Even American economists now say government must own bailed out companies

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Satyam scam: Nationalise and own

More importantly, it will also free Satyam’s assets from being proceeded against via foreign litigation which has been filed against it. But if Satyam is merely revived and then given over to another private investor, it will be under the obligation to take over all the liabilities that may be ordered against it by Indian or foreign courts. Thus the whole object of revival will be frustrated.

It is obviously not in the common people’s interest that the state should invest large sums of public money in Satyam with a view to bring it back to health and then return it to a private management. It makes no difference that there will be a new private investor.

If in spite of this fraud another private investor is to be trusted, it may only justify Marx’s taunt that “the state is the Executive Committee of the bourgeois class”.

The smaller shareholders may be compensated later on, when the company revives. After all, they took chances and also enjoyed the profits of the company, which were there in the past. So surely, equity is not hurt if now they suffer the consequences of having ignored the fraudulent activities of the old management of the Rajus.

The most surprising aspect is that with all this fraud and economic meltdown, the government is still running away from nationalising Satyam.

It is paradoxical that in this country, where nationalisation of oil, coal and banks have shown far better results than private management in vital sectors, the government should resist privatisation. Today America, with its undiluted privatisation, is suggesting nationalisation of some of its largest banks (even if it be for a short time) as the only method of recovery of banking institutions.

Paul Krugman, the Nobel laureate in economics in his latest column has accepted the bitter truth: “And if the government is basically putting up all the money, it should get the ownership in return – and the road to that system runs though nationalisation.” Even the former Federal Reserve chairman Allan Greenspan, a staunch defender of free market, has had to concede ungrudgingly: “It may be necessary to temporarily nationalise some banks in order to facilitate a swift and orderly restructuring.”

An average person may justifiably ask that if die-hard capitalist USA is advocating nationalisation of banks, why is our Central government reluctant regarding Satyam? This query needs an answer indeed.

For more articles, Click on IIPM Article.
Source : IIPM Editorial, 2008
An Initiative of IIPM, Malay Chaudhuri and Arindam Chaudhuri (Renowned Management Guru and Economist).

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As if our wild animals weren’t struggling enough against poachers and traders, our politicians too refuse to cut them any slack....

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Man-animal conflict, and rehabilitation of forest communities are in fact the major points of contention in conservation efforts, dividing conservationists into two lobbies. In the first are scientists like Valmik Thapar who believe that tiger-tribal co-existence is a farce and scientifically impossible. The second group consists of the likes of Sunita Narain and Madhu Sarin who firmly advocate tribal rights on forests. “It is not the tribes who are killing elephants or tigers”, says Madhu Sarin. “The reason for their dwindling number is poaching and deforestation. Tigers and the tribal population have lived together for centuries without a problem.” The Forest Rights Act implemented with effect from January 1, 2008 notified Critical Wildlife Habitats in forest areas without thinking it necessary to involve the forest communities, and even included some absurd clauses as having to produce paperwork towards residential proof.

Ritwik Datta, renowned environmental lawyer hits out at government policies, “In the quest for rapid industrial growth, government compromises on the health of environment… The government has constituted EAC (Environmental Assessment Committee) under Ministry of Environment and Forests whose job is to conduct industrial project appraisal. But it hardly rejected 0.5 per cent of total projects.” Vehemently criticising the modus operandi of EAC he further adds, “How can it be possible to approve 22 projects in a day?” Recently, EAC had gone to Arunachal Pradesh for a hearing pertaining to the much criticised Dibang Dam project. Much to the chagrin of the locals, the hearing venue was decided at a place which was 100 kilometers away from the place in question. Little wonder hardly anybody turned up before the Committee.

To oversee the conservation projects, SC has constituted the Central Empowered Committee. One of the members of the Committee, preferring anonymity, told TSI, “Be it WII or CMPDI (Central Mine Planning & Design Institute), most of their reports are nothing but a bundle of lies. Many a time, we object to a particular project, only to know it was approved later.” Dismissing the Tiger Task Force he says, “They are all nothing but drawing-room conservationists.”

