Lehman's bust, Merrill's gone...

It's been enough news (leave alone whether it is good or bad) for one weekend. Lehman Brothers has gone bust and Bank of America (BofA) buys Merrill Lynch for 50b $. I knew Lehman was in bad state, and were looking for a suitor, but the quick sale of Merrill, almost a fire-sale, was a complete surprise to me. Early on a Monday, just before leaving for office (Incidentally, I work for Merrill) on a routine, quick glance at CNBC to check how SGX Nifty was performing, a flash news piece caught my attention. It said, BofA has offered 29 $ per share of Merrill and the two are in talks now, and I was confused all the way to office whether I saw it incorrectly, or was it CNBC who made a typo error. And the reports earlier that BofA was in talks with Lehman for deal, made me almost believe that CNBC was wrong. But simultaneously the news that Lehman would be filing for bankruptcy was flashing on screen, and I knew something was brewing in the Merrill camp too.

As soon as I reached office I got the news from my colleagues, that the deal is through and that Bank of America has taken over Merrill Lynch. Immediately, I sent messages, the text reading "Welcome to BofA" to most of my friends, who were caught completely unawares. The looks on their faces said it all, when they reached office. But among all this I was personally very unhappy at the turn of things :( Two companies, one of which is more than 150 years old and the other on the cusp of a century have gone for ever. Lehman Brothers, a 154 year old organization, which survived tougher times during the great depression, ceases to be an entity. Merrill Lynch, a 94 year firm, the most recognizable name on wall street, with the familiar Bull logo might cease to exist sooner or later! Rumours about imminent job-cuts, and jokes around this started doing the rounds. The whole day was a hell of an activity. After all, its not often that you see two financial giants fall in a single day! Dont know whats in store in the future, but as Scarlett says "After all...Tomorrow is another day!"

One day in the life of a RTO in India...

I had my personal appearance appointment for my driving license today. I along with my friend reached Mandaveli (Chennai locality) RTO at 0950 am (we were informed a day earlier to be at the spot by 10 am) only to be told by the official there that the slots for the driving test for the day are over, and that we would have to come back again after another week. Our representative from the driving class told us first that there is no other option, but he was not at all convincing in his reply. Actually a part of a greater ploy where candidates are initially asked to come at 10 am and then upon reaching they would be told that they were late and would be accomodated upon shelling out a couple of hundred bucks. The same modus operandi, and we were asked to pay 250 bucks. Seeing our reluctance he began convincing us. We called our driving instructor and then further discussions between those 2 people ensured we dont have to shell out anything extra. And then the eternal wait started.

For the next three and a half hours, sitting on the footpath, we analyzed most 4-wheelers that crossed our way. Their features, all the finer aspects and the traffic pattern in the area. Saw 4 new 2-wheelers getting registered, without even the mandatory official check. 3 Vehicles getting their number plates painted from the guy who set his shop under the tree beside us. Saw people coming from various parts of the city, most of them on loss-of-pay, for their appointments only to find that the official wouldn't keep up. The same police vehicle crossing the street twice, Tea shops doing brisk business, vehicles parked in a complete lack of order, and of-course a majority of touts lurking around everywhere.

Thank god, I had company! Three and a half hours, 2 cigarettes (my friend smokes!), 2 teas and 2 soft drinks later, it was made known that we have been issued driving licenses. And that we would have to come back again a couple of days later to get our photographs taken. The RTO inspector did not make an appearance, but still our application has been blessed with his initials (I dont even know, if the signature is genuine or forged). As we were driving back to office, the merits of the system in US, kept continually playing in my mind, along with one another thought. GOD SAVE INDIA!