. Discuss three (3) things you learned from the articles and share them with your classmates.
1. “Good God, the world seems to be saying, if they don’t know what they are doing with money, who does?” (Lewis/Einhornjan)
When the crisis occurred, the world’s opinion was such that it caused global repercussions. The investment bankers that emulated the US bankers believed we knew what we were doing with money, and our collapse had global effects. Also the article cites that even after the collapse, people were still taking our advice and lending us money. I find that incredible to learn. One would think that if our entire system was collapsing, that foreign investment firms could see that and step back from it, not continue to take advice and incredibly, continue to lend us money.
My oldest son filed for bankruptcy, he cannot handle money, and he has proven that. I know I may sound harsh, but I’m certainly not going to give him any money or take any advice from him as to how to handle mine. Why would seemingly intelligent people around the world continue to have given us money, when our collapse proved we obviously had issues? Any logical person or entity…show more content… Markopolos spent 9 years trying to explain to the SEC why Bernie Madoff’s success was “mathematically impossible” and that the people in charge at the SEC “investigated” and determined he was doing nothing wrong, I actually found not only incredible but sad. These people that were supposed to be protecting investors, only wanted a big payday and a high paying job for themselves on Wall Street, instead of seeing what Mr. Markopolos was proving and handling the situation prior to it getting out of control. Mr. Markopolis had nothing to gain from telling the truth, no ulterior motives other than the truth. I find it incredible that he felt the branch chief in New York, Meagan Cheung, did not “have the derivatives or mathematical background to understand the violations.”