For yet another example of acute condescension for wildlife by the state, one needn’t look further than Etawah in Uttar Pradesh, home-district of former CM Mulayam Singh Yadav, and also home to the largest population of Saras Cranes. That is, until the CM’s helipad project in Safai, Etawah, destroyed the natural habitat of the bird. As long as the powers that be are only interested in vote bank politics, there is little hope for our disenfranchised species…

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Source : IIPM Editorial, 2008
An Initiative of IIPM, Malay Chaudhuri and Arindam Chaudhuri (Renowned Management Guru and Economist).

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'D'irect 't'o 'h'ell? His DTH operator has removed this channel from the activated subscription pack.

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What is impeding the growth of DTH in India? Surbhi Chawla analyses...

Gurneet Singh, (36) had nicely got into the habit of waking up to soothing Gurbani that plays on ETC Punjabi every morning. For the past one week, he has been getting up all cranky and red-eyed with irritation. Reason: His DTH operator has removed this channel from the activated subscription pack. He thought it would be a temporary affair as ETC Punjabi is a paid channel and as he had already subscribed for it, but as days passed he was proven wrong!

A week later, he finds a message pasted where the channel should have been, informing him that he would have to subscribe the channel to resume service. Frustrated, he calls customer care only to learn that the DTH operator had removed the channel from his activated subscription pack and if he wishes to watch it again, he would have to pay an additional subscription fee. Singh protested saying he was being asked to pay up two times in a month. If there is to be a change in pricing then it should be reflected next month. But the monotone from the other side of the phone replied, without much emotion, that nothing could now be done as the pack rates have changed and he would have to pay up extra for resuming transmission of the channel.

Undeterred, Singh decided to lodge a complaint with the Telecom Regulatory Authority of India (TRAI), only to realise he is not the only one filing a similar complaint. TRAI has already received a host of similar complaints from customers: DTH providers at times stop showing one particular channel from the list of channels that they had subscribed at the start of the month. And that too without any prior notice.

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Source : IIPM Editorial, 2008
An Initiative of IIPM, Malay Chaudhuri and Arindam Chaudhuri (Renowned Management Guru and Economist).

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Deccan Herald - IIPM ranked as top B-School in India
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Bloodstained business

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Terror groups use movie piracy as funding source

From now, along with drugs, money laundering, extortion and smuggling, film piracy has started contributing to terror funding. Terror groups and international criminals have always been interested in movies be it by funding movies or by extortion. Movie industries across the world have raised their concern about growing piracy as it erodes their profits (around $250 billion annually). The London Evening Standard recently found out that UK’s market has been flooded with illegal copies (being sold at $2-$2.50) of Oscar winning movie Slumdog Millionaire. However, the matter doesn't not cease here but envelope larger issues. Film piracy has now become hot favourite among international terror organisations. Terrorists and organised criminal groups are exploiting this huge market in order to fund their terror plans. Take for instance, the highly active D-Company that spearheads the major syndicate involved with film piracy in India and sub-continent since last 25 years. This mode of terror funding is not only present and practiced in Asia and UK but is also found in Latin American countries like Brazil, Argentina and Paraguay as well. As per the research by the US Think Tank RAND Corporation, this tri-border area channelises around $20 million annually to Hezbollah. The globalisation of movies has catapulted the growth of film piracy. There have been numerous cases wherein pirated movies and music reached the international market even before the movie is released in the home country. Delayed release and restrictions of release of (allows 20 movies per year) international movies in countries like China have cost its industry a whopping $2.5 billion in 2005 due to influx of pirated DVDs.

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Source : IIPM Editorial, 2008
An Initiative of IIPM, Malay Chaudhuri and Arindam Chaudhuri (Renowned Management Guru and Economist).

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IIPM 4Ps Quiz- Shahrukh Khan Video
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Who said elections can't be entertainment, fun, the sublime, the ridiculous and the profane. A nationwide TSI effort

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Yes! all this happens only in india

Sajad Ghani Lone : J & K

Separatists, welcome please

People’s Conference chief Sajad Ghani Lone could become the first separatist to contest parliamentary elections in Kashmir, if some media reports are to be given credence. In the classic tradition of testing political waters, Sajad has neither confirmed nor denied them. If all goes well, he could contest from a North Kashmir Parliamentary constituency, like Kupwara. Amen.

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Source : IIPM Editorial, 2008
An Initiative of IIPM, Malay Chaudhuri and Arindam Chaudhuri (Renowned Management Guru and Economist).

