My friend …I wish we all had such simple escape options in life by telling … it’s bad luck / didn’t anticipate to be this bad etc. the infra stress was evident from 2016/2017 … Dhfl from 2018.
He always had the option of parcelling out the junk book and exit with a frenzy … exit with a sense of urgency and exit as of his life is dependent on that . All I’m saying is … he was a bit too casual ( as technically he didn’t originate those junk loans) . he was clued on to building the casa franchise , opening retail branches … basically all the right things …
Can’t help recalling the famous dialogue from this awesome movie Margin Call …loosely based on crisis situation of 2008.
[John Tuld ]: So, what you’re telling me, is that the music is about to stop, and we’re going to be left holding the biggest bag of odorous excrement ever assembled in the history of capitalism.
[Peter Sullivan ]Sir, I not sure that I would put it that way, but let me clarify using your analogy. What this model shows is the music, so to speak, just slowing. If the music were to stop, as you put it, then this model wouldn’t even be close to that scenario. It would be considerably worse.
[John Tuld …The CEO states … Let me tell you something, Mr. Sullivan. Do you care to know why I’m in this chair with you all? I mean, why I earn the big bucks.
[Peter Sullivan ]Yes.
[John Tuld ]: I’m here for one reason and one reason alone. I’m here to guess what the music might do a week, a month, a year from now. That’s it. Nothing more. And standing here tonight, I’m afraid that I don’t hear - a - thing. Just… silence.
And this is what VV failed to do . he is a good operations guy …but fails miserably on evaluating the changing landscape .i rest my case .