19 April 2009

Liars, Thieves and ...it takes a society to raise them

Dogs, monkeys, cats, rats and the bed bugs knew what was happening and nobody did not Do a thing”, said the professor at Stern business school (NYU), referring to the financial tumble down in the hedge fund class that I attended last week as a guest.

Even fire flies saw it in the darkest of the night. These vigilant eyes and ears belonged to CEO’s, CFO’s and Financial modelers who bundled up the products and sold them on Wall streets as a road side vendor would sell momentos on the streets of Manhattan. They enjoyed them to the hilt seeing their products fly out of their shops. After all they studied at the best schools and burned the midnight oil! PhD’s and MBA’s from Berkeley and Cornell, MIT and Brown and Princeton but they didn’t blink an eyelid as the shops were crumbling under their very own feet.

The C.F.A’s let loose their creativity and the lawyers from Yale, Columbia, and Harvard signed on the dotted line. And Goldman Sachs is still shielded because right from Treasury secretary Paulson (of the Bush government) to many senior members at the treasury department everybody has a tremendous stake in the company and so they have protected their booty without even throwing themselves at it! They made laws that protected themselves first. And as for the Ivy League lawyers, currently all of them are making money walking up and down the street offering opinions.

While the family down the road spends sleepless nights how to fill a prescription for their 8 year old sick child, the financial stalwarts are still chilling,– one just have to take a hike in the hoods where they sit relaxed under their roofs. Around 90 percent of the nations citizens do not have health insurance and a fee for one visit to the doctor is $200 and above – tests excluding. What relation between the two you ask? The fall off of the credit default swap down the cliff is but an insurance product. Health insurance started in the best of the intentions is now a conspiracy running wild and the visual statements are the mansions of Greenwich and upper east in Manhattan and personal skiing resorts in Colorado and Idaho.

The only word that screamed the headlines during the democratic campaign was Change - The same things written in a different color or a delta change in the economic system? Can the American people handle it IF he really bought about a stark difference. On some issues Obama has dropped his "stick" which he held strongly during the campaign. "My back is breaking" Obama confides to his treasury Secretary Timothy Geithner – (the man enveloped in a controversy for not paying taxes)as he pretends to pick up the stick.Were people already scared to even raise a sign of protest of this action of the newly elected President Obama who was choosing candidates for key posts. I ask "
President Obama,What should I look for? Light at the end of the dark tunnel, a silver lining or headlights of a speeding car?"
The only curve that is rising currently is the rates of unemployment without knowing gravity. What balks me is the communications department of companies who do not even think twice as they write white lies in their annual report because they leverage on shareholder complacency. And so the audacity of White lies continue to be written in the press and talked about on financial NEWS channels

How does it matter if another bank is defaulting? It should not have been established in the first place!(you would know by now that the mom and pop banks that spring up are sneaky ways of collecting funds from people by offering them eye popping interest rates)But another Managing director in a bank who was let go a few days ago says,"all the financial stalwarts were not richer than god (like how they are in Goldman Sachs)".Can we trust her?

As financial loans become fiercely difficult to come by and the real estate values even in New York ( the last of the markets where values drops) are tumbling down as I write this,the next morsel of one more heart wrenching news is just on the horizon – May be you will have to pay for your children’s public school? What next? Rationing on Electricity, groceries, (socialistic/communist countries do ) Water and Oil for the cars? Voters should make their elected representatives accountable {with a check list in hand this time} when they come asking for votes. democracy is a cliché now, but way better than communisim or dictatorial rule ( like indira gandhi's emergency period in india)

Few days after the Barclays logo went up the Lehman building in New York city at the end of September last year, an eerie atmosphere and the noise that sounded like a deafening silence surrounded the place. Christmas saw a decrease in celebrations and sales still wouldn’t run… It still does not. .Recession discount is a banner seen in many window displays so does closing signs. There is a recession price for everything – clothes, apartments, renovations (books, perhaps not) groceries. But there is a larger crowd in grocery stores and lesser crowd at the video games and electronic shops.

