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Life and death in assisted living: ‘The Emerald City’ –Part1

Joan Boice needed help. Lots of it. Her physician had tallied the damage: Alzheimer's disease, high blood pressure, osteoporosis. For Joan, an 81-year-old former schoolteacher, simply getting from her couch to the bathroom required the aid of a walker or wheelchair
 

Joan Boice surfered from Alzheimer’s, diseases. The disease had gradually left Joan unable to dress, eat or bathe without assistance. It had destroyed much of the complex cerebral circuitry necessary for forming words. It was stealing her voice.
 

Joan’s family was forced to do the kind of hard reckoning that so many American families must do these days. It was clear that Joan could no longer live at home. Her husband, Myron, simply didn’t have the stamina to provide the constant care and supervision she needed. And moving in with any of their three children wasn’t an option.
 

These were the circumstances that eventually led the Boice family to Emeritus at Emerald Hills, a sprawling, three-story assisted living facility off Highway 49 in Auburn, Calif. The handsome 110-bed complex was painted in shades of deep green and cream, reflecting its location on the western fringe of the craggy, coniferous Sierra Nevada mountain range. It was owned by the Emeritus Corp., a Seattle-based chain that was on its way to becoming the nation’s largest assisted living company, with some 500 facilities stretching across 45 states.
 

Emeritus at Emerald Hills promised state-of-the art care for Joan’s advancing dementia. Specially trained members of the staff would create an individual plan for Joan based on her life history. They would monitor her health, engage her in an array of physically and mentally stimulating activities, and pass out her 11 prescription medications, which included morphine (for pain) and the anti-psychotic drug Seroquel (given in hopes of curbing some of the symptoms of her Alzheimer’s). She would live in the “memory care” unit, a space designed specifically to keep people with Alzheimer’s and other forms of dementia safe.
 

At Emerald Hills, the setting was more like an apartment complex than a traditional nursing home. It didn’t feel cold or clinical or sterile. Myron could move in as well, renting his own apartment on the other side of the building; after more than 50 years of marriage, the couple could remain together.
 

Sure, the place was expensive — the couple would be paying $7,125 per month — but it seemed ideal.
 

During a tour, a salesperson gave Myron and his two sons, Eric and Mark, a brochure. “Just because she’s confused at times,” the brochure reassured them, “doesn’t mean she has to lose her independence.”
 

Here are a few things the brochure didn’t mention:
 

Just months earlier, Emeritus supervisors had audited the facility’s process for handling medications. It had been found wanting in almost every important regard. And, in truth, those “specially trained” staffers hadn’t actually been trained to care for people with Alzheimer’s and other forms of dementia, a violation of California law.
 

The facility relied on a single nurse to track the health of its scores of residents, and the few licensed medical professionals who worked there tended not to last long. During the three years prior to Joan’s arrival, Emerald Hills had cycled through three nurses and was now employing its fourth. At least one of those nurses was alarmed by what she saw, telling top Emeritus executives — in writing — that Emerald Hills suffered from “a huge shortage of staff” and was mired in “total dysfunction.”
 

During some stretches, the facility went months without a full-time nurse on the payroll.
 

The paucity of workers led to neglect, according to a nurse who oversaw the facility before resigning in disgust. Calls for help went unanswered. Residents suffering from incontinence were left soaking in their own urine. One woman, addled by dementia, was allowed to urinate in the same spot in the hallway of the memory care wing over and over and over.
 

The brochure also made no mention of the company’s problems at its other facilities. State inspectors for years had cited Emeritus facilities across California, faulting them for failing to employ enough staff members or adequately train them, as well as for other basic shortcomings.
 

Emeritus officials have described any shortcomings as isolated, and insist that any problems that arise are promptly addressed. They cite the company’s growing popularity as evidence of consumer satisfaction. They say that 90 percent of people who take up residence in assisted living facilities across the country report being pleased with the experience.
 

Certainly, the Boice family, unaware of the true troubles at Emerald Hills, was set to be reassured.
 

“We were all impressed,” recalled Eric Boice, Joan’s son. “The first impression we had was very positive.”
 

And so on Sept. 12, 2008, Joan Boice moved into Room 101 at Emerald Hills. She would be sharing the room with another elderly woman. After a succession of tough years, it was a day of great optimism.
 

Measuring the dimensions of his mother’s new apartment, Eric Boice sought to recreate the feel of her bedroom back home. He arranged the furniture just as it had been. He hung her favorite pictures in the same spots on the wall. On her dresser, he set out her mirror and jewelry box and hairbrush.
 

Joan, 5-foot-2 and shrinking, had short snow-and-steel hair and wintry gray-blue eyes. Eric looked into those eyes that day at Emerald Hills. He thinks he might have seen a flicker of fear. Or maybe it was just confusion, his mom still uncertain where, exactly, she was.
 

A Reform Movement Winds Up on Wall Street
 

The Emeritus Corp., the assisted living corporation now entrusted with Joan’s life, sat atop an exploding industry.
 

