Quotessence
Home / Topics / Financial Sector Quotes

Financial Sector Quotes

Browse 3 quotes about Financial Sector.

Financial Sector Quotes

“After long years tolerating tax evasion by their fellow members of the ruling class, the political leaders of the big Western economies had been forced by the cost of the bank bailouts, the subsequent recession and increasingly widespread hostility to cuts in public services to go after those missing tax revenues. Hence the Americans' pursuit of UBS, Credit Suisse, BSI and the rest. But the City was in a different position. It was not the UK Treasury that the City's clients were primarily cheating. It was everyone else's. And there was one more fact, so huge and so obvious that everyone ignored it the way only problems of such magnitude could be ignored. Tax evasion deprived governments of revenue. Money laundering was the other side of the same coin. Like tax dodging, it was a subversion of money's role as a token of reciprocal altruism that allowed large and diverse societies to function. But while tax evasion sucked money out, money laundering pumped money in. If you could stop yourself thinking about its origins, those inflows of dirty money from around the world were just another source of investment into otherwise declining economies.”

TaxesCorruptionTaxationOligarchyCity Of LondonKleptocracyMoney LaunderingTax EvasionFinancial SectorCredit Suisse
Book:Kleptopia How Dirty Money is Conquering the World & The Looting Machine By Tom Burgis 2 Books Collection Set
Create image

“In a way, one could argue that the whole financial sector is a scam of sorts, since it represents itself as largely about directing investments toward profitable opportunities in commerce and industry, when, in fact, it does very little of that. The overwhelming bulk of its profits comes from colluding with government to create, and then to trade and manipulate, various forms of debt. All I am really arguing in this book is that just as much of what the financial sector does is basically smoke and mirrors, so are most of the information-sector jobs that accompanied its rise as well.”

JobsInvestmentsBullshit JobsFinancial SectorInformation Sector
Book:Bullshit Jobs: A Theory
Create image