Who Insured AIG?
I asked myself this question -- when AIG, the world's largest insurance and financial company, began to sink, lately.
Its losses were so colossal in size, it took the government of the 'wealthiest' nation in the world to 'bail' it out ... Yes, 'bail' it out through billions of dollars worth 'soft' loans.
But, could any 'power' on this earth 'insure' AIG? Could any one foresee its doom? Could any one 'protect' it from such a disaster, or save it from plunging into such an abyss?
Yesterday's newspapers report about Mr. Lakshmi Mittal's monstrous 'wipe out' of wealth due to collapse of Stock Market. It is close to twenty-billion pounds! Yes, only so much ... and, that too, till that report was printed!
Today, the Stock-market report was even more shocking and scary. I just asked to myself: "What about Mr. Mittal?"
"He is 'Super rich' ... so rich that, these things wouldn't make a lot of difference to him, or people like him," a friend of mine, who is deeply into Stocks told me.
"I pray, they wouldn't," I replied. I did not want to argue, as I do not understand how the Stock-market or Real-estate market operate. I only murmured in my mind, "If so my friend, how come it affected a dinosaur like AIG?"
Hey, on does my 'security' in life rests? Yes, including my 'financial' security.
The mightiest and the most trusted and respected banks collapse; Real estates bomb; the Stocks nose-dive ... Yes, where should I put my money?
For most of us, our entire life-span goes in this endless juggling, this guessing, gambling and betting. We hardly feel 'secure'... leave alone enjoy our wealth or feel happy.
We put our money where those 'creatively and cleverly' designed advertisements lure us to. True, in those Banks, Insurance companies, Construction Companies, Credit card companies, Spas, Gyms, Malls, and yes, even in those swankiest of schools, Management colleges ... and, not to leave all those 'seven-star-hotels' life-changing/securing programmes!
My friend, Abhinav, who earns an astronomical amount of salary tells me, "If alone my happiness depended on my salary!" He continues,visibly moved, "My father was the lone earner in our house and he retired with a salary which was not even ten percent of what I am earning now. But, he raised seven of us, got my two sisters married into good families, got all his five children decently educated, housed us, fed us, entertained us ... and today, look, with all this two-people-salary and just two children to raise, we are constantly on gas -- leading life miserably and anxiously."
Again, the same question: "On does our security rest?"
Maybe in the answers. Maybe in the question itself!
I, for one, am still 'guessing','juggling' and, yes, 'gambling'... I am still asking and searching. I have tried to keep my life-style simple. But, then, that simplicity, too, is not enough to 'insure' or 'insulate' myself against -- what a wise man called it -- this 'hole in my soul': 'INSECURITY'.
Its losses were so colossal in size, it took the government of the 'wealthiest' nation in the world to 'bail' it out ... Yes, 'bail' it out through billions of dollars worth 'soft' loans.
But, could any 'power' on this earth 'insure' AIG? Could any one foresee its doom? Could any one 'protect' it from such a disaster, or save it from plunging into such an abyss?
Yesterday's newspapers report about Mr. Lakshmi Mittal's monstrous 'wipe out' of wealth due to collapse of Stock Market. It is close to twenty-billion pounds! Yes, only so much ... and, that too, till that report was printed!
Today, the Stock-market report was even more shocking and scary. I just asked to myself: "What about Mr. Mittal?"
"He is 'Super rich' ... so rich that, these things wouldn't make a lot of difference to him, or people like him," a friend of mine, who is deeply into Stocks told me.
"I pray, they wouldn't," I replied. I did not want to argue, as I do not understand how the Stock-market or Real-estate market operate. I only murmured in my mind, "If so my friend, how come it affected a dinosaur like AIG?"
Hey, on does my 'security' in life rests? Yes, including my 'financial' security.
The mightiest and the most trusted and respected banks collapse; Real estates bomb; the Stocks nose-dive ... Yes, where should I put my money?
For most of us, our entire life-span goes in this endless juggling, this guessing, gambling and betting. We hardly feel 'secure'... leave alone enjoy our wealth or feel happy.
We put our money where those 'creatively and cleverly' designed advertisements lure us to. True, in those Banks, Insurance companies, Construction Companies, Credit card companies, Spas, Gyms, Malls, and yes, even in those swankiest of schools, Management colleges ... and, not to leave all those 'seven-star-hotels' life-changing/securing programmes!
My friend, Abhinav, who earns an astronomical amount of salary tells me, "If alone my happiness depended on my salary!" He continues,visibly moved, "My father was the lone earner in our house and he retired with a salary which was not even ten percent of what I am earning now. But, he raised seven of us, got my two sisters married into good families, got all his five children decently educated, housed us, fed us, entertained us ... and today, look, with all this two-people-salary and just two children to raise, we are constantly on gas -- leading life miserably and anxiously."
Again, the same question: "On does our security rest?"
Maybe in the answers. Maybe in the question itself!
I, for one, am still 'guessing','juggling' and, yes, 'gambling'... I am still asking and searching. I have tried to keep my life-style simple. But, then, that simplicity, too, is not enough to 'insure' or 'insulate' myself against -- what a wise man called it -- this 'hole in my soul': 'INSECURITY'.
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