YouSaid · the spoken record

David Enrich

lines on the record: 99
first: 2018-03-29
most recent: 2018-03-29
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“I wish someone had told me that everyone is going to try and make it seem much more complicated than it really is. But when you boil down to the essence, it's pretty understandable for someone with a brain.”
2018-03-29 · Masters in Business · David Enrich Discusses the Libor Scandal · IDENTIFIED FROM THE TRANSCRIPT · source
“Develop a skill that sets you apart, whether that is being really good at getting people to talk to you or being really good at writing or learning some element of computer programming or developing expertise in audio or video stuff. Don't go the route of just aiming to be at the Wall Street Journal or the New York Times. Go develop some specialization.”
2018-03-29 · Masters in Business · David Enrich Discusses the Libor Scandal · IDENTIFIED FROM THE TRANSCRIPT · source
“I have two little kids, so I play with them. I take them outside. I read a lot, listen to music, go on vacation. I love to travel. Yeah, I just was down in Georgia, which we've never been to.”
2018-03-29 · Masters in Business · David Enrich Discusses the Libor Scandal · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, don't, I mean, I make mistakes all the time. There's. Seriously, I make decisions that turn out not to be very good. I mean, I have two little kids also, so that is just a huge recipe for one failure after another as a new parent. I do it all the time. I think the key is to just be able to own your mistake and move on.”
2018-03-29 · Masters in Business · David Enrich Discusses the Libor Scandal · IDENTIFIED FROM THE TRANSCRIPT · source
“And I think that's something that's probably much more media than the average person is going to consume. But there's, I think people do in this day and age, the notion of fake news has resonated a lot and people are, they want to know what's really going on in the world. These are dangerous times regardless of your ideology. People are willing to pay. And it's not just news, by the way, and sports coverage is going through this renaissance where there's all these kind of localized business models that are popping up all over the country where people, that's something people really care about. I care about that. I subscribe to the Boston Globe for the sole reason that I want their sports coverage. And that's something that's very valuable to me. And I think a lot of people...”
2018-03-29 · Masters in Business · David Enrich Discusses the Libor Scandal · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I think the future of journalism is really bright right now. I mean, there's, look, what doesn't work is giving away commoditized content for free. That's not a business model. But I think everyone gets that at this point. There's plenty of commoditized stuff out there that will be free, but that's not a business model. Sustainable. Well, it just doesn't generate revenue, right? No, I don't want, I'm not going to pay for that, are you? Probably not. You need to produce.”
2018-03-29 · Masters in Business · David Enrich Discusses the Libor Scandal · IDENTIFIED FROM THE TRANSCRIPT · source
“Where does finding new ways to tell stories? I mean, the notion of a story as something with a lead and a nutgraph and just all sorts of garbage in the middle that runs 800 to 1200 words, that's gone. I mean, it's not gone. It needs to be gone. It's going away. And we're trying to, and again, the New York Times is not at all alone. The journal's doing this, Bloomberg does, is everyone's doing this. But trying to find creative ways to engage readers who are increasingly reading everything on their phone is hard and really disruptive, but it's actually a lot of fun. And you can be at the big media organizations that are investing a lot and hiring really talented people that are not just writers, but are also graphics people or computer programmers or audio people or video people and doing clever creative stuff. It's this whole new world that is not what I grew up in.”
2018-03-29 · Masters in Business · David Enrich Discusses the Libor Scandal · IDENTIFIED FROM THE TRANSCRIPT · source
“Another recent one is I'm going to butcher her name, but Sheila from The New Yorker, her book Black Edge on Stevie, is a great one. Yeah.”
2018-03-29 · Masters in Business · David Enrich Discusses the Libor Scandal · IDENTIFIED FROM THE TRANSCRIPT · source
“To me, it's really, I mean, I got, I have no idea how to write a novel, but there's, and I think that's a lot of ways harder than writing nonfiction. But nonfiction doing in a compelling way. I mean, I've done this once and it's hard. It is hard. It's really hard. And being able to find characters and get them to open up to you and being able to tell their stories in a way that not only engages readers, but is also honest and really reflects what's going on in a non-superficial way. That's hard and it's so powerful when you can get it right.”
2018-03-29 · Masters in Business · David Enrich Discusses the Libor Scandal · IDENTIFIED FROM THE TRANSCRIPT · source
“I really like the business genre, actually. And we've mentioned Michael Lewis, we've mentioned Deno Thewes by Jim Stewart. When Genius failed, by Roger Loenstein is a great one. That's a great read. The thing I like books that have a narrative arc. So whether that's fiction or nonfiction.”
2018-03-29 · Masters in Business · David Enrich Discusses the Libor Scandal · IDENTIFIED FROM THE TRANSCRIPT · source
“Basically, uncovered the LIWAR scandal. Oh, really? Not like he uncovered there was an investigation going on, but he did the number crunching and the analysis and the sourcing to, yeah, blew the whistle on it, essentially. And that, to me, is the most profound example I've seen in business journalism in a really long time of a newspaper story or a news story changing the world.”
2018-03-29 · Masters in Business · David Enrich Discusses the Libor Scandal · IDENTIFIED FROM THE TRANSCRIPT · source
“That really was. I remember that monster. Yeah, that was an amazing book. And I'm really proud. That's why one of the many great things about working at Times these days is he's a colleague of mine. And so I get to bounce ideas off him. That's great. That's sometimes the same with me. And that's very exciting. And the one other person I'll mention is not a journalist, but it used to be is Kerrick Mullen Camp, who is the guy who, when he was a Wall Street Journal reporter.”
2018-03-29 · Masters in Business · David Enrich Discusses the Libor Scandal · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, there are two others. One is Jim Stewart, who is now a columnist. Den of Thieves. Wow. Den of Thieves and like a zillion other books. Right. But that was”
2018-03-29 · Masters in Business · David Enrich Discusses the Libor Scandal · IDENTIFIED FROM THE TRANSCRIPT · source
“Nobody Absolutely. He's easily the best there is at that, and it's just inspiring. And to me, actually, my favorite writing of his is actually not in the finance space. And Moneyball is a book that, and... A huge baseball fan and changed the way I watch baseball and think about baseball, which is saying a lot because I had at that point I can't remember when that came out early 2000s probably. And I at that point had spent My entire life obsessing over the Boston Red Sox and to then see, to view it through this entirely different prism is something really exceptionally powerful. And that's essentially a book about stats.”
2018-03-29 · Masters in Business · David Enrich Discusses the Libor Scandal · IDENTIFIED FROM THE TRANSCRIPT · source
“The kind of great inspirations for me, at least in business journalism, this is not going to surprise you. Michael Lewis is one of the great...”
2018-03-29 · Masters in Business · David Enrich Discusses the Libor Scandal · IDENTIFIED FROM THE TRANSCRIPT · source
“There's throughout college, I just had a number of great professors who taught me that don't use adverbs, don't write passive sentences, use action verbs, things like that. Don't you?”
2018-03-29 · Masters in Business · David Enrich Discusses the Libor Scandal · IDENTIFIED FROM THE TRANSCRIPT · source
“My mom actually was a mentor, not in terms of writing, but in terms, she's a psychologist. And I found that one of the most important things about being a successful journalist is an ability to get people to talk to you. People who often aren't supposed to talk to you get them to think that it's in their best interest to do so. And the best way to do that is to kind of understand where they're coming from and show empathy and listen well. And those are traits that my mom really taught me.”
2018-03-29 · Masters in Business · David Enrich Discusses the Libor Scandal · IDENTIFIED FROM THE TRANSCRIPT · source
“You just said there is. Well, yeah, I shaved my head, but that was not because I wanted to be like, Mike, that was because I was going bald as a junior in high school.”
2018-03-29 · Masters in Business · David Enrich Discusses the Libor Scandal · IDENTIFIED FROM THE TRANSCRIPT · source
“So I'm the finance editor, so I run a team of, I think, nine or ten reporters, and we're hiring. So everything from banking and Wall Street and markets to insurance business, public pensions. The whole range of everything. So it's fun. It's busy. It's, you know, I think we might be entering a new turbulent era, so there'll be lots more to write about.”
2018-03-29 · Masters in Business · David Enrich Discusses the Libor Scandal · IDENTIFIED FROM THE TRANSCRIPT · source
“I hope you like to say. I hope not. The Times is great. We are in the midst of trying to kind of expand and revitalize our business and finance. What do you cover?”
2018-03-29 · Masters in Business · David Enrich Discusses the Libor Scandal · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I mean, a lot of stuff externally was the entire financial crisis, a lot of stuff internally Murdoch bought the place. And look, I love the Wall Street Journal day in and day out, do great stuff. In fact, this may or may not be a coincidence, but since I left, they've just been on this tear, one awesome scoop after another. So I'm not sure if that's because I left or despite me. Correlation.”
