Quote

Information is a business in itself. It is also something that has made control impossible ... you cannot get customers to accept prices in one place when they know there's a better deal elsewhere. It's a whole new world.

Walter Wriston

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Walter Wriston
Age: 85 †
Born: 1919
Born: August 3
Died: 2005
Died: January 19
Banker
Middletown
Connecticut
Walter Bigelow Wriston
Place
Accept
Cannot
Deal
Also
Accepting
Better
Deals
Whole
Information
Made
Control
Prices
Something
Impossible
Elsewhere
World
Business
Customers

More quotes by Walter Wriston

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A truly global economy, as opposed to the multinational economy of the recent past, will require concessions of national power ... that seemed impossible a few years ago and which even now we can but partly imagine.
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All the Congress, all the accountants and tax lawyers, all the judges, and a convention of wizards all cannot tell for sure what the income tax law says.
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The information revolution has changed wealth. Intellectual capital is far more important than money.
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Banking is a branch of the information business.
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Failure is not a crime. Failure to learn from failure is.
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Capital will always go where it’s welcome and stay where it’s well treated. Capital is not just money. It’s also talent and ideas. They, too, will go where they’re welcome and stay where they are well treated.
Walter Wriston
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The Doomsayers have always had their uses, since they trigger the coping mechanism that often prevents the events they forecast.
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A country does not go bankrupt.
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Every line in the government's budget has its own constituency.
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The greatest testimony to the human spirit that I'm witnessing now is the fact that people still come back to work, after all that has been done to them. They are still willing to participate for a more positive future if they would be sincerely invited.
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When you retire you go from Who's Who to Who's That?
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Capital goes to where it can escape taxation and be used to pay employees in sacks of rice.
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I walk into all these organizations, and I'm always puzzled when I realize that people still want to be there. Most people really want to love their organizations. We need that level of commitment ... Yet organizations have done very little to deserve that kind of staying-power.
Walter Wriston
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We're not in cultures which support learning we're in cultures that give us the message consistently: Don't mess up, don't make mistakes, don't make the boss look bad, don't give us any surprises. So we're asking for a kind of predictability, control, respect, and compliance that has nothing to do with learning.
Walter Wriston
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Human capital will go where it is wanted, and it will stay where it is well treated. It cannot be driven it can only be attracted.
Walter Wriston
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Risk is not a dirty word.
Walter Wriston
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Capital goes where it is welcome and stays where it is well treated.
Walter Wriston
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The guy with the competitive advantage is the one with the best technology.
Walter Wriston
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The person who figures out how to harness the collective genius of his or her organization is going to blow the competition away.
Walter Wriston
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There'll be a growing disparity between economics and politics. An economy that grows so rapidly is intractably global. On the other hand, the current political system is intractably national. So there is a growing dichotomy between a global economy and locally based politics.
Walter Wriston