Here is a rather belated post about the global financial crunch which transpired (and still transpiring?) in the last few weeks/months. The chain of events was incredibly mind-boggling with financial giants, like the seemingly unsinkable 158-year-old enterprise Lehman went kaput. Well, they thought Titanic was also unsinkable then. Reyna Elena, an accountant by day, and a blood-sucking vampire by night, has written a wonderful series in his blog explaining some jargons of the trade, and a comprehensive review of the US housing market. Go and take a look. You’ll be surprised how the financers and money gurus could fuck up the markets big time.
The “Wall Street” (and here I’m not referring only to the financial centre in Manhattan but to all the financial centres in the world) suffered a humiliating blow, with governments infusing public money into the system to keep the markets afloat. The once mighty, and snobbish financial districts are begging on their knees to the taxpayers requesting for bailouts. Wow, the nerve with these people! Here is a simple exercise; try googling: “wall street bonus“. Did you see how much these motherfuckers reward themselves every single fucking Christmas? Just last year, John Thain, the Merrill Lynch CEO cashed in 82 million US fucking dollars; Goldman Sachs’ Lloyd Simpson, USD 52 million and Morgan Stanley’s John Mack USD 40 million. It is reported as well that on average, the employees of Bear Sterns, Merrill Lynch, Morgan Stanley, Lehman Brothers and Goldman Sachs raked in almost a quarter of a million in bonus money at the end of fiscal year! Talk about greed to the nth power! To say that these massive payoffs is grotesque is definitely an understatement.
Despite the signs of the times, and clear fundamentals, how the supposedly smart guys in the finance world be overwhelmed by lack of foresight is truly jaw-dropping.
The answer, in my opinion, is simple: arrogance and greed.
Edit: 24.09.2008
Here is the link to Reyna Elena’s post on Understanding subprime and the US housing market.
In the latest development, the FBI is now investigating the top bosses of the four firms, Freddie Mac, Fannie Mae, AIG and Lehman Brothers. This better leads somewhere!
Brown in the Land of Blues and Blondes 
Straight talk, but I’m with you all the way. All over the world, they are closing profitable companies just because they were not profitable enough according to the stock holders. Earning a fast buck can lead to chaos they are experiencing in the US right now. And, alas, it has effects everywhere…
I got a message from bloggkoll about a new entry by Mogli. I clicked the link only to find out that it was erased. If it was done by you, it’s ok. The nature of the title may refer to something metrobloggen didn’t find amusing, or what’s the story behind? Or did the stock holders of Metro vote it out? LOL!
it must be a bug in their system. i did write something but i saved it as draft, so it is strange that it would show up in bloggkoll.
err… ~shy~ i don’t suck blood… err.. it’s sum’tin sum’tin that i do… hehehe! but i love my title! hahaha!here’s the link: http://reynaelena.com/2008/09/17/understanding-subprime-and-the-us-housing-market/with follow up entries.it’s a litanty of fuckin greed dude that started with the Enrons, the Global Crossing and all those bloody bastards! that’s why I am soooo fuckin tuned it to this US elections because, let’s admit it, far flung Flippines may have no clue what’s going on in freaking Wall Street but whatever transpired in the US elections sure is gonna affect some bloody gas stove in Flippine homes. am sure it’s pretty much the same in Sweden!~fly~ vampire ~fly~
as you wrote somewhere in your blog, when america sneezes the world catches cold. so when the US hockey moms get what they want (regarding the upcoming election), then we are all doomed. and this mccain dude has been marching about-face on every issue throughout his career. what the eff??
~i shall return~[TRAPIK EH]and the sad shit about this is that WE THE PEOPLE of the UNITED STATES OF AMERICA pays for all the bloody shit that these bastards stole. they’ve been chippin on all our pensions to save their damn ass and NO ONE, NO ONE has been sent to prison yet NOT ONE FUCKIN mortgage company ever.~grrr~as you know, i am one mayon volcano whenever this topic is touched hahaha*touchy*touchy*~fly~ vampire ~fly~
yay! MOGLI! ca va monsieur! for some reason, your blog entry made a ping back on my entry. musta usted senor?!
Hi Reynz, merci! Eto balik blogging! 🙂 This blog portal has a new owner and everything somehow got reset hence the ping to all links (i guess).