‘How do we do life?’
This was the question posed to the congregation by Ken during a recent service at Holy Trinity Brompton. The answer? ‘It’s a choice.’
You can listen to the talk here.
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Following his departure from UBS and on gardening leave until he starts with Lazard, Ken Costa has been in South Africa, where he was interviewed by Business Day.
‘Costa is on gardening leave — not that you’d know it. The first day of the 57-year-old’s trip back to SA is peppered with work. As the man who earlier this month ended his three-decade career with Swiss investment bank UBS sits down in the coffee shop of Sandton’s Michelangelo hotel, a former colleague from UBS comes over and greets him…
On Black Economic Empowerment
“Social transformation is not linear. Economic transformation is not linear either. There are bumps in the road. Models have to be tried and tested and seen how they work and how they fulfil changing objectives. My own view is that, give or take some examples, phase one has been a remarkable success. How it morphs into stable, sustainable, long-term investment is, of course, the question of the day.”
On Subprime Lending
How, then, does a Christian banker view the excesses that are now apparent in the collapse of the US subprime lending market, where greed led bankers to lend money to people who could not afford it and greed led people to borrow money that they had no hope of repaying?
“The markets overreact. It is the nature of markets to do so. And irresponsibility, uncontrolled greed, or irrational exuberance — call it what you wish — take hold of markets and these have to be corrected. At the moment, we’re inundated with knowledge, but we are knowledge-long and wisdom-short. There is a premium on pursuing wisdom, but it doesn’t always work in the capital markets.”
Read more here.
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