Background Image
Yet another hedge fund manager explained icelandic banking to me this way: you have a dog, and i have a cat. we agree that each is worth a billion dollars. you sell me the dog for a billion, and i sell you the cat for a billion. now we are no longer pet owners but icelandic banks, with a billion dollars in new assets.
-Michael Lewis
Please Wait....
Translating....

Yet Another Hedge Fund Manager Explained Icelandic

Michael Lewis
Yet another hedge fund manager explained icelandic banking to me this way: you have a dog, and i have a cat. we agree that each is worth a billion dollars. you sell me the dog for a billion, and i sell you the cat for a billion. now we are no longer pet owners but icelandic banks, with a billion dollars in new assets.
Views: 94957
Cite this Page
Prevent plagiarism by providing proper attribution.
APA FORMAT
Embed this Quote
Copy this HTML code to embed the quote on your website or blog.
HTML CODE
Topic
Dog Cat Pet

More From Michael Lewis

Oh cat, i'd say, or pray: be-ootiful cat! delicious cat! exquisite cat! satiny cat! cat like a soft owl, cat with paws like moths, jewelled cat, miraculous cat! cat, cat, cat, cat.
Cat Owl Paws
Banks don't want certain asset classes, and that's created opportunities for private equity, hedge funds, silicon valley. in this case i think he was referring to some of the european banks shedding assets, and the big buyers are probably not going to be big american banks. someone like blackstone may have a very good chance to buy those assets, leverage them, borrow up a little bit, and do something good there.
Opportunity Thinking Class
I passionately disagreed with treasury secretary hank paulson's plan to bail out the banks by using a public fund called the troubled asset relief program (tarp) to help banks take toxic assets off their balance sheets. i argued that it would be much better to put the money where the hole was and replenish the equity of the banks themselves.
Balance Toxic Relief
If a dog is biting a black man, the black man should kill the dog, whether the dog is a police dog or a hound dog or any kind of dog. if a dog is fixed on a black man when that black man is doing nothing but trying to take advantage of what the government says is supposed to be his, then that black man should kill that dog or any two-legged dog who sets the dog on him.
Dog Men Two
A manager sets objectives - a manager organizes - a manager motivates and communicates - a manager, by establishing yardsticks, measures - a manager develops people.
People Yardsticks Communicate
The germans made just about every bad investment you could have made in the last 10 years. they invested in icelandic banks. they invested in greek government bonds. they were heavy into irish banks, big into irish banks, and they bought u.s. subprime mortgage bonds.
Government Greek Mortgage
Similar Quotes
Life isn't fair, but government must be.
Government Fairs
If republican legislators succumb to their political addiction to compromise for the sake of getting something passed, no matter how odious, they'll be laying out the red carpet of inevitability for socialized care. once government gets its foot in the door, more government control is unavoidable.
Government Doors Feet
Should look forward to a time, and that not a distant one, when corruption in this, as in the country from which we derive our origin, will have seized the heads of government, and be spread by them through the body of the people; when they will purchase the voices of the people, and make them pay the price.
Country Pay The Price Government
Certainly all those who have framed written constitutions contemplate them as forming the fundamental and paramount law of the nation, and consequently the theory of every such government must be, that an act of the legislature, repugnant to the constitution, is void.
Government Law Void

Trending Author

Enrique Iglesias
Enrique Iglesias
Dennis Potter
Dennis Potter
C. Everett Koop
C. Everett Koop
Teresa Heinz
Teresa Heinz
Edna Ferber
Edna Ferber
Glenn Close
Glenn Close
Category
Information
Inspirational
Philosophy
Personal Growth
Happiness & Joy
Life Lessons
Success & Business
Motivation