The RBA's JP Morgan moment

The Reserve Bank of Australia's deputy governor has echoed the wise words of a Wall Street titan.

Eighty years ago, before the US Congress, JP Morgan Junior summed up what working in financial markets comes down to. Appearing before a Senate subcommittee in May 1933, the senior partner of the premier Wall Street firm at the time – and arguably still today – said he and his colleagues sought “only first class business, and that in a first class way”.

The Reserve Bank of Australia's deputy governor Philip Lowe reminded banks and funds who trade, underwrite and recommend securities to investors of this yesterday. Rules alone are never enough in financial markets, he said.


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