Two decades earlier, Keren Brown Wilson had opened the nation’s first licensed assisted living facility in Canby, Ore., a small town outside of Portland. Wilson was inspired by tragedy: A massive stroke had paralyzed her mother at the age of 55, forcing her into a nursing home, where she was miserable, spending the bulk of her days confined to a hospital bed.
 

Wilson aimed to create an alternative to nursing homes. She envisioned comfortable, apartment building-style facilities that would allow sick and fragile seniors to maintain as much personal autonomy as possible.
 

“I wanted a place where people could lock the door,” Wilson explained. “I wanted a place where they could bring their belongings. I wanted a place where they could go to bed when they wanted to. I wanted a place where they could eat what they wanted.”
 

These “assisted living” facilities would offer housing, meals and care to people who could no longer live on their own but didn’t need intensive, around-the-clock medical attention. The people living in these places would be called “residents” — not patients.
 

It took Wilson nine years to persuade Oregon legislators to rewrite the state’s laws, a crucial step toward establishing this new type of facility. After that, states across the country began adopting the “Oregon model.”
 

But what began as a reform movement quickly morphed into a lucrative industry. One of the early entrants was Emeritus, which got into the assisted living business in 1993, opening a single facility in Renton, Wash. The company’s leader, Daniel Baty, had his eyes on something much grander: He was, he declared, aiming to create a nationwide chain of assisted living facilities.
 

Two years later, Baty took the corporation public, selling shares of Emeritus on the American Stock Exchange, and piling up the cash necessary to vastly enlarge the company’s footprint. Many of Emeritus’s competitors followed the same path.
 

The company’s rapid growth was, at least in part, a reflection of two significant developments. Americans were living longer, with the number of those in the 65-plus age bracket ballooning further every year. And this growing population of older Americans was willing to spend serious money, often willing to drain their bank accounts completely to preserve some semblance of independence and dignity — in short, something of their former lives.
 

As the assisted living business flourished, the federal government, which oversees nursing homes, left the regulation of the new industry to the states, which were often unprepared for this torrent of expansion and development. Many states didn’t develop comprehensive regulations for assisted living, choosing instead to simply tweak existing laws governing boarding homes.
 

In this suddenly booming, but haphazardly regulated industry, no company expanded more aggressively than Emeritus. By 2006, it was operating more than 200 facilities in 35 states. The corporation’s strategy included buying up smaller chains, many of them distressed and financially troubled, with plans to turn them around.
 

Wall Street liked the model. Market analysts touted the virtues of the company and its stock price floated skyward. One of the corporation’s appeals was that its revenues flowed largely from private bank accounts; unlike hospitals or nursing homes, Emeritus wasn’t reliant on payments from the government insurance programs Medicare or Medicaid, whose reimbursement rates can be capped. As the company noted in its 2006 annual report, nearly 90 percent of its revenues came from “private pay residents.”
 

In filings with the Securities and Exchange Commission and in conference calls with investors, Emeritus highlighted many things: occupancy rates; increasing revenue; a constant stream of complex real estate deals and acquisitions; the favorable demographic trends of an aging America.
 

“The target market for our services is generally persons 75 years and older who represent the fastest growing segments of the U.S. population,” Emeritus stated in a 2007 report filed with the SEC.
 

Today, the assisted living industry rivals the scale of the nursing home business, housing nearly three-quarters of a million people in more than 31,000 assisted living facilities, according to the U.S. Department of Health and Human Services.
 

Keren Brown Wilson, the early and earnest pioneer of assisted living, is happy that ailing seniors across the country now have the chance to spend their final years in assisted living facilities, rather than nursing homes. But in her view, the rise of assisted living corporations — with their pursuit of investment capital and their need to please shareholders — swept in “a whole new wave of people” more focused on “deals and mergers and acquisitions” than caring for the elderly.
 

She speaks from experience. After her modest start, Wilson went on to lead a company called Assisted Living Concepts, and took it onto the stock market. Wilson left the company in 2001, and it has encountered a raft of regulatory and financial problems over the last decade.
 

“I still have a lot of fervor,” said Wilson, who now runs a nonprofit foundation and teaches at Portland State University. “I believe passionately in what assisted living can do. And I’ve seen what it can do. But for some of the people, it’s just another job, or another business. It’s not a passion.”
 

“A Phenomenal Deal”
 

Joan Boice, born Joan Elizabeth Wayne, grew up in Monmouth, Ill. It was a tiny farm belt community, not far from the Iowa border. Her father, a fixture in the local agriculture trade, owned a trio of riverfront grain elevators on the Mississippi and a fleet of barges. As a teenager, she spent her summers trudging through the fields, de-tasseling corn.
 

In 1952, accompanied by a friend, Joan packed up a car and followed the highway as far west as it would go. Then in her early 20s, she was propelled by little more than the notion that a different life awaited her in California. In a black-and-white snapshot taken shortly after she arrived, Joan is smiling, a luxuriant sweep of dark hair framing her pale face, gray waves curling in the background. It was the first time she’d seen the Pacific.
 

