never have to face bankruptcy, no matter what?”
“No pay czar can do that. That’s something only shareholders can do.”
“There are plenty of experts who will tell you the worst is over, and I hope they’re right. But as Mr. Roth discovered in the 1930s, the experts can’t predict the future any better than the rest of us.”
“A consumer protection agency, on the other hand, wouldn’t have that dual mission; its sole goal would be to try to keep bank -- and nonbank -- customers from being gouged, deceived or otherwise taken advantage of.”
“Some people are born to be leaders. Hugh L. McColl Jr. is such a person.”
“Banks hate higher capital requirements because they depress profits. So they’ll have to make a choice: risky assets or lower capital requirements. They won’t be able to do both.”
“Lehman Brothers was simply in the wrong place at the wrong time. But for the sake of the financial system, it was also the luckiest thing that could have happened.”
“The mission of Skype, after all, is to shrink the world and bring people together.”
“A year after Lehman weekend, it’s time to begin limiting the need for the government to always ride to the rescue. It’s time to reduce moral hazard wherever possible.”
“Let’s hope [Mr. DiPascali will] start spilling the beans again -- and we’ll finally get to the bottom of the Madoff scandal.”
“Do we even still need the government to deliver the mail anymore? To me, the answer is obvious: no.”
“For the rest of us, though, the fact that the government is letting CIT sink or swim on its own, even though its prospects are dim, should be a note of optimism.”
“If the Bank of America-Merrill deal hadn’t gone through, Merrill Lynch would have been in a horrible position, akin to Lehman Brothers or the American International Group.”
“Many of Mr. Madoff’s investors were elderly Jews, who put their trust in “one of their own”