05 October 2008


You are invited to join me for the celebration party on the 200th floor of The Wall Street Building.

Date: October 6, 2008

Can't believe it took us so long to come out of this. Boy, were we worried ! Surely we all have worked hard, making those assets, building up those bank balances. How could everything just about disappear ? The bailout was essential, not only for the US economy but also for us! Come on, how can the Wall Street run without us?

So finally, it is time for champagne and caviar again (smirk). You will also meet the people who made all this happen! The night will be young. The bold and the beautiful will be joining us.Wish to see you at the party... don't miss it for the world.

[Wall street Executive]

Image credits:Edmond B


corine said...

I don't understand any of this. I don't understand the risks, the implications or the causes.

But mostly, someone has to explain to me in words i can understand what happens when the next multinational is on the verge of going under, and what about the next? and the next? I mean didn't everyone make the exact same mistakes?

it dont make no sense.

Anrosh said...

Hello Corine, Except for those who made the mathematical models ( the physicsts, the mathematicians)nobody else in the bank understood what they were doing when they were pressing the button. they were throwing dice. it is enron - a million times.

Vikram said...

There is a quite famous professor here at UT, perhaps you have heard of her or her work ? But the math going into those models is quite interesting (I dont want to use the word complex, because mathematicians dont like that word ;) ), I will be learning some of that math over this year and will take that profs class next year.

Does this crash have anything to do with those models ?

Vinod_Sharma said...

I wonder how long it will take before Wall Street is bought by a group of Indians and Chinese!

The Americans are clearly on the relative down slope of the growth curve.

Anrosh said...

vikram, didn't the models determine the amount of risk and the Marketing managers were asked to sell the same products irrespective of that risk. Drum up the business. Period.
pocket the money. Unregulated they went about doing everything to fill up their pockets.

vinod, famous words that is.

welcome, it is always a pleasure having you here.

Graphy said...

Can't believe it took us so long to get into this. I find it hard to describe how proud I feel of our Financial workers. Chucky, Fuld, Greenburg and the likes have helped take the American economy to new heights. The Bush-Bernanke & Co. has worked really hard to finally make this dream a reality !
Now that our Wall street has done its job, how about a Ball out party? Bernanke shall choose the location, Bush the menu and Paulson the wine. Don't miss it for the world!
[Faithful taxpayer]

Anrosh said...

free market capitalism has breeded
thieves in the ivory towers and now with neel kashkari (who now heads the $700 billion dollar bailout agency, again a goldman sachs alum - one can see nepotism through and through. this is not even socialism ( what we were given impression with government take overs and bailouts) but capitalism turned Communialism right here in the USA.

Welcome graphy.

Georg said...

Hallo Anrosh,

The buy-out of some big companies does not only happen in the USA but here in Europe, too. This has nothing to do with neither socialism nor communism, it is just plain common sens.

May I cite two lines of a poem from Bertold Brecht:

"When the house of a big one collapses

many small people are buried under it, too."

Unfortunately, my English is not good enough to translate the other two lines.

These things happen from time to time, it's a kind of systemic clean-up. New rules are being made to avoid repetition and some other golden boys will find ways to make it big, nevertheless.

Meanwhile, many of you and us got quite affluent with this. Otherwise, why so many people go the the USA and to Europe instead of staying at home.

Special remark to Vinod: if you have some money to spare, just buy up the lot, they would be thankful for some cash, right now.

Cheers to all of you

Mavin said...

Hi Anrosh,

The Wall Street saga continues and now is in exalted company with the Europeans.

The whole sector has begun imploding and will take many down under.

This is the result of many excesses over a period of time. The current trigger has been acute liquidity problems. Those having money refuse to take any risks.

Math may have been used in their modelling but as we say "Whatever you do you cannot predict the future". No math can tell me what tomorrow has in store for me.

I like quoting this.."The Old Order Changeth...."

Anrosh said...

hello georg, hello mavin,

During the time of diwali ( a popular indian festival) we used to like a fire cracker at least 7 meters long when we think it was enough for the night. The lighting of the fire cracker would create deafening noise for the next 10 minutes or so. And there was the deafening silence..

That is how I feel about the financial sector

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