Great interview on the Charlie Rose show – Floyd Norris from NYT. He points out this is a great time to be a bank - a lack of competition amid tighter underwriting means banks can dictate terms to even their best borrowers.
There was a great interview on the “Charlie Rose Show” of Floyd Norris from the New York Times last Friday. Basically he talks about how these are phenomenal times to be a Bank. He points out that a lack of competition amid tighter underwriting means banks can dictate terms to even their best borrowers. In addition, current Fed policy – rates near zero – is maintaining an incredibly pro-bank environment. This was just validated by the eye popping profit reports of the largest banks – like Goldman and Chase – and even the weak guys like Citi and BofA. Floyd says in the interview that he wishes he could become a Bank. The reality is that he and other people can be bankers right now on Prosper!
Here’s a clip from the June 17th show: