Other People's Money and How the Bankers Use It Quotes

“The power and the growth of power of our financial oligarchs comes from wielding the savings and quick capital of others.”
― Louis D. Brandeis, Other People's Money And How the Bankers Use It

“But sporadic evidence indicates how great are the possibilities of accumulation when one has the use of “other people’s money.”
― Louis D. Brandeis, Other People's Money And How the Bankers Use It

“When once a banker has entered the Board – whatever may have been the occasion – his grip proves tenacious and his influence usually supreme; for he controls the supply of new money.”
― Louis D. Brandeis, Other People's Money And How the Bankers Use It

“They became the directing power in the life insurance companies, and other corporate reservoirs of the people’s savings-the buyers of bonds and stocks. They became the directing power also in banks and trust companies-the depositaries of the quick capital of the country-the life blood of business, with which they and others carried on their operations. Thus four distinct functions, each essential to business, and each exercised, originally, by a distinct set of men, became united in the investment banker. It is to this union of business functions that the existence of the Money Trust is mainly due.[1]”
― Louis D. Brandeis, Other People's Money And How the Bankers Use It

“The statement of Mr. Justice Holmes of the Supreme Court of the United States, in the Oklahoma Bank case, is significant: “We cannot say that the public interests to which we have adverted, and others, are not sufficient to warrant the State in taking the whole business of banking under its control. On the contrary we are of opinion that it may go on from regulation to prohibition except upon such conditions as it may prescribe.”
― Louis D. Brandeis, Other People's Money And How the Bankers Use It

“Such affiliations tend as a cover and conduit for secret arrangements and understandings in restriction of competition through the agency of the banking house thus situated.”
― Louis D. Brandeis, Other People's Money And How the Bankers Use It

“But as the Pujo Committee finds “the so-called control of life insurance companies by policy-holders through mutualization is a farce” and “its only result is to keep in office a self-constituted, self-perpetuating management.”
― Louis D. Brandeis, Other People's Money And How the Bankers Use It

“The investment banker is naturally on the lookout for good bargains in bonds and stocks. Like other merchants he wants to buy his merchandise cheap. But when he becomes director of a corporation, he occupies a position which prevents the transaction by which he acquires its corporate securities from being properly called a bargain. Can there be real bargaining where the same man is on both sides of a trade?”
― Louis D. Brandeis, Other People's Money And How the Bankers Use It

“ Publicity is justly commended as a remedy for social and industrial diseases. Sunlight is said to be the best of disinfectants; electric light the most efficient policeman.”
― Louis D. Brandeis, Other People's Money And How the Bankers Use It