Quote of The Day

William K. Black quotes Jonathan Swift to explain the criminogenic origins of Ireland's banking crisis:

"The Lilliputians look upon fraud as a greater crime than theft. For, they allege, care and vigilance, with a very common understanding, can protect a man’s goods from thieves, but honestly hath no fence against superior cunning. . . where fraud is permitted or connived at, or hath no law to punish it, the honest dealer is always undone, and the knave gets the advantage." Jonathan Swift

As Black notes: 'Swift’s words should be etched on every building housing a financial regulator.' Do read the whole article.