and it dont stop ^^
wow, this week was one of the most interesting in the world of finance since… since the new economy crash in 2000. the financial system is collapsing, one huge bank after another is going bankrupt and nobody knows where and when all this will stop. just for you to get an idea of how it looks these days, in case you do not read the finance part of the newspaper:
one of the reasons why i didnt like to work in the bank was the fact, that even the employees didnt know a lot of facts about their own bank since the management was hiding a lot. in many cases, even us, the employees got more information through the newspaper then trogh the company’s intranet, which was a shame. i remember especially the time when my ex-bank the „hypovereinsabank“ started fusion talks with the italian unicredito group, sometimes the customers who were intensively reading all kind of financial newspapers knew more about it then us…. and sometimes it was not only that we didnt knew, sometimes we just got false information which in my opinion can also be called like this: we’ve been lied. so my natural trust to banks is on a low level and i just couldnt work with such a company, for this i have too many ideals.
now, the situation is even worse. i am pretty sure that the banks didnt reveal even 30% of the information they should reveal in order to be able to handle the financial crisis which is spreading around the world. of course the reason is the shareholder value. in case they would reveal all the facts, i guess most banks would almost collapse within few hours which cant be good for our economy system – but the truth will come out, step by step and the trust is already lost. take a look at the german stocks:
collapsing banks is a desaster. banks are the source for loans, without loans, no investments, without investment no growth. so not only banks will have to change their way of operating, also other industries will have to think about other possibilities of financing their needs. perhaps not that bad thing at all? there is one rule i learned practicing judo: the bigger the person is, the easier he falls. same thing about huge companies and investment products, electronical stuff. the more complex, huge a system is, the more sensitive it is to errors and mistakes.
especially the technological system is very sensitive since a lot of companies there work on less or completely without profits and are therefore in need of loans in order to finance their investments:
i was glad to read today that the US government was not able to finish the so called „rescue plan“. i guess most of the money would be used in a wrong way anyway, for example paying huge „compensations“ to all the managers who will have to leave the companies for failed their job. well, interesting that you get paid for failing and in many cases the payment is even high enough to do not need to work for the rest of your life. so rewarding them for putting us in this mess? i dont think so… interesting the most voters of my opinion are the republicans.
while during the last years especially the banks were shouting for less government, now they are almost crying for protection. very ironical. i just hope they will stop constructing all this complex investment products that in most cases are not even fully understood by the employees themselves and realise that trust that is one of the most basic necessary foundations of every bank, is something one has to deserve – and not a thing that is granted.
Ich hoffe mit diesem Blog zu einem breiteren Verständnis über Ostasien beitragen zu können. Ursprünglich diente diese Plattform als Hilfe, um meine als Student in Korea und Japan gesammelten Erfahrungen zu bündeln. Jetzt verschlägt es mich arbeitsbedingt nach China.
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