2018-03-29 · Masters in Business · David Enrich Discusses the Libor Scandal · IDENTIFIED FROM THE TRANSCRIPT · source
“What motivated that changes I'd been to the journal for a long time. I love the Watcher. Decade, right? You were there for a second. Yeah. And I'd been there at the journal for a decade. And if you count my time at Dow Jones before that, it was closer to 15.”
2018-03-29 · Masters in Business · David Enrich Discusses the Libor Scandal · IDENTIFIED FROM THE TRANSCRIPT · source
“Who kind of walked me through it and I just read a lot and arrived at a point where I did understand. And honestly, a lot of this stuff is not that complicated when you boil it down to its essence. It's that Wall Street does a very good job of cloaking everything in acronyms and jargon. And just doubling the complexity for the sake of complexity itself.”
2018-03-29 · Masters in Business · David Enrich Discusses the Libor Scandal · IDENTIFIED FROM THE TRANSCRIPT · source
“So I found myself in writing this book. There's a section on what a derivative is and what an interest rate swap is. And I remember sitting down to write it. And I realized I was writing just nonsense. It was gibberish and it was a very obvious reflection of my lack of nuance understanding of it. So I had to go back and I found a bunch of professors who were former traders.”
2018-03-29 · Masters in Business · David Enrich Discusses the Libor Scandal · IDENTIFIED FROM THE TRANSCRIPT · source
“And I know I can explain. That was one of the interesting things for me that act of trying to explain things, either trying to write them in really simple terms or explain them to human beings, like my book editor, for example. The act of doing that, I at this point been covering banks since like 2004, I think. So this was more than a decade. And I did know the industry quite well. But the act of trying to explain to someone what an interest rate swap is, what a derivative is. What does a bank actually do? That was a sobering moment for me because I realized that as well as I knew this industry and as many hundreds, if not thousands of stories I'd written about it, It was very hard to explain these things. And I don't think I understood them fully.”
2018-03-29 · Masters in Business · David Enrich Discusses the Libor Scandal · IDENTIFIED FROM THE TRANSCRIPT · source
“Don't know what to ransom about finance as kind of guinea pigs. And that was a laborious process that might not have been great for my relationship with my parents.”
2018-03-29 · Masters in Business · David Enrich Discusses the Libor Scandal · IDENTIFIED FROM THE TRANSCRIPT · source
“Are simple and No, that's completely right. They have thrived on this lack of transparency and this kind of the mystification of the banking industry. They've thrived on it. And that drives me crazy. And so to me, this was how do you get people to actually read a book about finance? Well, one way is to make it read like a spy mystery. And it does. That's gratifying to read because that was the goal. And at the same time, you can get people to eat some of their carrots and spinach. Sneak it in when the milk looks. Yeah, sneak it in. And I feel like I use my parents who...”
2018-03-29 · Masters in Business · David Enrich Discusses the Libor Scandal · IDENTIFIED FROM THE TRANSCRIPT · source
“Really leave so much on the cutting room floor, and that was the narrative in that story to me, and I think a lot of readers as well was really powerful. And it was putting a human face on someone who had been caricatured as a villain. And it turns out we all have a lot in common. And once you get to know someone, you can really relate to them. And to me, that was, this is great character, a great narrative arc, and a great opportunity to bring some of this finance stuff to a mass audience because the finance industry over the past 20 years has done a really good job of kind of cloaking itself in opacity and making it seem like the stuff they're doing is so complicated and so important that no mere mortal can actually understand it and you know what that's nonsense there's the way that”
2018-03-29 · Masters in Business · David Enrich Discusses the Libor Scandal · IDENTIFIED FROM THE TRANSCRIPT · source
“It was that in that five part series, and that was, I don't know, it was like 700 or 8,000 words, which is really long by newspaper journalist standards, by any journalist standards. I looked at what I had as I wrote that, and there was just, I had so much more material. And I felt like I was having to.”
2018-03-29 · Masters in Business · David Enrich Discusses the Libor Scandal · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I started covering finance at Dow Jones at Newswires, and I had no idea. I had fallen asleep for most of my econ classes in college. I had a finance experience. But my first job at Dow Dones was actually, my primary goal was to, I had to read all these SEC filings. And so I kind of taught myself what a balance sheet is, what an income statement is, how companies make disclosures. And that proved to be a really useful skill. And I learned a lot about the industries, but more important, I learned how to do research.”
2018-03-29 · Masters in Business · David Enrich Discusses the Libor Scandal · IDENTIFIED FROM THE TRANSCRIPT · source
“I don't remember the price. I just remember the fact that they kept crashing. They weren't safe at all. They would like crash. Unsafe at any price. They would crash like 10% of the time. That's not a good ratio.”
2018-03-29 · Masters in Business · David Enrich Discusses the Libor Scandal · IDENTIFIED FROM THE TRANSCRIPT · source
“At the time, this is in the early 2000s. They kept crashing. They kept inviting me to go down there and ride on one. No, no thank you. I thought they were crazy. They fly now. You see them around, actually. You do. And the UK uses them all the time. You'd see them flying around London.”
2018-03-29 · Masters in Business · David Enrich Discusses the Libor Scandal · IDENTIFIED FROM THE TRANSCRIPT · source
“I was covering politics. My first job out of college was working for this little wire service that was kind of a Washington, D.C. Bureau for a bunch of regional newspapers. So I was covering DC for a newspaper in Wisconsin, one in Amarillo, Texas, which is home to... The manufacturer of the V22 Osprey, you know, those planes.”
2018-03-29 · Masters in Business · David Enrich Discusses the Libor Scandal · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, Wright is that was right. I started right after Chuck Prince and Stan O'Neill lost their jobs at Merrill and Citigroup. And I'd been working at Dow Johns News Wires, which is the same parent company for a few years in Washington and in New York. And prior to that, had been doing other journalism since.”
2018-03-29 · Masters in Business · David Enrich Discusses the Libor Scandal · IDENTIFIED FROM THE TRANSCRIPT · source
“I really can't think, and not all of them mistakes became existential, thanks largely to you and the taxpayers. It's really hard for me to think of a bank that... Really managed risks well and would have been fine without government intervention. And that's, again, there's a lot of external circumstances at play and there's good luck and bad luck. But the reality is these banks were financial institutions in general were responding to, again, incentives from shareholders to the analyst community to amp up profits as quickly as possible quarter after quarter. And the best way to do that is to take more risks. And that works really well until it doesn't.”
2018-03-29 · Masters in Business · David Enrich Discusses the Libor Scandal · IDENTIFIED FROM THE TRANSCRIPT · source
“Apparently did. The list of banks that have made existential mistakes is much longer than the list of banks that haven't. That's shocking.”
2018-03-29 · Masters in Business · David Enrich Discusses the Libor Scandal · IDENTIFIED FROM THE TRANSCRIPT · source
“Absolutely, and I think that's where we were talking earlier about how some of the banks have survived weathered crises pretty well are the like, and JP Morgan's a good example. And it's an enormously profitable institution. It's made many, many mistakes, of course, but that's an institution where it's okay to leave some money on the table sometimes.”
2018-03-29 · Masters in Business · David Enrich Discusses the Libor Scandal · IDENTIFIED FROM THE TRANSCRIPT · source
“Explicitly encouraged. And as senior executives at a number of these institutions, not just where Hayes worked, but across the industry were doing things not just with their trading, but also just with their socialized, doing things that are just out of control, drinking, womanizing, drugs, things like that. You can't help but look at the behavior of a top executive as an underling in an organization and take a cue from that person. If that person is doing stuff that is just nuts, you're going to get the message that it's okay to be nuts.”
2018-03-29 · Masters in Business · David Enrich Discusses the Libor Scandal · IDENTIFIED FROM THE TRANSCRIPT · source
“To me, this is not something that's going to make a sexy headline, but it was really the degree to which culture at banks matters and has real-world impacts. As someone who'd been covering the banking industry in the US and the UK for many years, I'd kind of dismissed as hogwash this notion of culture that consultants and banking executives pay lip service to. But I actually realized that it's true. And there's the culture at the institutions where Tom Hayes worked. Was one where envelope pushing was not just acceptable, but it was explicitly encouraged. Explicitly.”
2018-03-29 · Masters in Business · David Enrich Discusses the Libor Scandal · IDENTIFIED FROM THE TRANSCRIPT · source
“Drain the Swampson effective slogan and the fear that Wall Street is taking advantage, that people are, everyone is in the pocket of Wall Street, whether it's politicians or prosecutors, again, it's not that simple, but there is some truth to that. And to me, there's no more powerful manifestation of that than looking at the almost uniformly low-level Slightly dysfunctional, almost artistic guys who bear the brunt of the criminal accountability for actions committed during the financial crisis. It's not just Hayes. And there's people involved in London whale that are kind of like a little on the spectrum. I don't know them, but that's just the sense I get. The guy who's been held accountable for the flash crash in 2010 is a guy who's like a little bit on the spectrum. This is a pattern”
2018-03-29 · Masters in Business · David Enrich Discusses the Libor Scandal · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm on the one hand surprised because that doesn't seem right or fair. There were a few other people who got very small jail sentences, not part of his ring, but other people at other banks that were engaged in kind of similar behavior. But the jail sentences were in tiny fractions of what he received. On the other hand, though, I'm not that surprised. And one of the things that I think has fueled the current populist movement, certainly fueled the rises of Bernie Sanders and Donald Trump in 2016, is the sense that Wall Street got away with murder and no one was held, no individuals were held accountable while so many people in the public lost their jobs or their homes or their savings as a result of this. And I think there's that feeling that's been out there since the financial crisis, it lends itself to demagoguery and it's often oversimplified and not very nuanced. But there's a”
2018-03-29 · Masters in Business · David Enrich Discusses the Libor Scandal · IDENTIFIED FROM THE TRANSCRIPT · source
“I found getting to know these characters fascinating. I found the historical research fascinating. It was a peaceful, creative process for me. And I just was happy as a clam.”
