Top 10 business quotes of 2009 

Source: ReutersBernard Madoff

It was a tough year for the global economy in 2009 - a year that cast a light on the grim, the naughty, the unfair, and some little threads of wisdom.

Here are some of the things those in the world of business, economy and finance had to say in 2009:

- "Some are saying we are witnessing the biggest destruction of global wealth the world has ever seen."
NZ Reserve Bank governor Alan Bollard describes the global financial crisis at the government's Job Summit in February.

- "It's fallen off a cliff."
Billionaire US investor Warren Buffet describes the US economy in March. US economic developments were close to the worst case he had imagined and he said recovery would not happen fast.

- "An error of judgment."
Swindler Bernard Madoff describes his $US65 billion investment fraud. It was the biggest robbery in Wall Street history and he was handed down a 150-year sentence.

- "I would die and go to hell if it's a Ponzi scheme... If it was a Ponzi scheme, why are they finding billions and billions of dollars all over the place?"
Texas financier Allen Stanford, accused of fraud worth $US7 billion, in April denies allegations that he ran a Ponzi scheme targeting clients of his offshore bank in Antigua. Stanford faces life in prison if convicted of all 21 criminal charges against him.

- "It is morally reprehensible and fiscally irresponsible to expect bonus money for bringing a corporate giant to its knees."
US Democratic Representative Carolyn Maloney speaks her mind following the giant US insurer AIG's decision to pay $US165 million in bonuses after receiving $180 billion in government aid.

- "It makes me angry. I slammed the phone more than a few times on discussing AIG."
US Federal chairman Ben Bernanke told CBS' 60 Minutes in March how he felt about AIG.

- "The exorbitant salary sends a terrible message to Telecom's workers. It also sends a strong message that there are two standards of fairness - one if you are a highly-paid executive and another if you are an ordinary worker."
Labour MP Darien Fenton criticises the remuneration of Telecom's top executives at a time when workers were facing lay-offs with no redundancy pay. Telecom CEO Paul Reynolds received his full performance bonus alongside his $1.75 million base salary, totalling around $5 million, despite an almost 43% fall in the company's profits.

- "We intend to charge for all our websites." "Quality journalism is not cheap."
Media mogul Rupert Murdoch on his master plan to be a trailblazer in the new digital age.

- "I think I will just keep my head down for a long time and get on with it."
Hanover Finance owner Mark Hotchin responds to reporters when asked if his reputation will recover. He became unpopular with investors as he continued to construct a multi-million dollar property on Auckland's exclusive Paritai Drive while Hanover investments continued to collapse.

- "It's about having a go. It's not about being afraid of making a mistake or having a bad outcome... That's why we've survived. It's that ingrained culture to have a go. Cut your losses, ride your successes and keep on learning and keep on getting better."
Hugh Fletcher of Fletcher Building shares his secret on how the company has survived for 100 years.