A popular financial joke reveals something about the industry. An investment banker addresses his colleagues and says, “I’ve got good news and bad news. The bad news is that we’ve lost a ton of money. The good news is that none of it is ours.”
The joke was told by investor and author John C. Bogle in 2008 and was told on several financial blogs in 2015. Bogle called the story “perhaps apocryphal,” but wrote:
“This story provides yet one more reminder that, for the most part, what is good for the financial industry is bad for you.”
June 23, 2008 2:40 pm
Time for some Bogleisms
Ending the post with his wonderful story:
There’s a wonderful story about an investment banker addressing his colleagues: “the bad news is that we’ve lost an enormous amount of money. The good news is that none of its ours.”
True Measures of Money, Business, and Life
By John C. Bogle
Hoboken, NJ: John Wiley & Sons, Inc.
I’m reminded of a story, perhaps apocryphal. I recently read about an investment banker addressing his colleagues after the collapse in the mortgage-backed bond market. “I have good news and bad news. The bad news is that we lost a ton of money. The good news is that none of it was ours.” This story provides yet one more reminder that, for the most part, what is good for the financial industry is bad for you.
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By Money Morning, February 13, 2015, 02:15:04 PM EDT
There’s an old joke that’s made its way around financial circles over the years. It goes something like this:
An investment banker walks into a room where his cohorts are in a meeting. “I’ve got good news and bad news,” he announces. “The bad news is, we’ve just lost $100 million. The good news is, it wasn’t ours.” An associate raises his hand. “What was the bad news again?”
It’s humor, but there’s more than a grain of truth to the story. Whether we’re talking about brokers, bankers, or even your most trusted financial advisor, you cannot rely on anyone else to care about your money and keep it safe.
New York City • Banking/Finance/Insurance • Friday, February 13, 2015 • Permalink