Quotes of the month
We could build capital to the moon and we would not have to worry about an institution failing, but the economy would not be there”
Mark Carney, central bank governor of Canada and head of the FSB, understands the conflict inherent in regulating banks while boosting growth (see Finance’s new statesman)
"We work in partnership with the street. They don’t have the capital – our investors are the capital. The originate-to-distribute product push is no longer viable for them" Rich Prager, head of trading and liquidity strategies at BlackRock, on the challenges facing both banks and investors
(see The new liquidity trap)
"Three dozen workers came in and just pressed against me heavily. They wouldn’t leave until I threw out all the new weaving machines we had just brought in. In the end I agreed. I had no choice. I really needed the toilet"
Arun Lohia, managing director of Alliance Mills, on the problems facing Indian business in the 21st century
(see India's identity crisis)
"Bernanke is a very smart guy, one of the smartest, and they are lucky to have him at the helm of the Fed at this time. But the situation is very difficult"
Julio Velarde, governor of Peru’s central bank, does not envy the task facing his US counterpart
“Even if we have maximum penetration in the Philippines, we are still going to be a small market, and I think it is important that we are able to create an Asean class of financial instruments and an Asean capital market”
Cesar Purisima, finance secretary of the Philippines, on the need to create a deeper liquidity pool for southeast Asia (see Purisima drives down the road to reform)