Quotes of the month
"For the rest of the bank, we’re actually managing the businesses; with the problem assets we’re not really managing them at all, we’re just managing the accounting"
One European bank CEO explains his approach to a large portfolio of CDOs of ABS
(see Banks struggle to put their house in order ... before outsiders do it for them, Euromoney, September 2008)
"Banking is mainly about running good IT, managing risk across multiple businesses and correctly charging cost of carry and cost of capital to individual businesses. The previous management didn’t do any of these well"
One recently appointed CEO of a large firm gives his predecessor both barrels
(see CEO Roundtable - After the meltdown: Top bank CEOs explain their hopes and fears, Euromoney, September 2008)
"For developing countries with limited resources, we could probably do with a little less democracy"
Gary Teves, finance secretary of the Philippines, casts an envious glance at the authoritarian regimes of China and Vietnam
(see The Philippines: Teves faces up to taxing issues, Euromoney, September 2008)
"Initially I would recommend her to tackle a couple of easy-to-fix issues like send her husband on a six-month fully paid vacation – she needs to show the people she is in control and not him"
Marcelo Blanco, co-head of Latin America at Deutsche Bank, offers Argentina’s president some advice
(see Argentina faces up to a crisis, Euromoney, September 2008)
"We expect GDP in Albania to increase by about 6% this year. Government spending has been increasing, and there have been fewer power shortages thanks to favourable weather conditions"
Seyhan Pencapligil, CEO of Banka Kombetare Tregtare, shows there can also be economic advantages from global warming
(see CEE bank management: Top bankers try to stay bullish on emerging Europe, Euromoney, September 2008)