China has offered export guarantee facilities worth up to $50bn to encourage investment in Nigeria in a bold strategy to woo Africa’s biggest oil producer. From the . This is a symbolic boost on the part of China. However my concern is that I would not like Dr. Usman to negotiate the terms of my credit card let alone the term of this line of credit. Why you may ask?
Dr Usman said. “Which other country has made that kind of money available? Has the UK or America or any one of them? For me this is a sign of real commitment by China.”
It is a line of credit dude. The terms can still go both ways. Is he representing China or Nigeria?
Yesterday, left a comment on my post War Stories. He wondered whether folks working in finance had more than one head. Their heads keep getting chopped off, yet there is never a shortage of people in line for the next cycle.
Makes one wonder if people in the financial sector have more than one head and their thinking with the wrong head caused the problems we now have.
As cheesy as it may sound they just keep coming back .
But the 36-year-old entrepreneur already had his eyes on a new bike. In August he launched National Home Auction, which runs public auctions of foreclosed property on behalf of big lenders such as Citibank (C), GMAC (GM), and Wachovia (WB). In founding the new business, Knott relied on contacts he'd made during his decade in the mortgage business. He also brought along 10 people from his former company. And once again, business is booming. "Banks are being overrun by the assets coming in," he says.
Back when I was a newbie in financial services. I recall gathering round the elders, listening to tales of events of times past. The crash of the early '90s. I have even listened to a techhead or two talking about how 2001 was a year of despair. On one occasion an elder statesman took us on a retro ride as he reviewed the economic down turn brought about by the last world war. These sages never failed to remind us that these lessons could only be assimilated if one learned from experience. Otherwise the full implications of a down-turn can not be truly felt on the pages of a textbooks or journals. Since I have spent the last couple of months in the epicenter of shock and aftershock created by the quake and mini tremors being experienced in the financial sector, I feel like I now qualify as a sage too. I feel like I have earned my stripes and now I can gather the newbies around and warn them about the emotional swings of this lady (Wall Street) they are courting. Yay! Omodudu now has street cred. I can not wait for all this to be over, so that I can gather the newbies around and tell them war stories of days when the highs and lows would physically wear one out. Days when even the secretary involuntarily became a Street trader. One of the good outcomes of this crisis will be the high quality financial education that the regular guys are receiving. The average Joe is getting a crash course on financial life lessons. These lessons are delayed and long overdue, they ought to have being picked up while growing up, but the system was lax and therefore allowed for half baked adults. Indeed experience is the best teacher. An African saying goes thus; the lessons that the woman refused to learn from the mother will be taught to her by the husband (literal translation). Consumers are beginning to get accustomed to hearing the word "NO". PRICELESS.
Side note: My heart goes out to the 50% of Bear's employees and the 50% of Goldman's employees whose heads have been chopped off by the axman. Especially those that have crossed the Atlantic in search of a better life. Keep your head up, and remember its just a cycle. We will be back shey?
Kicking back this weekend, and leafing through a mini-pile of magazine in bed, so I picked up (a magazine that cover financial advisors). This week's feature was . My curiosity kicked in and I mentally placed a bet before opening it up. I put my money on the fact that there were going to be more than a proportionate representation (12%) of black folks on the list. I was wrong, very wrong at that. Not even a single brown face. It is easy to draw all sorts of conclusions and make conjectures, I'd stick to just describing what I observed. It is so cold.
Once in a while, blog entries on here turn into a free for all pointless rant. If you are averse to communication like these, please stop reading. Also, file this under the desperate guy angry at everything about corporate America category. I always had that little respect for the Merrill guys like they were like the chosen bunch, getting things done, bending the rules and of course carting away lots of dough while doing this. But today the mother ship ran aground. Oh yes there had been signs, but if you asked any of the Merrill guys, they had a ready answer, "Dude, this is Merrill Lynch, dude! do you think Merrill Lynch will pack up and leave. We've got deep pockets. Or maybe not. No kidding I know somebody that has lost his job 5 times in 18 months. To all my people who bit the dust today. Much love, the Ponzii scheme is indeed over. Dude, its Merrill, dude!