2018-03-29 · Masters in Business · David Enrich Discusses the Libor Scandal · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, and Goldman, too, to a certain extent, I think they've certainly had their blunders, but those are banks that have been Much more conservative and I think better managed”
2018-03-29 · Masters in Business · David Enrich Discusses the Libor Scandal · IDENTIFIED FROM THE TRANSCRIPT · source
“All of these banks and Bank of America, Wells Fargo. I mean, it's hard to name banks that haven't made these catastrophic mistakes”
2018-03-29 · Masters in Business · David Enrich Discusses the Libor Scandal · IDENTIFIED FROM THE TRANSCRIPT · source
“Every single one, and there are a lot of banks that fit that mold, right? UBS is another good example, Citigroup, Deutsche Bank, Anne.”
2018-03-29 · Masters in Business · David Enrich Discusses the Libor Scandal · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, RBS is actually doing pretty well right now, is the reality. They were the world's worst bank for up until a couple years ago. And they managed they had been on this acquisition spree. Every single crisis there was RBS stepping right there.”
2018-03-29 · Masters in Business · David Enrich Discusses the Libor Scandal · IDENTIFIED FROM THE TRANSCRIPT · source
“As boring as can be. They're just banks that do what banks used to do in the 1950s, which is they take deposits, they make loans. And it's that simple. And it turns out that if you do that properly in an economy that's pretty strong, that's an enormously profitable business and it's safe and it's conservative and it also is valuable to not just the shareholders and the executives, but to an economy as a whole. And I think to me this is going to sound old-fashioned, and I think a lot of people in the banking industry probably will view this as naive and just a little too quaint for their taste. Looking at things through the prism of is there some value, social, economic value to what you're doing, to me that would have, that's a pretty good filter for activity that is not really...”
2018-03-29 · Masters in Business · David Enrich Discusses the Libor Scandal · IDENTIFIED FROM THE TRANSCRIPT · source
“Making trades in the wake of or around the business of service and big clients and big institutions. And one of the things I found interesting recently, that that turned into a very risky business, by the way, because a lot of there's a tremendous amount of volatility in the markets. And yes, you can make huge profits, but you can also make huge losses when the markets turn if you don't handle it perfectly. And one of the things I found very interesting now is that if you look at the banks that investors think are the best deals, those are not banks that bear any resemblance to what was in vogue 10 years ago. You're looking at banks, and the UK has some really interesting examples of these. Banks like Lloyd's and Royal Bank of Scotland that are...”
2018-03-29 · Masters in Business · David Enrich Discusses the Libor Scandal · IDENTIFIED FROM THE TRANSCRIPT · source
“Can that be resolved? Probably not. And one of the things I found interesting recently, though, is that there are a lot of banks out there these days. Banks used to be the model that was in vogue was to be this financial supermarket. And that included, you know, you have a retail bank, a credit card business, a mortgage business, a wealth management business, but most of all, the big revenue driver were these investment banks. That a lot of it, not just prop trading, although that was part of it, but there was a huge business that sprung up around serving.”
2018-03-29 · Masters in Business · David Enrich Discusses the Libor Scandal · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, that would have, and parading them in front of the TV cameras and making them go into court and face a jury of their peers and have the fear of God put in them, that they might not lose some money or might lose some reputation or might lose their job, but might lose their freedom. That's scary. And if that prospect of the possibility of actually going to jail was hanging over people's heads, I think that would do a lot to change behavior. And we talked earlier about incentives and how people respond to the incentives they're given.”
2018-03-29 · Masters in Business · David Enrich Discusses the Libor Scandal · IDENTIFIED FROM THE TRANSCRIPT · source