Andrew Ross Sorkin Quotes
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Why do we have financial crises? Why do banks lose money? If history is any guide, it hasn't often been the result of speculative bets. It has been the result of banks making loans to individuals and businesses who can't pay them back.
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The ethos on Wall Street has not changed, and that's not going to come from the corner office. That's going to come, for better or worse, from Washington, and the whole idea of greed is still good, that is still pervasive.
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Under the Foreign Corrupt Practices Act, a company is not allowed to provide a personal benefit to a decision maker in return for business. But hiring the sons and daughters of powerful executives and politicians is hardly just the province of banks doing business in China: it has been a time-tested practice here in the United States.
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Some billionaires like cars, yachts and private jets. Others like newspapers.
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As a child, I always enjoyed - my parents used to have these little cocktail parties - and I always loved trying to get the adults to tell me things they weren't supposed to say. And in many ways, that's what my job is today; it's getting people to tell me things that they probably are otherwise not supposed to say.
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I got my start in the 'New York Times' because I used to read Stuart Elliot, the advertising columns. I still do. And I read him so religiously, I wanted to work for him before I died.
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What keeps me up at night? Waking up to a scoop at another newspaper or on TV. I'm probably competitive, almost too much so. I will stay up till the Web sites at night roll over. And if they don't roll over, I'll stay up until it's done. I'll wake up at the crack of dawn, or in the middle of the night even, just to go and check and see.
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I have always looked at the world through the prism of money to some degree. If you could follow the money, it explains a lot of things, in all sorts of aspects of the world. You can look at politics through the prism of money. You can look at art through the prism of money. You can look at sports through the prism of money.
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My training really was at the 'New York Times,' you know. When I got there, I was literally supposed to stay there for five weeks, and I got lucky like nobody, you know, like nobody's business.
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I would say that my whole career is effectively trying to be a storyteller within the context of financial news.
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When you can't lend or trade - and you can't invest with the leverage that juiced returns to support seven- and eight-figure bonuses - how exactly are you going to make money?
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I started, actually, in journalism when I was - well. I started at the 'New York Times' when I was 18 years old, actually, but really got into journalism when I was 15 years old and had started a sports magazine which was trying to become a national sports magazine.
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In the age of activism that is clearly not going away, it would seem that some form of engagement from directors with shareholders - rather than directors simply taking their cues from management - would go a long way toward helping boards work on behalf of all shareholders rather just the most vocal.
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What if lawmakers never spoke to their constituents? Oddly enough, that's exactly how corporate America operates. Shareholders vote for directors, but the directors rarely, if ever, communicate with them.
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If I have a spare second, I usually catch up on the many magazines I'm behind on or watch the latest movies on demand that I usually missed at the theater. I love magazines. My top three: Graydon Carter's 'Vanity Fair', Adam Moss' 'New York magazine' and David Remnick's 'New Yorker.'
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Let's start with a basic question: Do we, as a country, want our most highly qualified employees from the private sector to pursue public service? The answer, I would imagine, should be yes.
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I think, with Hank Paulson, the concept of a bailout was anathema to him from day one. He was a Republican; he's a free marketeer. He believes in capitalism, and part of capitalism is believing in failure. And so the idea of bailing out an institution, I think, went against every part of him.
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What if the slowdown in merger activity isn't cyclical, but secular? What if corporations have learned the lessons of so many companies before them that the odds of a successful merger are no better than 50-50 and probably less? Is it possible that the biggest deals have already been done?
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No one suggested Lehman deserved to be saved. But the argument has been made that the crisis might have been less severe if it had been saved, because Lehman's failure created remarkable uncertainty in the market as investors became confused about the role of the government and whether it was picking winners and losers.
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The lesson of 2008 is that ultimately our markets are driven by confidence.
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Debt, we've learned, is the match that lights the fire of every crisis. Every crisis has its own set of villains - pick your favorite: bankers, regulators, central bankers, politicians, overzealous consumers, credit rating agencies - but all require one similar ingredient to create a true crisis: too much leverage.
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Bitcoin, in the short or even long term, may turn out be a good investment in the same way that anything that is rare can be considered valuable. Like baseball cards. Or a Picasso.
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Since JPMorgan Chase announced its surprise $2 billion-and-growing trading loss, there have been renewed calls from economists, pundits, and politicians to reinstate the Glass-Steagall Act, a Depression-era law that prevented commercial banks from participating in investment banking activities.
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Bringing back something akin to Glass-Steagall would clearly help limit risk in the system. And that's a very good and worthy goal. Letting banks sell securities and insurance products and services allowed them to grow too big too fast and fueled a culture that put profit and pay over prudence.