PayPal CEO Dan Schulman with Michael Milken at the Montgomery Summit in LA today:
“It’s expensive to be poor. The poor in America spend 10% of their disposable income on fees and transaction costs that the rich don’t pay. That’s the same amount they spend on food. $140B per year in unneeded fees. We can reduce those fees.”
“Bank closings tend to be in poor neighborhoods.”
“When we lend to these people, sales grow 22% versus a control group at 1%.”
“From my time with Richard Branson, I learned that business must be a force for good.”
P.S. I last attended the Montgomery Securities conference 23 years ago! The format is the same, and it works well, with 140 private companies sorted into tracks based on stage of growth.
Leave a Reply