#41

Subprime and credit crunch are symptoms of a lack of integrity in the banking system. 

Has this encouragement ‘to live on credit’ taking its toll? Whoever started this ‘living on personal credit is the smart way’ is reaping ill harvest!

The interesting thing is the management sets quotas and expects its employees to rake in good profit margin. If the employee cannot deliver, he is axed. What should he do? Change the numbers to fill the quota…and a tale of downfall! When problem arises, the management (rather top executives) looks for a scapegoat among its underlings!

In the event, guess where or what does the management use to plug the hole? Yours and my money — the taxpayers! The average people’s hard earn money…the executives continue to draw their salaries! There are situations where executives would conveniently take their share out before the collapse!

For subprime, those who cannot service their home loans, lose their houses…who cares if they live on the street!??!! (sic!)

Is there big bucks to be made? Can one make big bucks without digging one’s grave? If there were, surely there’d be ‘oodles’ of rich people around.

The truth is we lie to one another in the name of risk-taking! It’s true that unless one takes risks, one cannot move forward or achieve a target. However there are risks worth taking and risks not worth taking. Risks itself is neutral but when there is manipulation, trouble sneaks in and spirals.

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One Response

  1. Hi Gleechoo,

    Thank you for your comment on my blog and for the link. I look forward to exploring your site.

    God Bless!
    Scotti

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