Here's an interesting comparison. Profits from the various...

Here's an interesting comparison. Profits from the various segments, comparing FY2003 (sp $30 in June '03) vs. FY2007 (sp $90 in June '07):-

Funds management:
03 $82m | 07 $362m

Financial markets:
03 $97m | 07 $334m

Investment banking:
03 $118m | 07 $883m

Lending:
03 $67m | 07 $129m

Total:
03 $364m | 07 $1,551m

From the 07 Annual Report:-

For the purposes of determining business segments, the activities of the economic entity have been divided into four areas:
– Asset and Wealth Management: distribution and manufacture of funds management products;
– Financial Markets: trading in fixed income, equities, currency, commodities and derivative products;
– Investment Banking: corporate and structured finance, advisory, underwriting, facilitation, broking and real estate/property development; and
– Lending: banking activities, mortgages, margin lending and leasing.

The Asset and Wealth Management areas of the business might be relatively well insulated against the current shocks. The rest of the businesses? Well...aren't these just the kinds of things taking big hits around the world at the moment?

So, acrushor (and others), I don't have a thing about MBL. I'm not dirty, because I missed out on the rise (I have actually been a big admirer of what MBL has done over the past few years).

However, I've spent the past 20 years preparing and reading financial statements for a living. It's what I'm trained to do.

How about you?