What was your biggest lesson from the 2008 financial crisis?
Monkeys, I was going through this interview of Alexis Stenfors, a rogue trader at Merill Lynch who over-valued the books by $100 million.
The bizarre thing, or what I found scary as well, was at the time I didn’t find that $100 million was a lot of money, which was how detached I was from the environment or the society as a whole. When I had the conversation with my boss in which I admitted it, I was in India and he was in Switzerland. He said, “You should have told me earlier.” I apologized, and he just said, “have a good holiday.”
He says that the governments and industry learned from it and the regulation has become strict. Governments, companies and markets aside, I wanted to know what individuals on this forum learned from it.
It can be ranging from personal finances to relationships to your career choices- is there anything which defined the crisis for you?