Quotes of the month
"We’ve certainly seen some clients actively seeking out firms that have avoided the worst of the problems. I should say ‘there, but for the grace of God’... but the truth is, we’ve so far avoided massive write-downs and that’s allowed us to focus on our clients and their needs, and not have to be very focused on ourselves"
Lloyd Blankfein, chairman and CEO of Goldman Sachs (see The Franchise)
"They’re like the Borg, once you get absorbed in them... that’s it. You have hexagons in the blood for life"
A DCM banker in Hong Kong assesses the corporate culture at HSBC
"It’s like going to a party when a guest is taken ill – the music and drinking stops and you all hang around wondering whether you should close up and go home"
A CDO salesman gives his view of the ABS market post-Cannes
"That’s not a hedge, that’s just another position!"
A banker’s uncharitable view on Lehman Brothers’ risk management woes