Editorial by Linda Robredo – Cougar News Contributor
Don’t buy, Dubai’s claim to be too big to fail. That record is officially shattered. Wake up and smell the coffee Dubai.
Money has a way of bringing out the bad and good in people, but mostly the bad. By no stretch of the imagination is this limited to individual consumerism. Dubai World’s $60 to $80 million in late payments debt illustrates that Dubai did not play by my Aunt Edna’s rules of finance wisdom while constructing a playground society.
Aunt Edna would share her financial wisdom after dinner over a cup of coffee. She served up life and I ate it up.
Aunt Edna said “when you don’t have to get the bank’s money that is when you qualify for the bank loan.”
The world could learn a lot from Aunt Edna, a UCLA graduate who worked in the loan department at Bank of America in the ‘40s, a successful private business owner in the ’50s, land and blue chip stock market investor, and a wonderful cook.
In Western societies when people go bankrupt they go to court. In Dubai, if you get into debt and you can’t pay, you go to prison.
It appears that Sheik Mohammed bin Rashid Al-Maktoum, ruler and leader of modern Dubai can’t pay. Right now he is telling his creditors to shut up. I’m hoping he has an Uncle to share a strong cup of coffee with in prison.