Financial journalist Joris Luyendijk of the Guardian is ending his banking blog. As a farewell, he’s assembled the best quotes from his anonymous London sources.
Luyendijk says this quote from a regulator was the most frightening he’d ever heard:
“We rely upon self-declaration, upon what is presented to us by a bank’s internal management. But often they don’t know what’s going on, because banks today are so vast and hugely complex. I don’t think I have ever been deliberately lied to – though obviously I might not know about it. The real threat is not a bank’s management hiding things from us: it’s the management not knowing themselves what the risks are, either because nobody realises it or because some people are keeping it from their bosses.”
Read: Libor to stay under London’s control
The writer is leaving the Guardian to write a book.
For the rest of the quotes, including his top pick—and comments from a trader before and after he was fired—click here.
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