All thanks to George Bush, Allan Greenspan and the USA.
Subprime. A financial term which never existed in the financial dictionary. A financial term which came up from no where due to some selfish ideas of a white haired cowboy. It's now filled with bad taste. And fear.
I haven't had a good day since Monday when it was confirmed that Lehman Brothers filed for bankruptcy. Investment values evaporated in the air, turning angelic investors into ugly, cursing, screaming and angry people.
It's not easy. It's emotionally draining because these are the group of people whom you have been confidently facing and recommending them into investments. These are the people whom you have grown close to over the many years working with them on their wealth management. And these are also the same group of people whom have grown to know you on the personal front - not just a banker.
I believe all of us will emerge as stronger people after this ordeal. And I live on the principal that time heals all wounds, angers, disappointments and memories.
But now as I walk inside the passage of time, I just have to grit my teeth and pass through these stages of ordeals.
Subprime - a term which will appear in the financial dictionary, history texts, as well as economic textbooks for many years to come.
1 comment:
The crisis is way beyond sub prime. Sub prime is a mere straw that broke the camel's back. A straw that existed from the time banks started getting greedy.
Greed drove banks including our local ones to embark on elaborate financial engineering schemes creating complex structured products that is now basically and finally turning sour.
I think this is bad karma that's finally rearing it's ugly head.That's why i never believed in all these structure notes that banks were selling like hot cakes. The underlying structure beneath is so complex that investors or even the RM selling it probably don't and won't know what exactly they're buying/selling. To me it was irresponsible for our local banks to even exposed individual investors to such products. They definitely would not have the sophistication to understand the underlying risk to which they are exposed to.
my thoughts anyway.
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