Wednesday, December 03, 2008

What's it all mean?!?

I chuckled when I overheard the people next to me bitch about someone high up getting a 25K squiddie bonus this year. They're bitching because 25K squiddies is a BIG bonus for this year. Aaah, the Golden Times have passed by indeed. I use to wonder and gasp when I was told bonuses for bankers were DOUBLE their salary! Back in the day, with the squiddie to Aussie exchange rate, you could earn half a million per year *easy* with that kind of deal!

So I asked someone I knew who wouldn't mind disclosing, "What's the biggest bonus you ever got working in The City?"

The answer: "The highest bonus I got in London was 150k gbp. That's nothing in the city, I know people get multiples of that, even millions."

I hate the term "credit crunch". It's such a ridicurous term!! So I enforce it *grin*
"Sorry, no training this year. There's a credit crunch."
"Sorry, no 24/7 helpdesk this year. There's a credit crunch."
"Sorry, can't fix those reports now. Lack of resources atm. There's a credit crunch."

What's it all mean? Sub-prime mortgages? Shorting? CDOs? Lehmans going bankrupt? None of it meant anything. Then I read this article last night. Easy money, it's the dream - Only too many people wanted it. Those people
sold out everyone, including themselves in the end. The smart ones who could see through the "dream" survived. They're the ones I respect. They questioned what was going on, but nobody wanted to pay attention. They called out bluffs, and nobody believed. So they made money by figuring out a way to profitably short the companies that gave out subprime mortgages, as well as the rating agents who didn't do their job.

Maybe I chuckled because I think the finance world is evil for loaning money to people who couldn't afford to pay it back. To me, that's evil shit.

So. How has the dreaded crunch affected me?

It's going to be harder for me to find a new contract because of all the redundancies happening left, right and center in Rondon atm. Apart from that, I haven't noticed a change. I'm still out and spending. However, saving has always been tough for me since I closed my Dollarmite account ;) How lucky do you think I am though, to have a job that I hate so much? It pays well. Fck that shit, I've had enough and I'm resigning in 18 days. Regardless of the uncertainty I face, I'd rather not spend 8 hours a day, 5 days a week, sitting at my desk in misery and hating. Credit crunch be damned!

Err, but feel free to support me in this time of financial crisis ;)

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