Monday, November 24, 2008
Re-Exploring Bombay
Marine drive is simply amazing. Necklace stretches from Nariman Point to Chawpatty. Though the view ends at Governor of Maharashtra's bunglow at the tip of the curve. Marine drive posses so many buildings facing the sea. There are Five Stars, Government buildings, stadium with flood lights popping up, guest houses, hostels but my eyes stuck at a very small, cute looking street corner restaurant-Jazz by the bay! Its a small restro-bar, all sea facing seats, good country music, dim lights and amazing food. After lovely food we took our our car and start rolling towards Gateway of India, my wife was Ahhhhed on seeing The Taj!! We roamed around for some more time and with a promise of visiting again we left for our home.
Friday, November 21, 2008
Exploring Bombay
On 16th November 2008, I got time and luck to roam about my favorite place in
I have couple of options to spend these three hours. One, I thought to take a journey through Mumbai Local. I have planned to take a return ticket to Virar from Churchgate to enjoy the local train on Sunday morning, which is the only time one can find local ‘enjoyable’. But the other option was more enticing. I thought of roaming around the real
Wednesday, November 5, 2008
Experiment on Life
Time passed and we began to realize that Anny is just a pet. We started getting bore, playing with her all time. At that time we tried a cruel experiment on her. Though, we really didn't ever realize that the experiment was 'cruel', actually we never realized this was an experiment. We were making our pet follow a 'routine', which we thought is a process of making it more 'disciplined'. We made a strict routine for her. We make her wake up early, taught her to clean the place where she slept (we called her den) with a cloth, get ready for a walk in the morning, collect all our tennis-balls we used to play cricket with and that too before we come from school. Above all we tied her with a rope and make sure that we only open it whenever we want. Though the rope was long enough so that Anny can move around freely only in the garden it is tied. We used to free her very few times, mainly on weekends.
Time passed, we grew old and Anny too. By the time we passed our schooling we made sure that she followed the routine we set few years ago. I and Animesh completed our engineering together. We stopped giving any attention to the poor pet. Then luckily we both got into a good college for Management in US of A. So we had to leave our country for at least 2 years. We were happy that we friends are still together.
After a long time we came to India for a fortnight. I went to Animesh's place, which is now at a distance from us as we have moved to a new home in the suburb. I was so excited to meet Anny this time. When I reached his place, I was so sad to see that Anny has grown old and weak. Animesh's parents have untied her after we left, so she was free to move around. We observed it for quite some time. Anny grew so old to even recognize us. We were so surprised that she still religiously follows the routine we have set for her years ago. She still moves inside the territory we have set for her, though now she is free to move inside the house, garden, and porch. She still cleans as we taught her to clean our place and still looks around for tennis-balls that Animesh's small brother sometimes throws.
I was in deep pain to see this. I now realized how cruel experiment we did on the poor life. We were cruel on Anny to take her independence, her freedom, her life. And now even when she is gifted her freedom, she is afraid of it. We tried our best to bring Anny inside the house, to take her out but she got so scared. She was happy in her own place, as if prepared for the last day. But deep inside, we were ashamed of ourselves. Ourselves for what we did to the poor being…
Isn't it a part of our society or so called modern society? The whole story can be compared to part of contemporary India. In many part of the country, married women are forced to follow a routine. Even now, as we talk of women liberalization, there are woman in our society oppressed by their man. This was prominent in generation above us. Now when these ladies see the modern world of our times they are afraid to gain their freedom. Some have tried and succeeded; others still clean their den, accept their legs tied to the rope, and follow the routine and religiously waiting for the experiment on their life to get over some day! I only want to raise this question: Women are not an animal, why can't they raise voice against the atrocities, injustice. I just hope whatever women of last generation has suffered, may not be experienced by women today.
Monday, October 13, 2008
Enough@26?
Back in October 2006, Career seemed stuck at Technology department of National Commodity and Derivatives Exchange. Being an opportunist, take it ambitious here; I was trying everything to extract something useful from a free falling organization. Though we were getting more than expected respect there, being first batch from IIT, we were pretty much free with nothing to do whole day. I got to enjoy time with some really wonderful colleagues, who became best friends for life and amazing seniors. I am kind of person who never like to sit idle, want to keep performing and trying and learning new things. In a very late attempt, with the help of a very experienced, senior person, I tried my luck and got a chance to work in Risk Management. This was my first break through to enter Quantitative Finance and to work under an amazing head.
