“there might be a more legitimate reason why many wealth managers steer clear of Norway” -- David Bain
Monday, 23rd November 2009
Warren Buffett on Tuesday revealed he was approached last year about insuring Lehman Brothers’ assets before the Wall Street bank’s bankruptcy filing, according to a Bloomberg report.
Speaking at a conference sponsored by Fortune magazine, the billionaire said that he, however, didn’t get the financial documents he sought by facsimile and later learned that he had missed a voice mail.
Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.
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