Wednesday 17 September 2008

Global Financial Meltdown

The worlds financial markets have been reeling from the collapse of major companies this week.

I can't get my head round a situation where on Monday a company is worth many billions of dollars and the very next day its filing for bankruptcy.

That smacks of the level of gross ineptitude that only governments are capable of.

Major World Banks, Insurance companies and Airlines have all called in the liquidators this week.

I find it bizarre that the very same bankers who, with an eye to their big fat greedy bonuses running into millions of dollars, recklessly give away fortunes to the sub-prime mortgage market, yet a scientist who is developing a life saving piece of kit struggles to get bank funding of just a few thousand dollars.

The underlying theme to all this is Greed and Incompetence and the "old boys network"

One airline boss appeared on TV this week in the wake of his companies collapse leaving thousands of angry fare paying passengers stranded around the world blaming the oil price, the credit crunch and everything else he could think of.

Not once did I hear him own up and admit that his company failed because of his incompetence.

I am cheered by the thought that bank managers terrified by the distinct possibility of losing their jobs and fat cat pensions, are feeling the same stress's and strains that small businessmen feel everyday of the lives.

No comments: