Dubai, Mumbai, Shanghai or goodbye
"It’s a pretty good bet that a city with an average temperature of 90 degrees and an indoor ski slope is probably living a little too large. [...]
For the last couple of years, the running joke on Wall Street was “Dubai, Mumbai, Shanghai or goodbye.” If you were the C.E.O. of a troubled investment bank desperately looking for cash, you made a pilgrimage to one of those three cities with hat in hand. They were the places most likely to write a quick billion-dollar check; their eagerness should have also been a tip-off. Now you have to wonder about Mumbai and Shanghai, too. Are they next in line to take a fall?"
NYT - Financial mirage in the desert
Comments [0]