Quote of the week

A fascinating insight into the world of serious money from one of its architects:

The wealth management business will not run out of business but will be impacted if it starts asking questions about whose money this is. (John Sfakianakis, chief economist at Banque Saudi Fransi, ‘Quote of the Week’ at www.WealthBriefing.com, on 17 June 2011)

Given the number of dictators, generals, ‘entrepreneurs’ and assorted hangers-on stashing away their country’s money in truly staggering amounts, much of it going straight into the coffers of the ‘wealth management business’, how different is this from a fence protesting that, if he started asking whose property he was so discretely buying, he’d be out of business in no time?

Of course, as I have argued elsewhere. this is simply the obverse of a world in which powerful people and perfectly serious intellectuals fantasize that the ruthless pursuit of self-interest is for the greater good.

More of RJ Robinson at http://richardjrobinson.blogspot.com/

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