Global Investment House's Apologia for the Restructuring

GIH has also published a ten page brochure on its debt restructuring. 

The brochure begins by answering the natural question how did this happen.  It seems Global's misfortunes were a direct result of the Global Financial Crisis (no pun intended) and apparently had little to do with Global's conduct itself.   Sadly, after giving us this insight, the brochure doesn't explain why some other firms weren't affected by the International Financial Crisis.

But then precious space in the report had to be used to describe how GIH's management "immediately sprung into action" and dealt with the crisis.  A wise move when faced with the threat of imminent death.

Certainly, GIH deserves credit for its conduct during the rescheduling - though it is a very sad state of affairs when acting professionally and honorably is apparently so rare an occurrence that it  is remarkable and worthy of comment.  That being said, GIH knows better than I do the nature of the market in which it operates.  From where I sit I would agree that GIH's behavior was out of the ordinary.

However, the tone and whole point of the brochure seems a bit too self-congratulatory.  Especially in a case where the terms of the restructuring clearly indicate that GIH's business model did not work and is being abandoned.

So all in all the brochure seems to me the product of a delicate and apparently still troubled ego.  "It's not my fault".  "See what I nice person I was and how I acted so nicely".  "Many people said so (and I'll devote a page in my brochure to recording their accolades)".

In the world of business one has set-backs.  One addresses them.  One goes on.  If one does look back, it's at the lessons.  Self-justification and self-praise seem out of place.  But then again GIH knows the market it operates in better than I do.