What's your prognosis in the wake of the financial tsunami that hit the Wall Street?
Before I respond to your question, I'd like to ask how come all the regulators, and the CEOs, the management, the boards of such top companies failed to execute their responsibilities?
In the financial services sector US has the strongest regulated body as also the best of the auditors. There are also the highly efficient chairmen, the boards, the compliance and risk officers, management and over and above that trillions of dollars.
Moreover, this has not happened in one day or one year. This is something that has accumulated over several years, or rather a decade.
Secondly, no journalist or media house came up with any query or launched any investigation. This establishes that the US system and that of the developed world has miserably failed.
Image: A group performing a skit of unemployed financial businessmen in New York | Photograph: Timothy A Clary/AFP/Getty Images
Also read: Financial tsunami swamps the world
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