NY Times by JOE NOCERA: The Good BankerQuicklink submitted by Scott Baker Permalink
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|For nearly 30 years, Wilmers has run the M&T Bank, based in Buffalo. When he took it over, M&T had $2 billion in assets; today, its assets exceed $68 billion, and it's one of the most highly regarded regional bank holding companies. Wilmers's report, however, was less about the company's numbers than about the dismal state of his beloved profession. Wilmers, it turns out, is that rarest of birds: a banker willing to tell harsh truths about banking. That, for instance, much of the money the big banks earn comes from trading profits 'rather than the prudent extension of credit that furthers commerce.'|
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