I was directly affected by the financial crash since both my folks were employed at the financial services company called Lehman Brothers. September 15, 2008, marked the turning point as the company collapsed (60 Min. episode – Wall Street- Inside the Collapse P-1, 2010). The primary source of income which the family relied on was the salaries from the firm which has collapsed. For almost three years, we had a hard time as a family as we tried to recover from the huge shock.
At that time some of my siblings were college in Europe. Since they were not on scholarship, it was my folks who were responsible for my upkeep. They had to defer my studies the following semester for the lack of school fees. Being investment-minded, my folks had taken loans for various projects. The situation at home was dire as the creditors constantly harassed my parents over the loans that they were still financing before they lost their jobs. We had to significantly cut our expenses and survived on two meals a day. We had to abandon the posh lifestyles that were too accustomed in the suburbs of the city to the full housing units in the freeways.
When growing up, I had wanted to pursue a career in finance. This particular event motivated me since if the individuals who are paid to offer expert advice had not slept on their jobs, this financial collapse would not have happened (60 Min. episode – Wall Street- Inside the Collapse P-1, 2010). It helped me in developing closer attention to the details. I resolved to be an auditor whose role was to unravel financial impropriety and fraud. The financial crash did put the financial firms and professionals on the spot as some were bribed to look the other way.
60 Min. episode – Wall Street- Inside the Collapse P-1 [Video file]. (2010, April 10). Retrieved from https://www.youtube.com/watch?v=FMt_ZczGmEU