Rolling Stones Analysis on the Crisis!!

"In its simplest form, a CDS is just a bet on an outcome. Say Bank A writes a million-dollar mortgage to the Pope for a town house in the West Village. Bank A wants to hedge its mortgage risk in case the Pope can't make his monthly payments, so it buys CDS protection from Bank B, wherein it agrees to pay Bank B a premium of $1,000 a month for five years. In return, Bank B agrees to pay Bank A the full million-dollar value of the Pope's mortgage if he defaults. In theory, Bank A is covered if the Pope goes on a meth binge and loses his job."

Thanks Pierre!! Simply Brilliant!!

More here

SBI more valuable than Citibank???

"On Monday... the market capitalisation of Citigroup was Rs 57,328 crore as against Rs 66,449 crore of SBI (based on closing share price on Friday)..."

"US government had infused $45 billion in Citigroup under the troubled asset relief programme, besides extending $300 billion guarantee for assets. Against this, in the present financial crisis, SBI has emerged even stronger than earlier. Its deposits and assets base increased faster than that of the Indian banking industry."

Transformation of Goldman & Morgan

"Goldman Sachs and Morgan Stanley, the last two independent investment banks on Wall Street, will transform themselves into bank holding companies subject to far greater regulation...a move that fundamentally reshapes an era of high finance that defined the modern Gilded Age."

"...blunt acknowledgment that their model of finance and investing had become too risky and that they needed the cushion of bank deposits that had kept big commercial banks like Bank of America and JPMorgan Chase relatively safe amid the recent turmoil"

"... Now, the firms will look more like commercial banks, with more disclosure, higher capital reserves and less risk-taking."

There goes the glitz and glamor of private investment banking!!!

First Time for Everything!!!

Its always thrilling to eat something that you never would have imagined even being cooked, much less see it on your table steaming and ready to rest in your stomach..

Had my company's annual party and it was lots of fun, dancing, booze, but the food was the best. Below are two of the dishes that I thought were defining moments in my search for culinary delights...

First the Turtle!!! Saw it, did not believe it, ate a piece believed it, unfortunately the stomach did not..


Next came the Bird.. No idea as to what bird it was, but it suffices to say that the beak was not the most appealing part of the dish...

After the delicious food and quite a lot of Chinese Wine.. We decided it was time to Join the Army... No more explanations.. All i can say is that if all company parties were like this.. Clubs would go out of Business.. :)

At the Office!!

Me with Sean.. We are the South Asia Sales Team.. (Yup just the 2 of us...)

Good guy to work with and loves Indian food.. Now thats perfect :)