... Nothing, going by the state of the US financial markets.
There was a time, not so long ago in the past, that names like Bear Stearns and Lehman were to be uttered in hallowed terms. Brands that were meant to be looked up to, and trusted - particularly in an industry where trust is everything and everything is trust.
When BS went down, seemingly overnight to outsiders, I bet quite a few were shaken. Then rumors floated to an imminent Citi collapse, which it seems to have weathered. Now Lehman seems to be heading down that path: Bankers say Lehman approaching rivals for lifeline.
On a broader perspective - brand names are supposed to 'stand' for something, an indication of a set of role-model behavior, in some sense repositories of societal trust. After such news, what really is sacrosanct trust?
5 comments:
The current banking system is broken. The advent of electronic money and internet transfers have presented us with a new set of challenges. We need more openness in the transactions and new models for quantifying trust.
The old system, as it stays today, is badly in need of repair.
More blood is in the offing.
This article has several clues for the concerns you have, Vasant:
Lehman Fails, Cops Get Caught Eating Doughnuts: Jonathan Weil
http://www.bloomberg.com/apps/news?pid=20601039&refer=columnist_weil&sid=atzOPo2aWj2I
Watch out next for AIG | WaMU
Say, does this mean Wall Street would be a ghost-town soon? Or only that they would be using Chinese currency (if not the milk!)?
;)
Hey,
Just came across CNN's India Means Business week website, www.cnn.com/india. it has some very interesting and amazing stories on India and its business culture. This is a part of CNN's special programming on India's business and economy starting from Nov 24. Apparently, we can also put in our comments or post videos on its website - www.cnn.com/ireport/
CNN has also come up with a B-School contest on www.knowcnn.com asking students to write their views on why India means business to them in 500 words or less. Do log onto the website. It’s definitely worth a try!
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