Saturday, September 20, 2008

12:09 PM...............................................................................
Hey guys.
I know i've been missing out in action for a week.
But I was going through hell. So pardon me.
It's no wonder they call it week 6. Very apt.

While I was going through hell. I noticed that the world might come to an end on Mon.
I guess we're all glad that it didn't.

My prof told us yesterday he personally lost $270,000 on mini bonds (which turned out to be CDOs upon detailed inspection of prospectus) from the collapse of Lehman.
And he added that he is not angry because he is stupid and deserves to be punished for being stupid. (yeah. He's a mean one.)
But he is angry with Uncle Sam for saving everyone in the universe but him and his wife. lol.
Bailed out Fannie and Freddie and then merrill... "haphazardly skips" lehman and continues on to bail out every one else in the universe but Lehman.

My law prof also passed on some advice from her banker to us.
Don't invest in anything for the next one year. Keep all your money in the biscuit tin. 
She said that she is very risk-averse and all money was in fixed deposits (asked us if we can believe it <--haha). The day she decided the invest in bonds, her merrill lynch had to collapse. hahahaha. 

Ho. It very exciting to see how everything is unfolding. As a third party and an accounts student.
Ho...the power of bad debts.


I was really amused at this email

But i didn't have time to express my amusement 2 days ago