Top 10 Most Famous Steven A. Cohen Quotes (BEST)
“When you have the money – and ‘you’ are a big, economically and culturally vital nation – you get more than just a higher standard of living for your citizens. You get power and influence, and a much-enhanced ability to act out. When the money drains out, you can maintain the edge in living standards of your citizens for a considerable time (as long as others are willing to hold your growing debt and pile interest payments on top). But you lose power, especially the power to ignore others, quite quickly, though hopefully, in quiet, nonconfrontational ways. And you lose influence- the ability to have your wishes, ideas, and folkways willingly accepted, eagerly copied, and absorbed into daily life by others.”
Steven A. Cohen
“Finance was the leading industry to which government opened the growth gates, as it had done previously for manufacturing, railways, suburban housing, and advanced technology. Beginning seriously in the 1980s, government deliberately, piece by piece, dismantled the regulatory structure that had tamed finance into something of a utility. And as in the past, entrepreneurs rushed in and innovated. The lucrative innovations ranged from collateralized debt obligations (CDOs—called by Warren Buffett “financial weapons of mass destruction”) and the like, on through high-speed trading (to us, a robotized cousin of front-running).4 The increase of the weight of finance in America’s GDP came about not so much by increasing the numbers of those employed in the sector, but by increasing the take of those high up in the industry. During the 1970s, average pay in finance was roughly the same as in most other industries; by 2002, it was double.5 The legions of clerks and tellers remained poorly paid; the gain went to the top, most of it to the top of the top. By 2005, finance accounted for a full 40 percent of all corporate profits. And many of the very most lucrative parts of finance—hedge funds, private equity partnerships, venture partnerships—were not structured and therefore not counted as corporations. Along with the accountants and consultants, add to this profit-making machine the Wall Street law firms that are part and parcel of finance, although they do not count as finance, but rather as business services. Finance got considerably more than 40 percent.”
Steven A. Cohen
(MUST READ) Black Edge: Inside Information, Dirty Money, and the Quest to Bring Down the Most Wanted Man on Wall Street
Also read:
- 42 John Paulson Quotes on Success (INVESTMENT)
- 81 Adorable Father and Daughter Quotes (LOVE)
- Top 53 Sweetest Quotes on Memories (EMOTIONAL)
- Sweetest Quotes About Memories (Love & Friendship)
- Powerful Christian Quotes to Inspire Everyday Living
- Responsibility Quotes to Inspire You to Take Control
- Quotes to Inspire Success in Your Life & Business
- Best Quotes About Time for Better Time Management