Working in Risk Management at NCDEX led me to give a try to my ‘once dream job’ during placement season of IIT Bombay. When I got a call from HR of Lehman Brothers, I was not at all aware of what all departments are there. Even I didn’t know which department I got call from. I still remember I started studying about CDO when a colleague told me that I got call for Exotic Derivatives. With no preparation, very little idea of whats going to happen, I went for an interview at Lehman Powai, I dint even knew where the building is. Having good luck and little knowledge of commodities, futures, options-all owing to my head at Risk Management at NCDEX, I got through Lehman, Exotic Derivatives. I believed this was because of lucky charm of my fiancée, we got engaged on 1st April 07!!
Life at Lehman started wavy. Got some good friends, handled some hard people. Some were frustrated by the ‘Back Office’ status, some were contended with however things are. This is all part and parcel. This entire time one thing which was on my side is my ability to work hard. And again luck came in my favor to work in Single-stock Exotic. And here began best time of my career.
[Derivatives means financial instrument whose value depends on underlying asset.
Exotic Derivatives means derivatives which are not plain vanillas but either:
1) Payoff is complex
2) Hedging is complex
3) Underlyings are complex]
I made so many good friends. I got little lucky to join before a new batch so that I got friends with both the batches. Some of these are really good friends and I am happy to get respect from all of them. I also got lucky to work on various parts of exotic-derivatives: Option Pricing and Managing Books. Meanwhile, got in good terms with senior traders at London. Whole conception of ‘London guys are mean’ was broken. I began to believe some of them are much better than what popular belief was.
Very soon we were restructured to a new team. We were all happy in a team. I liked all my juniors, with getting proper response from all of them. I never hesitated for any work. I made sure to set an example to my team and staying late if required, standing by the team, making full efforts to protect team’s interest.
I got married and all were happy. We rented a flat 10min walk from office. Her office was in the same building as mine. Everything was going on happy-go-lucky. While this story was building, dark clouds started gathering, on whole financial market.
We were happy in our own small world. Having fun whole day and coming to office was anything but bad. Enjoying days as they pass, totally unaware of the big bubble that was about to burst.
In its first step it blew Bears Sterns, which got sold to JP Morgan Chase at $2 a share. Jammie Dimon, JPM came out heroic in taking over Bears Sterns. Next in line was famous Fannie-Freddie. On 13th July 08 U.S. Treasury and Federal Reserve effectively nationalized mortgage finance companies Fannie Mae and Freddie Mac to support U.S. housing market. Meanwhile, Lehman stock was falling free under gravity (Lehman fell by 44% from 11th July to 14th July). We saw Lehman share price coming from 19 to 17, to 13, to 9… All this while we never lost our hopes. There were hopes that someone would definitely take over lehman-may be everyone had belief that we are still good or we were too complacent. Each day like a to-be-married girl, we get name of a possible buyer. With each passing news shares were moving 5 to 10% in either direction. To start with KDB (Korean Development Bank), but its rightly said about Koran belief: ‘if a US investment banker is selling you something, he is cheating’. Hence the regulator’s caution caused lehman losing KDB. Then we were hopeful with Barclays, or a consortium of other banks who could take us. Nothing working out we saw lehman shares down by 45% to $7.79 on 9th September and another 42% drop on 11th Sep to bring it to $4 a piece. We were very much hopeful that over the weekend some deal will be finalized.
15th September 2008
On Monday morning, I casually switched on TV to see the news and first thing I saw is: BREAKING NEWS-LEHMAN BROTHERS FILING BANKRUPTCY. It was totally unbelievable for me, for everyone. When I reached office, I was in no mood to accept it. We got an official mailing stating that Lehman Brothers Holding Inc. has filed chapter 11 Bankruptcy. Chapter 11 implied Lehman will get some buffer time to see where the world moves in couple of days. I tried my best to boost my team to work and prepare morning report on that day. But, of no use. There was no work since then. Its all over. No one knew whats going to happen, what going on. Everyone has his/her own responsibilities. Millions dreams were shattered, no clue of what to do next. May be the company liquidates tomorrow and we belong to nowhere. Not everyone was even ready to prepare resume. Bearing our own trouble everyone was sharing and helping out other more needy. Another bad news of the day: Merrill Lynch & Co Inc to be taken over by Bank of America Corp.
Immediately after Lehman bankruptcy, other I Banks created a liquidity pool of $70bn to face any liquidity crunch after lehman. Worst thing, lehman was not allowed to participate. It seems, what we were dreaming over the weekend, that some I-Bank will take over; These I-Banks were preparing for our funeral!
Part of the reason why Lehman was forced into bankruptcy was because its prime brokerage clients began pulling out their capital. Lehman lost 50 percent of its prime brokerage assets in the last week of its existence. So the fear that Lehman could go bankrupt contributed to its quick downfall.
Prime brokerage clients are like depositors. If they feel their money is unsafe they will cause a run on the bank. But unlike with bank deposits, there is no government-backed insurance plan to protect their funds.
