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Lessons for Kenya’s financial sector from the 2008 crisis
The political favouritism that banks from certain areas received the lion’s share of national government funding. New York and California banks received a huge share of the first rescue money.
Looking back in time to the 2008 financial crash that rocked much of the Western world, especially countries like the US, Iceland, Latvia, Lithuania, Estonia, Ukraine, and Ireland, I ponder what lessons we can take from it in our modern lives here in Kenya.
Even though I was already residing in East Africa at the time, I remember looking at the US in horror as their Treasury put $25 billion into the massive Citigroup banking conglomerate, then also other banks such as another $25 billion into JPMorgan Chase, $10 billion into Goldman Sachs, another $10 billion into Morgan Stanley, and $25 billion into Wells Fargo.
