Derivatives w/o underlying ethical values as assets

Don't blame Greece, our economic woes self-inflicted: N Vaghul, Chairman, ICICI Bank - The Economic Times: "Blending his characteristic wit with banking analogy, Vaghul says, "the root cause of our financial crisis is that we have created derivatives without underlying assets," referring to the decline in values in all spheres of life. Therefore, much like the US sub-prime crisis, we have another crisis on our hands with derivatives that are created with no underlying assets in the form of ethical values.
Asked if he thought the present crisis was all self-inflicted and not brought on by the ripple effect of the Greek and global crises, he retorts: "I feel it is self-inflicted, don't you think so?" Holding forth on the importance of upright leadership at an event here to remember banking stalwart and former SBI chairman RK Talwar, Vaghul said work ethics ought to be the cornerstone on which to build careers and industry and that the decline in values witnessed all around reminded one of the importance of the philosophy of those like Talwar, who thought everyone was an instrument of the divine."

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