WHATS THIS NIGERIAN TO DO
Seven days ago the CEO of Bear Sterns was on tv, to calm frayed
nerves. He said, 'our balance sheet is not in anyway worse than a year
ago'. Sounds good. Bear was sold at a fire sale for two bucks today.
Word is that the FED. has not been involved in anything like this
since the great depression. This brother figured the party was over
months ago, I just didn't expect the bottom to be so deep or even so
hard to reach. First we have learned that CEO's may not know any
better than the good old taxi driver (black swan). Obviously the
hedonistic models only work when all is cool. These models have zero
predictive ability.
As for me, I deployed selfish mode a few weeks ago, listen carefully,
believe nothing, surround myself in a numbing cocoon of detachment, or
whatever that means. I have never seen anything like this, and I am
still so new to this wall street game of Yoyo.
Blogging is going to be sparse, sometimes erratic, just like it has
been in the last few weeks. Maybe its time to go back to home country.
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4Comment(s):
hmmm.. Are you ok man ? Are you directly affected by this or is it general anxiety about the sector ?
In any case, be strong, brother.
Yessir! I dont work for them though, I work with them. Just picture a farmer showing up with all his wares and all the store owners do not show up. Suddenly all your hotness comes to naught.
Maybe it is time to go back to the age-old values of honesty, integrity and trust, based on the person rather than the so-called reputable institution.
The CEO of Bare Strains told a big fat blatant lie about the condition of the company and he would probably get away scot-free with a golden parachute.
No economy can thrive on lies for so long, the truth is that all these deals are inches away from the bottomless pit of a melt down.
I am afraid to say.
Akin I think its the system really. If he had said otherwise there would have been a run. Its kinda hard for a guy like that. This CEO's are taking the blame right now. In '05 it was hi5 everyday in the boardroom.