There was a company Kingfisher Airlines which owed 7000+ Cr (70+ billion INR or well over 1B USD) to a consortium of banks in India. The company could not pay its debts; its owner/company recently was declared ‘willful defaulter’ by few banks. Now, the owner Dr Vijay Mallya is shifting to England with all funfair.

Indian Big Corporations debtThis event and the total debt (sourced from a LinkedIn post above) makes one seriously think – is it true that “The wall streets fraud” as Bernie Sanders US presidential candidate has said earlier? In India, we have very contrasting examples – one side there were many farmers who were committing suicide because they couldn’t repay loans and on the other side we have banks with NPA (Non Performing Assets) & professionals who do “Corporate Debt Restructuring” resulting in many if not all NPAs in future. At present Indian PSU’s NPA is more than their Market Capitalization.

Isn’t it “a subsidy transferring wealth from the rest of us to a select few” as the article rightly says?

Just imagine – the debts given above, tax evasion, Satyam case and many other cheating happening not just in India but in almost every corner of the world. For me ‘wall street’s fraud’ is just a metaphor, there are many more frauds we are confronting daily. I have written on a few earlier – Volkswagen & Toshiba, Rajat Gupta and Moral Markets! to name a few. Are we really maturing as human race? Or we have become more deceptive and satanic?

Just another example is the double speak of developed world on saving the earth – read Profit over the Planet.

The point, after lamenting so much is always – how do we solve these problems? Only way I see is spirituality – Paris attacks – solutions please moving towards being saint in suits rather than Thief in Tuxedo.

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Image source – LinkedIn post of Mr Hariprakash Visant

KRD Pravin

Here I am supposed to write about myself. Professionally, I am quite serious and a workaholic; personally I am an individual who enjoys what he does and takes life as it comes. I am passionate about my work and actions and empathetically careful, attached and committed to them. All this makes me a fierce competitive professional and yet a compassionate soul, the Yin and the Yang together. Balancing is the art to be practiced using the middle path. From -


rummuser · February 28, 2016 at 1:18 pm

If you owe your bank a few lakhs of rupees it is your problem. If you owe your bank a few lakh crores, it is the bank’s problem and the country will find ways to bail the banks out just as the USA did. That is capitalism and particularly crony capitalism.

Leaking pipe, economics and politics | Business to the Buddha · June 10, 2017 at 8:46 am

[…] The same keeps on happening in our society be it bailout or loan waiver to farmers. Those who cannot get in such beautiful moral hazard go to UK or become part of crony capitalism. […]

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