Alexander Dielius Quote - Liberty Quotes Blog

"Banks do not have an obligation to promote the public good."

by:	Alexander Dielius CEO Germany, Austria, Eastern Europe Goldman Sachs
Source:	January 2010, Source: Wall Street Journal, May 2010
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Categories:	Banking, Society
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Reader comments about this quote:

Banks must comport themselves as good citizens, just as we all must do. It is crude and distasteful for them to take advantage of the unwary little old ladies who deposit in Savings Accounts and make do with the little interest earned by their savings. -- Bud Kremer, San Jose, CA
A private corporation should not have the obligation to promote public good. They should and are in the business of promoting their own private good. The problem arises when the government gives a monopoly on the creation of money to the private banks and legislates regulations that harm the public and help the bank. Because of that, the banks are shielded from the free market. The free market would automatically correct banks, when the public determined that these banks are not good stewards of their money, they take their money to a bank that is a good steward. The bad bank will go bankrupt. Because of FDIC insurance, bailouts, and bail-in legislation, banks do not have to worry about bankruptcy or making good sound business decisions. They now can make obscene short term profits on bad investments and when the bank eventually fails, the tax payer will make them solvent. -- Howard, Bangkok
What are banks obliged to do ? The occupying statist theocracy infesting this land obligates banks to be spy networks on individuals and businesses, as well as anti-sovereign rights in general. Banks are obligated to make debt accounts instead of handling lawful money - ultimately, that promotes anything but the individual or public good. -- Mike, Norwalk 1
Banks are SUPPOSED to be the trustees of the depositors. They are to guarantee the money placed in trust with them remains stored in the bank. If depositors wish to earn interest on their deposits, they take a risk since the bank will use their money to loan out to others. The banks are NOT supposed to loan money that they do not have, nor issue paper certificates for money that is not stored there. Once banks are allowed to issue notes representing 'money' for which there is no money, they are counterfeiting -- and once the 'laws' are written to permit them to do so, that ensures the end of fair trade and commerce and sets up a monopoly power in which ALL are indebted until the People seize the assets of the banks and end the counterfeiting. Such is the situation today. Words like 'trust,' 'securities,' 'credit,' have all but been twisted to mean their opposites under such a scheme. -- E Archer, NYC 1
-- jim k, Austin, Tx
Archer, said very well -- Mike, Norwalk
Bud, please describe the "public good" as would comply with your concept of a "good citizen". Was SVB (with a bank near you) promoting the public good in its financing theocratic Woke dogma - contrary to nature's fiscal laws? -- Mike, Norwalk

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