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America had come to the rescue of Korea's "troubled banks". The auction of commercial bank assets was an obvious fraud.
--
The Recolonization of Korea, Chapter 22, p. 340

 

Michel Chossudovsky

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I find odd the view that a Government institution is better placed to evaluate "the technical and financial viability" of a project than a commercial bank. It may well be that our banks are deficient in the kind of expertize required for assessing projects but then what we should be doing is encouraging banks to acquire such expertize or to make use of outside, commercial, expertize. I do not believe in any case that a Government machine can provide a reliable judgement on such matters, an opinion the banking members of the committee appear to have shared, for they have prudently refused to commit themselves to accepting its advice. I myself tend to mistrust the judgement of anyone not involved in the actual process of risktaking.

 

John James Cowperthwaite

 

Excessive acreages of unused buildings, commercial and residential were created. The need for such construction, given the space demands of modern business bureaucracy, was believed to be without limit. In later consequence, the solvency of numerous banks, including that of some of the nation's largest and most prestigious institutions, was either fatally impaired or placed in doubt. The lending of both those that failed or were endangered and others was subject, by fear and example to curtailment. The construction industry was severely constrained and its workers left unemployed. A general recession ensued. Any early warning as to what was happening would have been exceptionally ill received, seen as yet another invasion of the benign rule of laissez faire and a specific interference with the market. However in keeping with the exceptions to this rule, there would be eventual salvation in a government bailout of the banks. Insurance of bank deposits — a far from slight contribution to contentment — was permissible, as well as assurance that were a bank large enough, it would not be allowed to fail. A preventive role by government was not allowed; eventual government rescue was highly acceptable.

 

John Kenneth Galbraith

 

I'm gonna try telling you this story. This happened on Tuesday. I was riding in a car with two dogs and my wife, and the wife said, "I need to stop at the bank," and I said, "Shit," or whatever the hell I said, because I don't like going to the bank, everybody knows that, I stay in the car with the dogs. My wife said, "I'll be back in 5 minutes," but there's no such thing as 5 minutes with this woman. And my dogs need to pee, and at our bank there's one piece of manicured lawn on the property, with two signs that both say "No Dogs", so I take my dogs over there. A guy comes out with a big scowl on his face and he says, "The sign says no dogs!" I'm like, "Well, the sign's wrong. It should say, 'two dogs'."

 

Ron White

 

"Recently we heard that a prominent parliamentarian converted government assets to his personal use. Very soon, we will hear of some prominent politicians evading tax deliberately. Very soon we will hear of people abusing their travel entitlements. We extend zero-tolerance to these kind of people and some years ago, we know that the former Prime Minister converted government funds to improve his own personal standing by renovating and upgrading his personal house. The member for Labasa Open went on a fishing trip at government expense ... This is fraud. I do not know want you want to call it, but it is fraud, using taxpayers' money for personal use."

 

Laisenia Qarase

 

I think people are very tired and angry of what happened with our banks in Scotland and I think this creates an opportunity in the future to build a new bank which is based on mutual principles. It's not going to be speculating in all kinds of strange derivatives and it's not going to be a bank that's going to be focused overseas, it will be a bank that's focused in Scotland - and really it's a peoples' bank.

 

Brian Souter