Dow fell 500 plus, Lehman Brothers having a fire sale (in Bankruptcy), Merrill Lynch got sold to Bank of America for peanuts over the weekend, Bear Stern (right in front my office) has banners with J P Morgan (went belle up few months back). These are/were the pillars of the financial stability in the global financial markets.
The feeling on Wall Street / New York was similar to what we had seen on 9/11, if not worse.
The world is not going to be the same as we have known it. The financial markets crashed and burned – and the saga continues.
They say – when Wall Street “Sneezes” – Rest of the world gets “Cold” – today what we saw was nothing close to Cold or any of its symptoms - much worse. People in panic, before 8 AM this morning had 41 resumes in my inbox/email. People loosing jobs as nobody’s business.
New York gets you High most of the time – but when it goes down – it really goes down – today I think was a "Low" to remember.
Vipul
Tuesday, September 16, 2008
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3 comments:
Very Interesting, I am going through all these changes in the Financial Markets. Our Sotck Exchange in India crashed yesterday, todays news paper are taling about 3K employees working for Lehman out of job, status unclear on the jobs of employees of Merrill employees in India, will they be taken by BoA or not no one knows. Times are tough guys....
For sure Asian markets are having a tough cold and guess what, even I am having a cold now. Wondering if ,I can also send you my resume? This would add one more to your kitty of 40.
Not to forget the problems brewing in AIG and elsewhere!
Not so long ago our country used to (nearly) stay immune to the happenings in the stock markets elsewhere. We have been a part of that era as well.
Globalisation comes with its own set of benefits and problems....
IIM-A expresses solidarity with Lehman Brothers, Merrill Lynch
Posted: Sep 18, 2008 at 0053 hrs IST
Ahmedabad, September 17
The Indian Institute of Management-Ahmedabad on Wednesday expressed solidarity with Lehmann Brothers and Merrill Lynch, US firms now in the eye of the global stock market crash.
In a statement, IIM-A said: "We would like to express our solidarity with two of our longstanding recruiting partners and we wish them well in their hour of distress."'
IIM-A, however, remained non-committal on the fate of its alumni now employed in these giants. In the last two years, 59 students from IIM-A have made it to the two institutions.
IIM-A said that given the diversity of their student pool, those looking for a long-term career in finance will continue to have a preference for the sector and they are unlikely to base a long term career decision on a short term view of the market.
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