Interesting. This illustrates it all!!!!

Enjoy it & laugh a little but it is the truth

Tamedu is the proprietor of a Foo-Foo and Isi-Ewu Shop
(Exotic Nigerian food) in Lagos, Nigeria.
Sales are low and, in order to increase them, he comes up
with a plan to allow his customers to eat now and pay later.
He keeps track of the meals consumed on a ledger.
Word gets around and as a result increasing numbers of
customers flock to Tamedu?s shop. His suppliers are
delighted and are very willing to sell more and more raw
materials for the meals he prepares. Tamedu shows them his
ledger of receivables and they extend him credit.

A young and dynamic customer service consultant at the
local Nairaland bank recognizes these customer debts as
valuable future assets and gives Tamedu a credit line
and then increases Tamedu?s borrowing limit.
Taking advantage of his customers'
freedom from immediate payment constraints, Tamedu
jacks up the prices of his Foo-Foo and Isi-Ewu.
Customers don?t mind as they are not required to pay on the
spot. Sales volume increases massively; Banks and
suppliers lend more; Tamedu opens more outlets in
Abuja, Kaduna, Port Harcourt and Ibadan. He sees no reason
for undue concern since he has the debts of the customers
as collateral.
At the bank's corporate headquarters, expert bankers
recognize Tamedu's customer loans as assets and
transform these customer assets into Bonds. These negotiable
instruments are given exotic names such as FoofooBond,
IsiBond, EwuBond AND EgusiBond.
These securities are then listed on the Stock Exchange and
traded on markets worldwide. No one really understands what
the names mean and how the securities are guaranteed
but, nevertheless, as their prices continuously climb, the
securities become top-selling items.
One day, although the prices are still climbing, a credit risk manager of the Nairaland
bank decides that the time has come to demand payment
of one of the debts incurred by Tamedu. Tamedu in turn asks his
clients to pay up. One by one they refuse; the clients cannot pay back the debts. Tamedu refuses to serve them
anymore. The clients stop coming.

Tamedu is really screwed now. He cannot fulfill hisloan
obligations and therefore claims bankruptcy. All bonds drop
in price by between 80 to 95%.
The suppliers of Tamedu, having granted generous payment
due dates and having invested in the securities are
faced with similar problems. The goat-meat supplier defaults
on payment to the Mallam who sells goats to him and to
the cattle supplier and claims bankruptcy. The yam supplier is
taken over by a competitor; Tamedu lays off the cook and
staff. Bankruptcies soar, unemployment mushrooms.

The Nairaland bank that lent the money in the first
place is set to collapse.
It is saved by the Government following dramatic
round-the-clock consultations by leaders from the Peoples
Undemocratic Party with Tamedu commuting back and
forth in his Executive jet and Mercedes 500SEL, brokering the
deal.

The funds required to save the economic collapse are
obtained by a tax levied on the citizens, most of whom
do not eat Foo-Foo or Isi-Ewu.

"THIS IS HOW THE GLOBAL FINANCIAL CRISIS ERUPTED"

Do you have a problem with reading aunty romade

romade:

so busy i cant download d dogon turenchi

If you are so busy you won't be idling away here on nairaland

mr tamedu :p :p :p

the longer; the better

Oh boi!

na only mr. lagbaja dey laff for him post,

lol

Plagiarism!


The above is an article I wrote in early April. Haba!

https://www.nairaland.com/nigeria/topic-259381.0.html

loma:

Plagiarism!


The above is an article I wrote in early April. Haba!

https://www.nairaland.com/nigeria/topic-259381.0.html

As if you are the original writer of the article, you could as well have added the source you plagiarzed it from.

wahala wa oooo

see wetin c & P dey cause o

no be smal tin.yfy how u dey?

just been busy o iyale mi, i no see u too on fb nw?

KunleOshob:

As if you are the original writer of the article, you could as well have added the source you plagiarzed it from.

Yes, I am the original author of the article!

You can check my blog @ idrisayobello..com or http://top25plus.net/blog/?p=164

we don hear

sabisaka

tyty darling, pls use that brush and paste i gave last nite

her mouth dey smell ni?

err i have sore throat