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Troubles at the People's Bank of China

Posted on September 05, 2008

I have a good friend who has been in the business for many years who always has a good story to tell. Many years ago he worked for a now defunct bond house with the name Berkeley Capital. We were in some financial district watering hole and someone else in the group asked my friend how much capital Berkely Capital had. My friend, always an Irish wit, responded with a question of his own. He inquired of the gentleman who had questioned him if he had ever been to Lake Hiawatha , New Jersey. The original questioner replied in the negative and and asked why that was important. My friend responde...

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