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Whose Responsibility?

December 28, 2008

Analysis of:Con of the century | www.economist.com

The markets have always been driven by greed and fear. When things look good, investors run to the opportunity, often burying common sense. When things look bad, they will stampede over each other to reach the exit first. This is a healthy reminder - albeit it over many unfortunate financial corpses - that common sense must not be abandoned when investing. I am personally astounded that so many people, supposed qualified investors with a) a level of sophistication, and b) a capacity to absorb loss, have invested so much, on pure faith, and with such little caution and personal responsibility. Specifically, how could investors a) entrust so much money without financial statements, b) without these statements being audited, and c) without custodian oversight or responsiblity to ask these same questions as they are legally responsible.

My view on the Soc Gen sale of its asset management business to GLG - Randy Schafer

December 23, 2008

Analysis of:Societe Generale Sells $8.2 Billion U.K. Asset-Management Division to GLG | www.bloomberg.com

To be brief, the article is important because under normal market conditions, asset managers are generally viewed as "crown jewels" of global banks such as Soc Gen. But with funds management getting a bad rap - in part from the market meltdown and more recently from the Madoff scandal, and with capital at a premium, this is an interesting reflection of the times we are in. Not unlike Merrill Lynch's contemplate sale of its stake in BlackRock a few months back, which was driven by a need for capital (and its consumated sale of its Bloomberg stake).

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