He asked (what we hope was) a rhetorical question: "What does a bank do?" The answer was raising funds through deposits and wholesale markets and channelling those into loans...
Of course, for a post-late 1990s intake, the rudiments of banking might well not have been taught at all in those early training days. Surprisingly, no mention was made of the three Cs of lending credit, capacity and collateral. But Citis employees did find out that raising deposits globally and putting too many to work in US residential real estate was not a good idea.
Euromoney welcomes this back to basics approach. And perhaps to avoid future crises, it is best to start teaching people about the credit crunch at an early age.
Perhaps, indeed, it is time to update some classic nursery rhymes. Heres one that springs to mind. Wed welcome any other submissions.
This little piggy went to market This little piggy bought homes This little piggy invested in toxic debt This little piggy suffered a run And all these little piggies cried: "SHIIIIT!" All the way to the US Treasury