Quotes About Money

Once handed the money, Paulson abandoned his promised strategy and instead essentially began giving away billions of dollars to Citigroup, Morgan Stanley, Goldman Sachs, and a few others unnaturally selected for survival.

The line between gambling and investing is artificial and thin. The soundest investment has the defining trait of a bet (you losing all of your money in hopes of making a bit more), and the wildest speculation has the salient characteristic of an investment (you might get your money back with interest).

How do you explain to an innocent citizen of the free world the importance of a credit default swap on a double-A tranche of a subprime-backed collateralized debt obligation? He tried, but his English in-laws just looked at him strangely. They understood that someone else had just lost a great deal of money and Ben had just made a great deal of money, but never got much past that. I can't really talk to them about it, he says. They're English.

Textbooks in economics, which explain the economic purpose of money (a unit of account, a store of value, and a means of exchange), usually neglect to mention the chief role of money in America: a source of entertainment.

This was only one of many recent changes along the capitalist food chain. Wall Street had gone from being the celebrities of the money culture to being its lackeys.

mortgage bonds, the industry was also fraught with moral hazard. "It was a fast-buck business," says Jacobs. "Any business where you can sell a product and make money without having to worry how the product performs is going to attract sleazy people.

The fact that it is such an opaque industry should be alarming," Brad said. "The fact that the people who make the most money want the least clarity possible—that should be alarming, too.

Aldinger, collected his $100 million, Eisman was on his way to becoming the financial market's first socialist. "When you're a conservative Republican, you never think people are making money by ripping other people off," he said. His mind was now fully

What happened was that everyone in Ireland had the idea that somewhere in Ireland there was a little wise old man who was in charge of the money, and this was the first time they'd ever seen this little man," says McCarthy. "And then they saw him and said, Who the fuck was that??? Is that the fucking guy who is in charge of the money??? That's when everyone panicked.

It was a measure of how much money people were making in the bond market that the magazine Institutional Investor was about to create a hot list of people who worked in it, called The 20 Rising Stars of Fixed Income. It was a measure of how much money people

What are the odds that people will make smart decisions about money if they don't need to make smart decisions—if they can get rich making dumb decisions? The incentives on Wall Street were all wrong; they're still all wrong.

When you're a conservative Republican, you never think people are making money by ripping other people off," he said. His mind was now fully open to the possibility. "I now realized there was an entire industry, called consumer finance, that basically existed to rip people off." Denied

He concluded that there was effectively no way for an accountant assigned to audit a giant Wall Street firm to figure out whether it was making money or losing money.

The big Wall Street firms, seemingly so shrewd and self-interested, had somehow become the dumb money.

The regulation side of things is, as a rule, less vulnerable to the short-term idiocy of a new administration than the money side of things.

At the end of the day, what do I think they are going to do?" she said. "Take all the money and give it to their banker friends. Do things like privatize water—so people in rural Florida will be paying seventy-five dollars a month for it instead of twenty dollars.

from senior management that my customer would not get scalped, then everyone could win. Salomon would make a lot of money. My customer would make a little money (which, for a customer, was grand). And I would be a hero. If there was a single lesson I took away from Salomon Brothers, it is that rarely do all parties win. The nature of the game is zero sum. A dollar out of my customer's pocket was a dollar

In people's perceptions of money, as surely as in their perception of light and sound and the weather and everything else under the sun, what mattered was not the absolute levels but changes. People making choices, especially choices between gambles for small sums of money, made them in terms of gains and losses; they weren't thinking about absolute levels.

Never mind that you weren't actually making money—there'd be time for that later, assuming someone eventually figured out how to make money from the Internet. For the moment you needed to plow all of your revenues back into growth. You had to show that you were the company not of the present but of the future.

If you want to know what these Wall Street firms are really worth, take a cold, hard look at these crappy assets they're holding with borrowed money, and imagine what they'd fetch in a fire sale.

to Clark's way of thinking, the big distinction wasn't between "work" and "play" but between "creating new technology for money" and "creating new technology for pleasure.

I didn't recognize but now know to be Liar's Poker.

The more money one has, the less he values each additional increment, or, equivalently, that the utility of any additional dollar diminishes with an increase in capital.

Fear and, to a lesser extent, greed are what make money move.