Wednesday, October 22, 2008

What Wall Street Learned from Willie Sutton

Willie Sutton was arguably America's most famous bank robber (until now, when execs of FNM, LEH, WM, MER and others have stunningly overshadowed his accomplishments). During his bank robbing career in the 1920s and 30s his estimated take was $ 2 million, even though he spent more than half his adult life in prison. When asked by a newsman why he robbed banks he reportedly said, "because that's where the money is". Although that anecdote was denied by Sutton in his autobiography, he did say the following:
"Why did I rob banks? Because I enjoyed it. I loved it. I was more alive when I was inside a bank, robbing it, than at any other time in my life. I enjoyed everything about it so much that one or two weeks later I'd be out looking for the next job. But to me the money was the chips, that's all." Go where the money is...and go there often."

Seeking Alpha recently profiled some of the better banks.
IMHO, worth a close look in these times when bankers are generally viewed as liars, scalawags and scum of the earth and when the shameless looting of depositor accounts and betrayal of investor's has become the norm not the exception.

No comments: