In other words, is it the business of an issuing house to take care of

the economic morals of its clients, or is it merely concerned to see
that the securities which it offers to the public are well secured? In
ordinary life, and in the relations between moneylender and borrower at
home, no such question could be asked
In other words, is it the business of an issuing house to take care of
the economic morals of its clients, or is it merely concerned to see
that the securities which it offers to the public are well secured? In
ordinary life, and in the relations between moneylender and borrower at
home, no such question could be asked. If I went to my banker and asked
for a loan and gave him security that he thought good enough, it would
not occur to him to ask what I was going to do with the money--whether I
was going to use it in a way that would increase my earning capacity, or
on building myself a billiard room and a conservatory, or on a visit to
Monte Carlo. He would only be concerned with making sure that any of his
depositors" money that he lent to me would be repaid in due course, and
the manner in which I used or abused the funds lent to me would be a
question in which I only was concerned. If it is the business of an
international finance house to be more careful about the use to which
money that it lends on behalf of clients is put, why should this be so?


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