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Boulevard of broken dreams

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TSI Five-O: A grim portrait down a sad, depressing road…

Hollywood’s iconic romantic couple comes together again, except this time their relationship’s not beautiful and inspiring but coming apart at the seams. Set in the 1950s, Frank (Leonardo DiCaprio) and April (Winslet) believe they’re not like everybody else, but tested by a dull suburban life and the weight of unfulfilled dreams, their relationship begins to disintegrate. Under Sam Mendes’s direction, “Revolutionary Road” is primarily a showcase of acting prowess of Kate and Leo, whose chemistry takes an explosive turn in this film as insults and verbal barbs fly between the two. Die hards might still say the eponymous Richard Yates book was more incisive but ultimately the movie is about the angst of the couple and their splendid performance is the highlight. One warning though, it will leave you depressed.


Anu Gulmohar

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Source : IIPM Editorial, 2008
An Initiative of IIPM, Malay Chaudhuri and Arindam Chaudhuri (Renowned Management Guru and Economist).

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Deccan Herald - IIPM ranked as top B-School in India
India eNews - IIPM Ranked No1 B-School in India
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End of the detroit dream?

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The choice is to execute viability plan or declare bankruptcy

Winds blowing across the Wall Street have certainly had an adverse impact on Detroit and its iconic brands. Toyota Motor Corp has dethroned American brand, GM, as the world’s largest car maker and the merger mania (GM and Chrysler) at Michigan has been put in cold storage, and presently it is the fear of bankruptcy that looms large over the iconic General Motors Corporation, GM.

The fear is not uncalled for; consider the state of the auto industry in the US – auto sales fell to 9.1 million in February 2009 (lowest rate since December 1981) from 15.4 million a year ago. GM and Ford reported sharp declines in light-vehicle sales as consumers with unprecedented low confidence stayed away from showrooms, extending a sales plunge that began in September 2008 and threatening the viability of many automakers. GM's sales have plunged by 53 per cent and that of Ford by 48 per cent since then. The sales figure only happens to be the tip of the iceberg. Having received a whopping $13.4 billion in emergency government loans since December 2008, GM in its latest filing with the Securities and Exchange Commission accepts that it may seek bankruptcy protection. The loss that the auto major has run into in the last couple of years speaks for itself, it has lost some $82 billion since 2005 and as per its latest financial report it has suffered a loss to the tune of $30.9 billion in 2008 alone. The statement in its annual report which categorically mentions, “Our future is dependent on our ability to execute our viability plan …. If we fail to do so for any reason, we would not be able to continue as a going concern and could potentially be forced to seek relief through a filing under the US bankruptcy code" is but a mere reflection of its financials. The auditors, Deloitte & Touche, accepts the fact that recurring losses from operations, stockholders' deficit, and inability to generate sufficient cash flow to meet its obligations and sustain its operations raise substantial doubt about GM’s ability to continue as a going concern. The ability of GM to continue as a going concern primarily depends upon the sales volume (which has been heading southwards), and thus in order to get over the dependence the beleaguered auto major is currently seeking another $30 billion in loans from the US government.

It is clear by all means that the automotive depression highlights the dependence on the largesse and forbearance by lenders and governments. As far as the US government is concerned, the largesse and forbearance for GM totally depends on the trio, Treasury Secretary Timothy Geithner and President Obama’s chief auto advisors Ronald Bloom and Steven Rattner. As GM led by Rick Wagoner, teeters on the brink of failure it would be forced to seek relief through bankruptcy, "either through a pre-packaged plan of reorganisation or under an alternative plan, which could include liquidation". Analysts are skeptical; they fear that pre–packaged bankruptcy and the alternative plan would be catastrophic. The imminent question is, will the trio save Detroit?

Gyanendra Kashyap

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Source : IIPM Editorial, 2008
An Initiative of IIPM, Malay Chaudhuri and Arindam Chaudhuri (Renowned Management Guru and Economist).

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IIPM 4Ps Quiz- Shahrukh Khan Video
IIPM - Most Innovative B-School
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IIPM
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(IIPM) Management Education Institute India
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» IIPM ranked No1 B-School in India :: Education, Careers ...
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Deccan Herald - IIPM ranked as top B-School in India
India eNews - IIPM Ranked No1 B-School in India
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domain-b.com : IIPM ranked ahead of IIMs
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