In a country like USA where there is a decent press, democracy and a vigilant SEC, the financial fraud culprits are brought to book quite slowly, if at all. What will happen to Indian customers who have been had? How does one react to the CEO of a foreign bank saying “we will make up […]
Sorry Minister it is a Systemic Failure! If you have seen 3 scams (big ones) and bribing (rampant) bribing in PSU banks all your life, this so called scam should not come as a shock (or surprise) at all. Once in a while such transactions erupt and the news channels have something to scream about. […]
The advantage of being on planet earth for a long time is..you can be a part historian. This may be perhaps a little parochial towards the South Indians who got caught in the scam… The first scam that comes to mind is the Harshad Mehta scam..1992. (I was not born at the Mundhra scandal which […]
If you have been in the equity markets for 30 years you have some advantages. First you have seen many players come and go. You keep wondering how many are genuine, how many are fake. Over this period you classify people into platinum, gold, silver, …and of course mud. Fund managers also come in various […]
IIM Bangalore has a forum…one of them had posted this Just reproducing what I found: NORFOLK, VIRGINIA – Eleven indicted Somali pirates dropped a bombshell in a U.S.court today, revealing that their entire piracy operation is a subsidiary of banking giant Goldman Sachs. There was an audible gasp in court when the leader of the […]
Continuing my dialogue series… Journo: Subra do you not think the life insurance guys get pampered? Subra: Why do you say so? Journo: 40% of the contribution as a commission is too much, do you not think so? Subra: What about products with 122% commission? http://www.subramoney.com/book-written-by-me/ J: Not possible in the financial service industry…..at least […]
No clue whether the allegations against Goldman Sachs will stick but if you have spent even a little time in deal structuring and marketing derivatives…you can understand that THIS COULD HAVE HAPPENED. It is also easy to realise that when a brokerage firm is small and the owner is worried about his reputation, he could […]