“It is no exaggeration to say that since the 1980s, much of the global financial sector has become criminalised, creating an industry culture that tolerates or even encourages systematic fraud. The behaviour that caused the mortgage bubble and financial crisis of 2008 was a natural outcome and continuation of this pattern, rather than some kind of economic accident.” KindCultureNaturalEconomicIndustryCreatingCrisisFinancialPatternsCorruptionAccidentsOutcomesFraudBubblesTolerateBehaviourScandalMortgageExaggerationSystematicFinancial CrisisContinuation Author:Charles Ferguson
“Yet another hedge fund manager explained Icelandic banking to me this way: you have a dog, and I have a cat. We agree that each is worth a billion dollars. You sell me the dog for a billion, and I sell you the cat for a billion. Now we are no longer pet owners but Icelandic banks, with a billion dollars in new assets.” WayDogCatAgreeSellsDollarsCorruptionBillionsManagersPetOwnersFundAssetsBankingScandalHedge Fund Author:Michael Lewis
“Surely I'm not the only person to ask the obvious question: How different, really, is Mr. Madoff's tale from the story of the investment industry as a whole?” PersonsDifferentWholeStoriesAsksIndustryInvestmentObviousCorruptionTalesScandalMadoff Author:Paul Krugman
“My aim was to make money for the bank. You lose track of the amounts involved when you are engaged in this kind of work.” KindLosesAmountInvolvedAimTrackCorruptionMaking MoneyEngagedScandal Author:Jerome Kerviel
“Corruption is a cancer that steals from the poor, eats away at governance and moral fibre and destroys trust.” PoorMoralCancerCorruptionStealingScandalGovernance Author:Robert Zoellick
“The business pages of American newspapers should not read like a scandal sheet.” ShouldPagesCorruptionNewspapersSheetsScandal Author:George W. Bush
“If there is anything material and we're not reporting it, we'll be breaking the law. We don't break the law.” IfsLawBreakMaterialsCorruptionScandalBreaking The Law Author:Kenneth Lay
“It's a proprietary strategy. I can't go into it in great detail.” I CanStrategyDetailsCorruptionScandal Author:Bernard Madoff