This week I came across an article published in FundsPeople titled «Client risk in private banking management«. These are obviously arguments put forward by bankers and former private bankers, which already distorts considerably the reality of what wealth management in general and financial investment in particular should be, as we said back in 2008 in «...".«The unbearable lightness of management»(private banking). We advance this warning because the FundsPeople article only deals with the management of bank investments, i.e. money invested in bank investment products, shares handpicked by the bankers and ex-bankers on duty and other investment funds listed in the bank's sales catalogue. We want to make it clear that there is a fundamental deviation from the way we should treat families' money, which should include investments in unlisted companies (private equity), real estate investments and other assets in which, in order to invest, the money must come out of the bank's account. Obviously, private banks do without such investments, as their mission is to keep their clients' money in the bank that generates their income at the end of the month.
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Knowing which types of assets or which companies’ shares are going to skyrocket in the coming months is the pipe dream of those who, rather than investing, speculate. Of those who are hoping for a windfall to bail them out of the financial difficulties they have got themselves into through their own foolishness. But even if Lady Luck were to smile on them, their poor judgement would remain just as bad. Consequently, they will believe themselves to be shrewd investors rather than merely lucky, and their cycle of financial difficulties, windfalls and further difficulties will repeat itself, at best. In the long run, the result for most of them is that their forays as speculators (even though they describe themselves as investors), far from supplementing their income, cost them a significant portion of the wages they have earned through the sweat of their brow over the years. And if at any point they were to make an objective calculation of their gains and losses—something they consciously or unconsciously avoid doing—the balance sheet would reveal the harsh reality: that throughout their investing lives, a large part of their own and their families’ well-being has been taken by Mr Market. 
We had already warned of this in
We have already pointed this out in previous articles 
«Some central banks in Europe are beginning to assess contingency plans for the possibility that some countries may leave the euro area or that the monetary union may collapse completely».» This is the headline of the 
The secret will not be revealed until Monday 12 December. But given what we have seen in terms of the cowardice, mediocrity and financial incompetence of the EU’s politicians and bureaucrats, coupled with the conflicting interests of the Merkozy duo, it cannot be ruled out that the eagerly awaited announcement on 9 or 12 December will amount to yet another ineffective stopgap measure. Nevertheless, hopes are pinned more than ever on these statements, which will do nothing more than make public the agreements that have been secretly being hatched since the finance ministers of Germany, the Netherlands and Finland met discreetly last week.