27 Noiembrie 2008

How is financial crisis seen at Wall Street?

What began as a subprime credit crunch in the United States, scaled up into a financial crisis that spread at full speed across the world. Tony A. Romani, Wall Street investment banker explained how the financial crisis is seen from the core of financial system.

“From here, the crisis looks pretty scary”

From our computer monitors where we read the negative news about the crisis and its spread, things don’t look as serious as they really are. Being in the middle of events, Romani says the crisis looks pretty scary.

“We monitor the market status every day or we talk to our friends who loose their jobs without even having a chance to find another one next year. Many of us have already lost huge amounts on the capital markets. If companies like Goldman Sachs, which is perceived as untouchable, stumble at every breath of air, it is normal to ask yourself: what is next?,” said the banker in an interview for Wall-Street.ro.

He explained it is easy for every person to turn paranoiac. “Even I wonder sometimes: what disaster could possible happen to make the company turn to bankruptcy. And that given the fact we are well positioned to get the advantage from the crisis”, he added.

As for the Americans, the banker says their views are not alike, and that they have different concerns. However, they share a common optimism, as well as a conviction that nothing in the world can kneel United States.

“They share the same conviction that this country will cope well with this gloomy period. The more important thing is that they are even closer to the truth. Americans are capitalists in their life standards, and for a capitalist the free will and freedom to make money the way you think is right, is more important than anything. In this period, this freedom is besieged and this is what concerns them the most,” said Romani.

Translated by Camelia Oancea

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