As an entrepreneur, I mourn the end of the era of US investment banks. I am sorry that these venerable institutions were first taken over and then blown up by their own traders. Traders should have built their hedge funds and not gamble with the whole investment bank. Entrepreneurs are now left with commercial banks to deal with. These banks have less understanding of our businesses. Here´s a debate by my buddy Brent Hoberman on this issue in the FT.
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Bacchus on September 17, 2008 ·
Hi Martin and readers,
Do you see any opportunities in this? There are going to be very skilled people who could get together in a new way to better serve entrepreneurs.
Bacchus
Tomorrow on September 17, 2008 ·
Well….with tomorrow newspaper it looks pretty clear huh?
Martin Varsavsky on September 17, 2008 ·
Bacchus,
I already said in my blog that 2 weeks ago I bought shares in these very large commercial banks. Concretely in Citigroup and Bank of America.
RodriMelenas on September 17, 2008 ·
The point is that this people has blown up investment banks through incurring in fraudulent activities. So, does this people deserve to be trusted on? I am not sure whether I would deliver my money to them!! Maybe now there will be less opportunities to get money borrowed, but I think that on the long term it would be good for everybody to get the financial system cleaned.
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Elon Ganor on September 17, 2008 ·
Agree! It is indeed a very sad situation and we all are going to suffer , Entrepreneurs, industry and the general public, yet where have we been when we all saw these guys greed and corrupt practices when we met it? was their any out cry by anyone to see that the King is naked? was it really right that greed has been idolized by them to a level that reminds the biblical story of the golden calf? could it be predicted by politicians (mainly US) that could have avoided this by the right set of regulations (which were implemented after 1929 and gradually reduced to a chaos situation..
Can the market really control itself? the answer now is clearer I guess..