I wrote back in January about my experience/observation about the similar events after real estate boom.
Another similar thing happened: Lehman Brothers. I remember back in 1997, one of major Japanese securities companies, Yamaichi securities went belly up after celebrating their 100th year anniversary. It was a big shocker to everyone. I remember MOF (Ministry of Finance) at that time sent out a letter to financial institutions and asked them to hire ex-Yamaichi people to help them out. I used to work for one of AIG operating companies in Tokyo, and we hired some guys from Yamaichi.
Well, AIG is in trouble, too. I sold all of my stock I bought during my 13 years of employment there. I'm surprised that they got in such a trouble because the company was known for its conservativeness. I guess after MRG (Maurice Greenburg) left the company, something has changed...
I wonder how long this mess will continue.
What a mess....
September 15th, 2008 at 04:29 pm
September 15th, 2008 at 05:44 pm 1221500672
I'm not too familiar with the stock behind AIG, other than that it took a swan dive in light of financials today. Hope you didn't lose too much in your sell.
September 15th, 2008 at 06:35 pm 1221503712
When I sold my share back in 1999, it was $80 per share. So, I sold them for healthy profit. I'm gald I didn't keep them.
September 15th, 2008 at 07:46 pm 1221507985