Lehman Brothers: Post 15th September 2008
16th September 2008: Barclays agreed to buy parts of Lehman's North American assets for $1.75 billion.
22nd September 2008 - Nomura Holdings Inc says it will buy Lehman's franchise in Asia Pacific and acquires Lehman's business in Europe. Deal does not include Lehman Powai office.
We were still stucked, uncertain for our future, career. There was news of Barclays, Credit Suisse, Nomura in talks but nothing concrete. Best thing with us was that we were going to office!
6th October 2008-Nomura Holdings COO, Mr. Hiroshi Tanaka came to Powai office to announce the deal. Hopefully there wont be any layoffs as they said retaining the remuneration. May be it’s the pause for a very bad time.
Others: Post 15th September 2008
September 16 - Fed announces plan for $85 billion loan to American International Group Inc in return for 80 percent stake
September 21 - Goldman Sachs Group Inc and Morgan Stanley become bank holding companies regulated by the Fed. End of stand alone Investment Banks and the real cream ‘Wall Street Jobs’.
September 25 - Washington Mutual is closed by the U.S. government in the largest failure of a U.S. bank. Its banking assets are sold to JPMorgan Chase & Co for $1.9 billion.
October 3 - The U.S. House of Representatives voted 263-171 for the revised bail-out plan in their second attempt to approve the $700 billion deal.
The story continues. But this is enough to experience at the age of 26? What we have faced was unimaginable for the 158 years old Investment Bank. I still remember the time I joined lehman in June ’07 when Lehman was around ~$ 76 and now I have seen Lehman trading in 5 pence!!
I have seen glorious time of longest running CEO of an I-Bank: Dick Fuld and now I have seen his testimony, posed as a villain.
Wednesday, October 8, 2008
Saturday, September 6, 2008
Confession
Mumbai meri Jaan
Google Life
Internet Explorer/firefox
then,
www.gmail.com, then
www.orkut.com, then
www.finance.google.com, then sometimes
www.blogspot.com
and sometimes this as well:
www.picassa.com
www.youtube.com
any other site I visit I go through google search engine.
Now with the launch of Google Chrome even the first step would be replaced by a Google application!!
Well, imagine life when there will be Google OS. Probably if this vertical integration continues then soon we"ll see Google laptops!!!
Wednesday, July 23, 2008
music of life
I was remembering time when I used to just be my own jukebox and play my fav songs all songs (and sometimes play this game on voice chat with nana and pragya.. remember guys)
Btw. currently my playlist includes khuda jaane, aditi, kismat konnection etc etc etc.
Friday, July 18, 2008
Jaane tu..Ya Jaane na
The movie is well hyped, so much so that when we were going for the movie next week of its release we were considered late. All our friends (and even their parents) have enjoyed this movie before us.
So with much enthusiasm we went for the movie, reaching 15 min before time (my wife because she don't want to miss a single minute of movie or trailers and me because i don't want to miss national anthem)
Movie started with some cracking voices and it came out that there is some tech fault and whole theatre stood up and shouting, creating an amazing scene. It was like first time I have seen so many people dared to stand together for a single cause. And this was the end of the interesting events in the whole movie.
Good points first: Music is quite good, it surely gives me smile whenever I tune into radio and this songs comes. Title song is amazingly sung by AR Rehman holding the notes. And he makes all his songs so difficult to hum. Pappu is just some random noise, but it gives fun definitely. Kabhi Kabhi is definitely a very sweet and best song of the movie. Kahin Toh, hogi woh is a lovely romantic song I heard after a long time. Last time I enjoyed such song was - Aaj meine dil se from movie Mein Meri Patni aur Woh!!
Acting wise Naseeruddin Shah was 'The Best' and he lived upto his status. Ratna Pathak has played the role of Imraan's mother quite well. Arbaaz and Sohail are irritatingly funny :-) Rest all (in a nutshell): Genelia's dialogue delivery is poor (just better than Kangana Ranaut), Imraan is cute and probably he can act well but nothing much for this poor guy to do here. supporting friends were hopeless....
Now here comes the story. Who says Aamir was slow ? JTYJN is slow because there is very less story in it. And who says that story is 'very next door'. This is typical bolly-movie. Hero dreaming of some warrior, finally comes out that he is a prince of Ranjhor. some weird conditions to become prince of Ranjhor. And whats the mistake of poor girl whom Aamir dumps because of heroine. End was like we were watching some 90s masala movie where hero is doing everything to get heroine. Crazy or what to like it ?
Overall this was a light movie (if we remove the pathetic ending), and good camera work has saved it from getting worse. Overall it will get 2+1/2 * from me. 2 because of all the reviews above and 1/2 because ---
My wife liked Imraan a lot, just to make me comfortable she says Imraan looks like me :-). So for her I am giving additional half star more.

