Wednesday, September 30, 2009

Portfolio update - Oct 09

Added $ 888 saving for October 2009.

This September marks the anniversary of Lehman Brothers collapsed - a 150 years old instituition went under water. How could that possible? It was an important date to be remembered in the Financial History - Sept 15, 2008. That day was mother of worldwide financial melt down and panics. Let's pretend today is Sept 15, 2008, what would you do for the next 180 days after reading this chronology?

Aug. 9, 2007: French bank BNP Paribas freezes three funds with U.S. mortgage
exposure, helping to spark a worldwide credit squeeze.

Oct, 30, 2007: Amid mounting losses, Merrill Lynch CEO Stan O'Neal resigns.

Nov. 4, 2007: Citigroup CEO Charles Prince steps down.

Jan. 11, 2008: Bank of America agrees to acquire Countrywide Financial.

March 16, 2008: JPMorgan Chase agrees to acquire Bear Stearns at firesale price.

July 11, 2008: Mortgage lender IndyMac Bank becomes the third-largest bank failure in U.S. history.

Sept. 5, 2008: Silver State Bank is closed in the 11th bank failure of the year.

Sept. 7, 2008: The government seizes Fannie Mae and Freddie Mac.

Sept. 15, 2008: Lehman Brothers files bankruptcy; Bank of America agrees to acquire Merrill Lynch.

Sept. 16, 2008: Government takes control of insurer AIG.

While reflecting and looking at my portfolio, I'm truly grateful that Turtle Portfolio survived the worst financial crisis in 80 years. I want to congratulate to all who had put in their real money and survived. Cheers!

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