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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 an… - 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.
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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 professor that had the most influence on me was Marcus Nadler. ...As a teacher he had a rare ability to break down complex subjects into more palatable and understandable points. ...[H]e had a great capacity to simplify, to turn abstract ideas into practical applications. ...His lectures helped shape my belief that financial institutions and markets must balance entrepreneurial drive with responsibility. And his fairness and openness to opposing points of view influenced me to conclude that no one school of economic thought has a monopoly on wisdom.
The credit approval process began with the analysis of balance sheets and profit and loss statements. For those who know how to unlock their secrets, these documents can contain hidden traps, as I soon discovered—and was later reminded by some of the more spectacular credit problems of recent decades. Balance sheets tend to overstate assets and understate liabilities. Inventories commonly are assigned a large cash value after they have become obsolete, while receivables that are ostensibly current are quite often in arrears. Inadequate reserves constitute yet another common weakness that is poorly reflected... A receivable is a current asset, but it could be a slow asset.
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