Some fathers/mothers are pursuing new careers at 40 and some have promised never to come back to the financial world. Enough is enough? As mankind trips to take a grip on this kind of financial cycle during their life time – the normal cycle of life continues – birth, anniversaries, weddings, milestones, graduations .... and death.

As for me I am planning to grow a green thumb.


pink dogwood said...

Around 90 percent of the nations citizens do not have health insuranceIs this really true?

and how are yo uplanning to grow a green thumb? I am also planning my vegetable garden. 'Torai' (indian zucchini) plants would be ready to be planted in about 2 weeks :)

Anrosh said...

hi pink dogwood: http://www.nchc.org/facts/coverage.shtml -- here is the breakup -- 90% - the figure i have written was given by a New York life insurances salesaman -- the two are inter connected -- now you would know that -- say there could be error ( plus, minus 5 points)

isn't most people who have health insurance linked to their jobs?

and as for green thumb even if my herbs live this summer I am going to be happy. nothing has survived the winter. I have to grow in pots. Bell peppers is on my mind and so are tomatoes.i have to confess i don't know what is torai ( but i will go to the indian market and look ) - once upon a time i was a poor eater of vegetables

pink dogwood said...

yes very true - health insurance is definitely related to job. And with so many people losing jobs - the number of people without insurace must be really high.

I have a herb patch outside - rosemary, sage, oregano, lavendar come back year after year. So does my mint. I had great success with tomatoes last year. Looking forward to expanding upon that.

'Torai' or 'Taroi' is what it was called in UP - also known as ridge gourd - it might have other names as well :) The second picture in this blog post :)


Have a great week :)

Vinod_Sharma said...

Powerful post An. Coming from the honest heart of someone who is right in the middle of it and feeling the squeeze of lies, greed and deceit, it graphically depicts the reality out there, why it has come to this, and why it might not swing back and up again in a hurry.

Hope sense prevails soon. But the way in which some of these guys have used bailout funds to give bonuses to themselves, it seems that their greed is not going anywhere; nor are the lies.

manju said...

I don't think that we here in India can really understand what the situation there actually is.

You have let us have a glimpse of the reality through this post. I hope the situation improves soon.

Anrosh said...

thanks pink dogwood -- u saved me a trip to the indian market.

hello vinod --"sense" is not common -- you know it better --

manju -- well, the situation in india is different and the business cycles in india has been changing faster than before...

Shails said...

What a mess we have brought on ourselves because of our greed.
Should not people be held accountable to all of this - my mind screams.
My heart bleeds when i hear of people in their 60's venturing into the job market because the retirement funds have disappeared.My heart bleeds reading of a Vice president working as a janitor.
Today having a job is a status symbol in the US - a popular joke goes.

Smitha said...

'While the family down the road spends sleepless nights how to fill a prescription for their 8 year old sick child, the financial stalwarts are still chilling,– one just have to take a hike in the hoods where they sit relaxed under their roofs.' - That is absolutely disgusting, isn't it?

These top honchos should certainly be made accountable!
I read that recession is showing it's impact everwhere - apparently even child abuse rates are going up in America - thanks to frustrated parents taking it out on the children!

The British Chancellor feels that it will all turn around by the end of the year - which has been called a 'fantasy' by everybody else!

Indyeah said...

You changed the look :))its looking different and great:)

the situation is so deperate and grim Anrosh....I had a clue as so many f us here do...after reading the papers and watching tv...but when you give an account standing right in the middle of it all then it hits hard....
Shails has said it...what kind of a world is this?how twisted and cruel?

Anrosh said...

when you get a chance see the movie - Born Yesterday .

Indyeah said...

Anrosh which one is this?I searched on the net...two or three came up..which year was this one made in?and the cast?:)

Anrosh said...

hi indy :

http://www.imdb.com/title/tt0106466/ -- it is made in 1993.

don't go by the cover -- the diaglogues convey a lot of attitudes, theories and dynamics.

Indyeah said...

Thanks Anrosh:))will do :)

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