Lehmans goes down, global banking in crisis

[Jessiedog]

Heh! Actually, I wouldn't touch that banking mess for all the career prospects in China.

The market's hot of course - and still only a couple of hundred Fellows to serve 1.3 billion peeps!

Yes, Institute. But I work in the run-off of GI reinsurance (i.e. the London Market) rather than life. I'm a deputy chief actuary, so I get involved in everything my company does. Mostly I am either evaluating potential purchases of other companies that have fucked up and hence gone into run-off or I am helping to deal with the run-off we already have, which includes valuing the liabilities but also attempting to get rid of them via deals with the original risk owner.

It's interesting, actually, get to see a bit of everything in the risk world. And our business model is predicated on other people making mistakes, which means we'll never be short of work...

Interesting - I kinda find GI fun, especially the more esoteric varieties, though I'd of thought run-off Re would've been a little dreary compared to, say, weather, earthquake, et al - even given the fields reputation . But I guess at DCA level the strategic stuff keeps things engaging.





Woof

 

[kabbes]

Run-off without the acquisitions would be a little dull, certainly. But the M&As keep it fresh.

I'd never be having this level of interaction with the senior management team and board at my age in another career! Being an actuary can mean good times, once you are through those bastard exams.

 

[Darios]

I know the system is pretty rotten & state that as an insider - and we will see fallout from this in every aspect of our lives.

I have witnessed someone pumping his profits ( & thus his 20% of gross profits bonus ) by a seven figure sum by a bit of sleight of hand - I formally reported it , but nothing was ever done. pretty galling when you can see this happening

Indeed. It seemed like the Wild West when I was working there. I also detested most of the people I met there. It's probably the single experience that most radicalised me. After two years I had to resign before I morphed into an office columbine massacre looking for a shotgun.

 

[kyser_soze]

Interesting comments from Nils Pratley...

But it's also true that people are digging out the charts to look back beyond 1987 or even the 1970s. Barclays Capital yesterday looked back to 1929 and calculated that there have been 14 bear markets for shares since the great crash. The current bear market barely registers - it is the third smallest by size of fall, and sixth shortest by duration. There may be more days like yesterday.

So it seems a little bit of that ole historical perspective, so beloved of the left, should be applied especially by those calling this the 'downfall of capitalism'

Also interesting - outside of NR and Merv's Special Liquidity Fund, the UKG has done nothing to shore the markets up, and what it has done has been done on a market trading basis (NRs loans and the Fund), so for all those squeeling about government intervention - at least in the UK - you should be checking what's actually happening, no?

 

[treelover]

never missed a day nor went on strike for better pay
For twenty years I served the best I could
Now with a handshake and a check it seems so easy to forget
Loyalty through the bad times and through good
The owner says he's sad to see that things have got so bad
But the captains of industry won't let him lose
He still drives a car and smokes his cigar
And still he takes his family on a cruise, he'll never lose

Well it seems to me such a cruel irony
He's richer now than ever he was before
Now my check is spent and I can't afford the rent
There's one law for the rich, one for the poor
Every day I've tried to salvage some of my pride
To find some work so I can pay my way
Oh but everywhere I go, the answer's always no
There's no work for anyone here today, no work today

Christy Moore

http://uk.youtube.com/watch?v=dsmAMKUIXbE&feature=related




A bit of reality now

 

[Jessiedog]

Told you AIG was Royally fucked.




Woof