9/10/2008
Myth 189 - The Foreign Talent Myth
Myth We have seen Merrill Lynch, UBS, City Banks, Barclay Banks, Bank of Scotland and what else, all needing to be rescued. Then came Fannie Mae and Freddie Mac. Today we heard that Lehman Brothers, another giant investment house in deep trouble.
I believe, not a difficult think to do, that all these banks and financial institutions are run by the best talents the US and Europe have. And they all ran their companies into deep shit. So much talks about foreign talents.
Count ourselves lucky that we did not engage the top talents of these organisations and pay them hundreds of millions to run our financial institutions. We would have been broken by them. It is lucky that we only managed to get the 3rd or 4th rate talents.
Now, when all these talents loses their jobs, will we queue up to invite them here with handsome pay package as our best foreign talents, just like we went for fire sales for UBS, Merrill Lynch etc etc? These talents must be up for grabs at a discount.
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4 comments:
lol,love this. Today ceos are only in for $$,egos and themselves except a few.
If the mentality is still "Ang Mo Toa Kee" then some pee brains is still going to employ all this top rated Ang Mo to screw our economy up, just wait and see. After all SGP is focusing on finance and banking, lets wait to be burnt, lol.
Looking at the situation in the US, this will be a long drawn out crisis because there are many other financial institutions in the same shoes as Lehman, Freddie, Fannie, UBS etc, that have not bitten the bullet or taken the write-downs yet.
It looks like there is a conspiracy going on not to let out all the bad news at one go, but in drips so as not to sink the whole financial system. As soon as the situation improves slightly, you will expect something of the nature of Lehman to spill out and the story seems unending. There are scores of financial institutions in the US struggling like Lehman, waiting for their turn to reveal the brutal truth. But, of course, in this way the system will not crash outright, but it will die a slow and lingering death.
Light are shinning brightly, I hope our leaders (asians) see it. Yellow light on gweilo.
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