‘Subra you did a post on do not trust an employee…can we trust a big branded financial company?’ asked a reader.
Of course you can trust a big financial company as long as you can remember that:
MF Global misplaced US $ 633 Million (or was it Billion or Trillion – when it comes to US, these words lose their meaning)
Bernie Madoff ran a big company
Goldman Sachs is a big company which sold ‘garbage’ to clients and bet against the same bonds which made up YOUR portfolio
HSBC Bank is being prosecuted in UK
Arthur Anderson was one of the big 5…till it became big 4.
I am sure when the Gold bubble bursts one of the subsidiaries of a big company will confess that they did not check…and about 125kgs of bars are actually not gold…but an alloy with about 22% gold. L O L. They will say “our trustees depended on certificates issued by….”
Just Google about Citibank, HSBC, …and their run in with regulators around the world…read about Japan for starters 🙂
so these are the caveats…:-) L O L….
by the way do you want Indian examples? I am afraid some of them are still in business…:-)
and also read this please
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