Subprime Crisis

First of all, I need to say sorry for my blog friends that I have to write this in English since it is more understandable for my record.

Yesterday (September 15), one of my clients being one of the biggest US Investment Banks has filed for bankruptcy. If any of you have read and keep following up on the news (especially for CNN), you will know who I am talking about.

This affects the global market and business, including its branch in Thailand. They are my good clients (either its parent company or affiliates).

No, I don’t mean only they have paid a significant amount of legal fee but also our good relationship personally. Most of my billable hours have been billed to this client.

I love to work for them because most of their projects relates to securities issuance and project finance which I am very familiar with. In addition, I don't think that they are only my clients but they are also my friends, brothers and sisters.

I don’t want any of them feeling bad. So, I have tried to keep calling to give them encouragement. I hope that I could be of any help to them. Unfortunately, no one receives my calls.

CNN has disclosed that such filing for bankruptcy may leave approximately thousand of employees without jobs. I understand that such amount is only for the US, excluding other branches (Tokyo and Thailand, etc.). No one knows the future.

If that is the case, I am sure that most of them will be engaged by other reputable financial institutions and law firms (for someone performing legal field) because they are very competent and it is hard to find genius persons like them.

It is unbelievable that this happens with one of the biggest US Investment Banks existing over 150 years.

However, today (Sept 16), UK Bank has confirmed to buy certain assets of my client. Understand that it is under negotiation process. We need to keep our eyes on this.

This Subprime Crisis not only hurts US lenders but also the global market.