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Off the record

Banker A: "Do you work in the communications department?"
Banker B: "No, I’m the CEO."
Banker A (laughing incredulously): "Yeah, right!"

Crossed wires at a Euromoney Awards drinks reception

"Most of my time was spent in meetings with 10 guys in expensive suits pontificating for hours about exactly how they were going to fuck the client"

A former PR official at an investment bank summarises his time in the industry

"It’s good that the rules are in place, but they’re going to have trouble enforcing them. There are limits on the abilities of us brokers to police the evil that investors do..."

A broker in Japan comments on the introduction of new regulations aimed at curbing short selling after a deal launches

"Why does the entire business/political press talk about default on the debt as a possibility? Am I missing something?"

A Washington policy consultant wonders if he forgot to read the small print

"After their involvement in the sub-prime crisis, the rating agencies are now taking on the federal government? These guys are either mad or have got some serious balls"

An observer is baffled by the approach of the rating agencies to the US budget crisis

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