The globalization of the capital market is actually part of economic globalization. This will create a change in the entire world economy, not just restricted to some fields in some countries.
Richard GrassoThis is a basic requirement the meaning of globalization is that we should admit that the economy of each country is dependent on the economy of all the others.
Richard GrassoWhat the American people don't understand is how Merrill Lynch or AIG or Lehman Brothers can reward people, and the entity fails. Not only do the shareholders lose, but the entities lose.
Richard GrassoLet's take a timeout. Let's allow investors the opportunity in a period of market calm to re-examine what's happened and to deploy new strategies into the marketplace.
Richard Grasso