Day 1,310: red tape, vice
Investment banking combines the drawbacks of a regulated activity (capital requirements and red tape) with the vices of a speculative one (volatility and capture by employees).
Artwork of the day
The Supreme Vice
Felicien Rops
Date: 1883
Style: Symbolism
Genre: allegorical painting
Word of the day
red tape: official rules and processes that seem unnecessary and delay results
vice: a moral fault or weakness in someone's character; bad habit
Quote of the day
Red tape has killed more people than bullets...”
― Ben Bova, Millennium