... and what about Dalal St. Idiots?

There sure needs to be rationalization of pays across the board. There should be government set norms for pay scales common to both private and public sector companies, institutions and organizations. A license raj in salary structure should be the key to a more egalitarian distribution of accumulation of wealth by both public and private corporations. Am I making sense or has Obama lost it?

It would then mark an end to:

1. fat salaries for IIM graduates;
2. fat offers to IIT graduates;
3. fat proposals for NLS-spawn graduates;
4. CXOs being traded;
5. mainstream efforts, profiteering and indulgence of the education system ...

... and our education system would then focus on creative, diverse and constructive channels of learning, not driven by vampiric accumulation of personal profit, but would be a real creator of value that would then flow into the commercial domain.



References:

Obama getting tough on 'Wall Street idiots'

Democratic Senator for pay cap on Wall Street 'idiots'

Senators propose pay caps on executive bonuses

McCaskill on corporate executives' pay: 'These people are idiots'

Obama Ally Introduces Bill to Cap Salaries of CEOS from TARP ...

Citigroup drops $50M plan to buy company jet

Citigroup cancels corporate jet

One man's meat ...

As we celebrated our Republic Day, I also glanced at the world wherein many people were not so fortunate.

Reference:

Over 80000 jobs lost in a single day

Put the money down ...

When a sinking ship goes down, and all are jumping off only the insane (or Captain Jack Sparrow) jump on it. But our money is not going to be returned by the Kragon from the netherworld. So why invest? The logic fails me totally. Its a volcano that has burst and is now cooling down; far from spewing out any returns, its a station to where a train don't come. Speculative investment is and should not even be considered an investment but merely a wager or gamble with public money. At least PSUs need not gamble with public money, now at this time of crisis when we need to play our cards close to ourselves.



References:

LIC to pump in Rs 4K cr more in stock market by March

LIC policyholders likely to see their bonuses diminish

I say tuh-mey-toh (tomato), you say tuh-mah-toh (tomato) ...

It is interesting to wait and watch till when will the Indian government consider this "temporary decline in economic activity", accompanied by "widespread decline in the GDP, employment, trade, industrial production, and real income," NOT to be a RECESSION, BUT merely an "economic slowdown" that has now lasted for nearly 4 months!!??



Reference:

Chidambaram bats for more economic stimulus

Bailout not for the rich!

There is nothing surprising if this is not what is also running through the minds of Indians when each time the government announces a bailout and the next week nothing happens in real terms to uplift the employment situation. We too need a change!!!



Reference:

House angry at bailout; Obama team makes pledges

Castles into the sand whereforth they rose ...

So the cracks have begun to show. Hope what would Montek say about this. Is it 7% growth story in 2009 or is it just a slower slowdown or a gradual and sluggish movement towards eventual doom?!


References:

Bharat Forge slips into the red...

Ranbaxy reports net loss of Rs 806 cr

Reliance Q3 net profit down 9.8%

Refining margins pull RIL down

Reliance Infra Q3 net dips 16.71 pc at Rs 251 cr

So why does it still live ... let it die?!

There is now a need for an International or Trans-National Regulatory Authority or Initiative to regulate auditors of a non-governmental nature that indulge in promotion of private profiteering and investor and employee jeopardy.


References:

Don't rely on our Satyam audits: Price Waterhouse

Price Waterhouse admits goof-up in Satyam audit

Crumblin' Down ...

Need there be said anything. Crumbling continues, and what is interesting is that both east and west are affecting each other.

References:

Citi plans to shrink itself by one-third

Nortel Networks files for US bankruptcy

Banks told to disclose if they have hired Price Waterhouse (Citi has an exposure of about $70 million (Rs340 crore today) to Satyam)

Auditor, Audited, Auditing, more ...

When the system checks the devious, the devious check themselves. When the checkers of the devious goof up, the system should check the devious and the devious checkers. Hope this results in a proper checking of the devious checkers, because it is not the first time these devious checkers have failed to check.

Below are reference lists of follies including the very recent Madoff and Satyam fiasco. The buck has to stop somewhere, doesn't it?


References:

The men who certified Satyam's fudged account?

PwC may be asked to re-state accounts of Satyam: P Jain

Sebi team reaches Satyam complex and PwC office in H'bad

PwC faces axe from major clients after Satyam fiasco

PwC has a chequered past with taxmen

Bringing Satyam auditor PwC to book may not be easy

----------

Australian cos in disarray over IT export to India

US law firms file ‘class-action’ suits against Satyam

Satyam slapped with 2 class action suits in US

We will prosecute Raju if US laws violated: Vianale

Don't buy, Satyam may go bankrupt: India Infoline

-----------

Fannie Mae sues KPMG over accounting flaws

KPMG to Admit Role in Tax Shelters; No Criminal Charges Expected

KPMG Trying to Cut Deal on Liabilities, Filing...

Spies, Lies & KPMG

Accounting giant KPMG to pay $10 million over Gemstar audit

Madoff Wreckage Bangs Feeder Funds, Auditors

Accounting firms drawn in to Madoff scandal

Future secure, present unsure ...

Short term profitability at the cost of long and medium term instability is inversely proportional to both consumer and employee interest, that we all know. There is also no need to rev up the insurance industry right now when there is need to reduce exposure of customers of ULIP schemes to market instabilities. Has there been not enough onslaught in the name of fictitious speculation ...?


References:

IRDA eases solvency margins for Ulips

IRDA cuts solvency margin for ULIPs by 20%

ULIPs likely to be cheaper by 10-15 pc