Monday, June 16, 2014

Sleepless Night

Late night checked my current bank account through the internet and suddenly a large amount had been debited to my account. Minus. It was for the IDB corp. bonds I was holding: The owner Nochi Dankner had run the business into bankrupcy, it has been bought by Darby a French Jew, and the bonds had been partly paid in cash and partly rescheduled into new bonds. That is what I knew so the sudden apparition of a large debt was unexpected. The bank has an emergency phone number (that I used in the past, but at 3 AM no one is able to provide an answer). An hour later my statement had changed dramatically (for worse), and about 6 PM it was approaching normal. Obviously, thw Bank was making some accounting operations at night. Now I checked again, and the minus has disappeared and I have a new line: the renegotiated IDB bonds. Currently they have no price, but soon the stock exchange will decide how much they are worth. Now I'll go to lunch + doublevodka Martini + sleep. Now that I tel it, it seems nothing, but for me - may be for others too - it was a very bad night. Illustration, not mine. My wife, always positive, encouraging and seeing the bright side of things: "Think how good is that you didnt get CVA",

3 comments:

  1. Anonymous4:28 PM

    Lesson - never check your bank balance late at night when there is no one to call and the banks are doing their internal computer runs. What are you, Scrooge McDuck, counting your gold every night?

    The one thing that I learned from my parents experience (not directly - they themselves were like you and worried about money) is that all your material goods and bank balances can evaporate overnight. You can (G-d forbid) be like the good citizens of Mosul, fleeing town with only what you can carry in your hands, but it is no big deal. You don't really need all that junk anyway and there is always new money to be made again if you have a good head on your shoulders (and you do).

    K

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  2. How should I know that during the night the figures change?

    May be they take money from the accounts and they invest in the overnight market, earning a few points. Say 50 million dollars invested for half a day 0.01% interest rate = 500 000 dollars minus expenses (which are very low). Repeat 365 times a year and the bank earns 18.25 million. All while we sleep and think our money is safe.

    ReplyDelete
  3. Correction: 182500 dollars per year.

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