Wall Street in Despair

The latest collapses on Wall Street will no doubt stir up calls for more government regulation of financial institutions. Lehman Brothers is the latest Wall Street firm to go belly up with their filing for bankruptcy protection under chapter 11. Merrill Lynch was aquired by Bank of America because of the swift action of its management. It will soon be public knowledge that the Ceo of Lehman Brothers recently turned down two viable offers to sell off parts of the company. The days of the footloose and fancy free high profile investment banks are drawing to a close. Take a look at the bonuses paid out to Ceo’s of failing operations. What is wrong with this picture?

The Bible states that “pride goes before a fall” and if we look at the pride trail we can see what happened. I will be running an article on strategic planning tomorrow that you may find enlightening.