Inside Money Quotes

“But something changed in the 1980s, when Wall Street itself went from being a service industry - lucrative and powerful but still client centered and partner-oriented - to being an industry in its own right. Then, no longer tethered by the risk to their own money, these newly flush public companies, and many private ones that benefited from the efflorescence of money in the frothy public markets, started to think of themselves as product makers and profit centers in their own right. They started to expect excessive returns and outsized compensation, and they took on levels of risk that in time came to imperil the whole system because they were without fear of substantial personal loss.”
― Zachary Karabell, Inside Money: Brown Brothers Harriman and the American Way of Power

“Wars not only make nations; they make bankers.”
― Zachary Karabell, Inside Money: Brown Brothers Harriman and the American Way of Power