Wanting

I read with disbelief the evidences raised by the US lawyer representing Singapore investors in the Pinnacle Notes against Morgan Stanley (MS). The US court has not thrown out the case even though the investments were made in Singapore and not in US jurisdiction. Apparently our US lawyer ('our' because I am one such stupid albeit small investor) has presented facts that showed that MS "increased the percentage of companies susceptible to a housing downturn in the CDO structure" all this during the worsening subprime crisis. I have gone into this investment aware that MS is the swap counterparty. It is very common for a swap counterparty to hedge its own risks by simultaneously carrying out another swap to contra its position. However unknown to us the investors, MS has actually taken on a position against the investors or betting against the investor whilst being the manager of the investments, truly an "undisclosed self dealing".

If the above evidence is true, this is yet another rude recognition to me of how low financial institutions can stoop so that a few can enjoy huge bonuses. I had in my previous job always been very suspicious of the integrity of bankers when they pitched their sales but had never expected them to stoop this low. One panelist in a debate about the role of banks in the financial crisis opined that for the industry to truly revamp itself, banks have to stop being amoral or immoral. I can't agree more.

The papers are filled with immoral acts that stretch beyond your imagination. Another disbelief I have this morning is about contractors making their foreign workers gamble for them as they themselves are barred or excluded from the casinos due to heavy gambling. The foreign workers are given the capital and take a cut of the winnings; but when the loss is large the amount will be deducted from their pay. The worst outcome I believe is when the workers acquire the addiction!

All the above will result in nothing but sufferings. As I hear from dharma podcast all sufferings/dissatisfaction can be classified into 3 types:

1)The wanting
2) The holding on, and
3) The existential pain

The first covers a whole spectrum of wants stretching beyond material things and status to experiences, relationship and more.

The second refers to something pleasurable or pleasant having been attained, the heart wants more and more of such.It is as if we want to line up the good experiences one after another in our life and believe we are able to control that and blaming ourselves when we fail.

The third refers to the internal struggles or "boredom" experienced in a neutral state. In a state when nothing seemingly good or bad happens, boredom and anxieties over the meaning behind the repeated routines of living, set in. Many take to various forms of pleasures and excitement just to avoid this existential angst.

Bankers, contractors, foreign workers, you and me; we all have semblances of the above only in varying degree.