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Your Child’s Beliefs : Inthon

Sallie Krawcheck, former CFO of Citi, was on CNBC today speaking about BofA/Merrill Wealth Management.

How she has this job is amazing since during her tenure as CFO at Citi (2004 – 2007) the bank accumulated vast amount of toxic assets.

One wonders what type of information was she feeding her CEO, Chuck Prince, who stated:

“When the music stops, in terms of liquidity, things will get complicated. But as long as the music is playing, you’ve got to get up and dance. We’re still dancing.”

That was July 9, 2007.

Just one month later, the credit crunch forced Citi to borrow from the Fed Discount Window.

Just over one year later, Citi was effectively bankrupt and exists only because of corporate welfare from both Democrats and Republicans.

Interesting and disturbing that the CFO of this firm, Sallie Krawcheck, is now given a job as head of a Wealth Management division and is rumored to be in the running for Ken Lewis’s job as CEO of Bank of America.

While thinking about Wealth Management and rewarding those who make mistakes, I realized that many parents do this inadvertently when bailing out their children.

Parents often think their child is safe and secure with a trust fund and/or large sum of money upon their passing.  Wealth Management firms aggressively push this logic.

In many cases, the child would be better off with a knowledge base, clear mind and sense of responsibility rather than entitlement.

After a certain time, a parent’s failure to parent becomes irrelevant and the child, now an “adult”, needs to rationalize things for himself.

To raise a well-adjusted child, it makes sense to create an environment of self-reflection, awareness and personal responsibility, rather than one of indoctrination.

It is healthful and beneficial to let the child F-E-A-R:  Fail Early And Responsibly.

As a “child”, it is healthy to wean yourself from your parents and challenge yourself.  The rewards are worth it.

Takeaway: If you want to ruin a man, give him everything he wants. Never let him fail, struggle, grow or mature into a man.

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