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Well, Botin, the boss of Santander, summarized his philosophy quite simply in 3 rules:


  1. if you don't fully understand a product, don't buy it
  2. if you wouldn't buy a product for yourself, don't sell it
  3. if you don't know your customers very well, don't lend them any money



In the long run, we're all dead. John Maynard Keynes
by Jerome a Paris (etg@eurotrib.com) on Thu Oct 9th, 2008 at 11:10:22 AM EST
[ Parent ]
Sounds like excellent rules.

Says something of how mad finance has become that he must even say those things.

Peak oil is not an energy crisis. It is a liquid fuel crisis.

by Starvid on Thu Oct 9th, 2008 at 11:21:45 AM EST
[ Parent ]
"Banking is about borrowing money from rich people, lending it to suitable counterparties and paying the original rich people as little as possible in return. A suitable counterparty is someone who can prove that he definitely doesn't need the money."

Paraphrased from Terry Pratchett

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Thu Oct 9th, 2008 at 07:20:21 PM EST
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