Can you believe what is going on in the US markets?! Well at this point all markets, including Kuwait, are acting up -more like down! But what is happening in the US is especially disturbing. I am a big fan of financial stocks and have always admired Bear Stearn. It is absolutely shocking for me -and a lot many I am sure- what happened to it lately. I remember at some point it was trading close to $160 and that is not even a year ago. Now it got sold to JP Morgan Chase for $2 to save it from bankruptcy!
Think of Enron, Arthur Anderson, MCI Worldcom and many other big names that went under just like that. Those corporations took years, even decades to build, and all is lost in an instant. It’s a reminder of how efficient the market is in cleaning up bad practices and excesses. There is a lesson for companies, and individuals alike, to constantly look within and assess themselves before they are swept away and all that is built is lost..