John Maynard Keynes

QUOTE OF THE DAY: Keynes on Bankers

In the financial industry, the imperative to minimize career risk produces herd behavior. As John Maynard Keynes… put it, “A sound banker, alas! is not one who foresees danger and avoids it, but one who, when he is ruined, is ruined in a conventional and orthodox way along with his fellows, so that no one can really blame him.”

Source: “Can Jeremy Grantham Profit From Ecological Mayhem?” (New York Times Sunday Magazine: August 11, 2011) by Carlo Rotella