The FDIC’s Thomas Hoenig urged a revamp of global capital standards a year after Jamie Dimon called them anti-American. Risk ratings are flawed and simpler rules better, as BoE’s Andy Haldane says. But signs of resistance only stoke fears about the U.S. commitment to new rules.
Roughly a century ago, the American writer Ambrose Bierce compiled ”The Devil’s Dictionary”. In his celebrated lexicon, Bierce displayed a profound understanding of finance, which he defined as “the art or science of managing revenues and resources for the best advantage of the manager.” Below are several other of his definitions touching on the subject of money.