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Investment bankers and lawyers as hired guns

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  • Today, however, the decision by an investment bank to underwrite a security no longer represents a sincere institutional judgement that investors should hold a security but rather simply a judgment that investors could be convinced to hold it a price. Just as the failure of lawyers to fill their role as “officers of the court” rather than simply hired gunslingers has diminished our cultures respect for them and the legal system as a whole, the increasingly mercenary attitude of investment banks undermines confidence in the financial system.

  • — Investment bankers and lawyers as hired guns
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I never doubted not only that I would get out, but also that I would prevail in the end and turn the experience into the defining event of my life, which, in retrospect, I would not trade - Commenting on his 8 years as a prisoner of war in Vietnam, during which he was tortured over 20 times.

—James Stockdale
(1923-2005) American Naval Officer and Prisoner of War
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