There was once a memo written by a bright, young vice president in the bank where once I worked concerning a dinner held with the bank's management and the management of a very important borrowing client. It went exactly like this (the names have been changed to protect the innocent):
"John Smith, Chairman, Joseph Jones, President, Harry James, Senior Vice President and the undersigned had dinner last evening with Peter Black, Chairman, Mitchell Green, Chief Financial Officer, Casey Jones, Treasurer and Barry Light, Director of Banking relationships, all of Widgett Corporation. Nothing of importance was discussed."
Our Chairman instructed that the memo be removed from the files and almost removed the author from the institution. He left on his own some months later.
To a breathless gathering of media and analysts, details of the "stress test" were today revealed at the New York Fed. Nothing of importance was discussed.
Have a nice weekend. Spring has come to the Mid West. THAT is important.
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