Warburg hesitated before daring to reply. Your bank is so big and so powerful, Mr. Stillman, that when the next panic comes, you will wish your responsibilities were smaller.
In "America's Bank: The Epic Struggle to Create the Federal Reserve," author Roger Lowenstein recounts an interaction between Warburg and Mr. Stillman, where Warburg reflects on the immense influence and size of Stillman's bank. He implies that such power comes with significant risk, suggesting that during financial crises, the burdens of responsibility can become overwhelming. Warburg's hesitation indicates the gravity of the subject, as he cautions Stillman that the vastness of his bank may lead to regret when faced with inevitable economic turmoil. This insight captures the tension between ambition and caution in the financial world, highlighting the risks associated with managing large institutions.
In "America's Bank: The Epic Struggle to Create the Federal Reserve," author Roger Lowenstein recounts an interaction between Warburg and Mr. Stillman, where Warburg reflects on the immense influence and size of Stillman's bank. He implies that such power comes with significant risk, suggesting that during financial crises, the burdens of responsibility can become overwhelming.
Warburg's hesitation indicates the gravity of the subject, as he cautions Stillman that the vastness of his bank may lead to regret when faced with inevitable economic turmoil. This insight captures the tension between ambition and caution in the financial world, highlighting the risks associated with managing large institutions.
