Wisdom, management and organization
The last three decades have witnessed a spate of spectacular failures in the management of established and well-known financial institutions. The collapse of Barings Bank where directors were eventually ruled to be unfit to run a company; the spectacular demise of Long Term Capital Management, a brain-child of two Nobel prize winners, where after purporting to have discovered a fail-safe, scientific method for calculating derivative prices, lost US$4.6 billion in the first few months of 1998 and threatened a bank run that required active intervention on the part of the Federal Reserve in the United States, and of course, the slow and silent crescendo of headless and reckless decisions that climaxed in the financial crisis of 2008 where a significant number of established financial institutions had either to be nationalized or file for bankruptcy after being in independent existence for over a century. We continue to experience the long-drawn after-effects of this latest financial crisis, and there is much concern expressed in the media daily that little seems to have been learnt from this financial debacle.
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