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[G]ood bankers understand the shortcomings of accounting and know how to correct for them. - Henry Kaufman
" "[G]ood bankers understand the shortcomings of accounting and know how to correct for them.
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About Henry Kaufman
(born October 20, 1927) is President of Henry Kaufman & Company, Inc. and is known, by some critics of his economic analyses and prognostications, as "Dr. Doom." Kaufman worked in commercial banking and served as an economist at the . After the Federal Reserve, he spent 26 years with , where he was Managing Director, Member of the Executive Committee, and in charge of the Firm’s four research departments. He was also a Vice Chairman of the parent company, Salomon Inc. He also served as a director of Lehman Brothers Holdings Inc. and as chairman of the Lehman board's finance and risk committee.
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Additional quotes by Henry Kaufman
The federal made some efforts at regulation in 1900, by passing the Gold Standard Act, which allowed state banks to set up branches in small towns and ended the bimetalism debate by establishing gold as the only redeemable metal. Still, the vast majority of banks were local, single unit operations, and access to capital and credit... increasingly difficult as... business enterprises expanded rapidly.
[D]uring the ... the federal government took large strides to regulate corporate America. ...[T]he federal government managed to break up several trusts (including the , American Tobacco, and ) and to establish the Federal Trade Commission and the Federal Reserve.
In our time, business consolidation is evoking no similar reaction.
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