Joan had been a teacher for two years in Illinois, and she quickly found a job at an elementary school in Hayward, a suburb of San Francisco. In certain regards, her outlook presaged the progressive social movements that were to remake the country during the next two decades. She viewed education as a “great equalizing force” that could help to remake a society far too stratified by class, race and gender.
 

“She was just free-spirited and confident,” Eric, her son, said.
 

Joan met Myron Boice through a singles group at a Presbyterian church in Berkeley. On their wedding day, Joan flouted convention by showing up in a blue dress. The Boice children came along fairly quickly: Nancee, then Mark, then Eric.
 

Myron Boice was a dreamer. A chronic entrepreneur. He sold tools from a van. He made plans to open restaurants. He had one idea after another. Some worked; others didn’t.
 

Joan’s passion for education never dissipated. Even in her late 60s, she continued to work as a substitute teacher in public schools. After retirement, she began volunteering with a childhood literacy program.
 

But age eventually tightened its grip, and hints of a mental decline began surfacing around 2005. Eric grew worried when she couldn’t figure out how to turn on her computer twice in the span of a few months. Then she forgot to include a key ingredient while baking a batch of Christmas cookies. The cookies were inedible.
 

The elderly couple was still living in the San Francisco suburbs, when, in late 2006, a doctor diagnosed Joan with Alzheimer’s. As her mind deteriorated, Myron struggled to meet her needs. The situation was worsened by the fact that none of the children lived nearby. Mark was in Ohio. Nancee was about an hour away in Santa Cruz. And Eric and his wife, Kathleen, were roughly two hours away in the foothills of the Sierra.
 

“We offered my parents to come and live with us,” Eric recalled. But Myron said no. He and Joan wouldn’t move in with any of the kids. The family patriarch refused to become a burden.
 

A physician encouraged Joan and Myron to consider assisted living. It made sense. And so Myron sold their home in 2007 and the couple moved into a facility called The Palms, near Sacramento. The move put them approximately 40 minutes away from Eric and Kathleen.
 

“They were very attentive to every single thing she needed,” Kathleen Boice said of the staff at The Palms. “They actually re-taught her to eat with a fork and a knife.”
 

By 2008, however, Myron wanted a change. He wanted to be closer to his son and daughter-in-law and grandkids. He wanted different meals, a new environment. Myron began hunting for a new place to live, a search that led to Emeritus at Emerald Hills in Auburn.
 

Emeritus opened the Emerald Hills complex in 1998. It was, in many ways, a classic Emeritus facility, situated in a middle-class locale that was neither impoverished nor especially affluent. It was a sizable property, capable of housing more than 100 people.
 

In part because of its appetite for expansion, Emeritus was in the early stages of what proved to be a period of enormous stress. In 2007, the company had made its biggest acquisition to date, buying Summerville Senior Living Inc., a California-based chain with 81 facilities scattered across 13 states.
 

The purchase — which expanded Emeritus’s size by roughly one-third — helped the company make another major leap, bouncing from the low-profile American Stock Exchange into the big leagues of commerce, the New York Stock Exchange. News of the Summerville deal propelled the company’s stock to a new high. Emeritus was poised to become the nation’s No. 1 assisted living chain.
 

But the timing for this bold move turned out to be wretched. The real estate market was freezing up, and it would soon collapse, plunging the nation into an epochal recession. For Emeritus, the economic slowdown and then the housing crash posed direct challenges. Its services didn’t come cheap, so many people needed to sell their homes before they could afford to move into the company’s facilities. With the real estate market calcified, Emeritus’s customer pool shrank.
 

“Our stock price plummeted,” recalled Granger Cobb, Emeritus’s chief executive officer, who joined the company as part of the Summerville deal. The company’s occupancy rates had been trending skywards. Now they went flat.
 

At Emerald Hills, the economic slowdown that summer was making life tough for Melissa Gratiot, the lead sales agent.
 

“It was way harder to move residents in,” she remembered.

But there was some good news. She was close to a significant sale, this one to a couple. Gratiot worked the pitch. She talked with the family. She emailed. She gave them a tour of the facility’s memory care unit, called The Emerald City. She told the family she’d received approval from higher ups to offer the family “a phenomenal deal.”
 

Gratiot closed the sale. On Aug. 29, 2008, Myron and Eric signed the contract, and the family opened its wallet: A $2,500 initial move-in fee; $2,772 for Joan's first two weeks in Room 101; another $1,660 for Myron.
 

There had been one oversight, though. No one at Emeritus with any medical training had ever even met Joan, much less determined whether Emerald Hills could safely care for her.
 

Correction (7/29): An earlier version of this story stated that Emeritus at Emerald Hills had failed a company audit of its memory care unit before Joan Boice moved in. It has been corrected to say an audit found flaws in the facility’s medication handling process before Boice moved in. The memory care unit was audited while Boice was living there and failed nearly every important test.

 

This story was produced in collaboration with PBS Frontline. Full episode airs Tuesday night, 30th July. Watch the trailer here: Life and Death in Assisted Living

 

NEXT PART: They Are Not Treating Mom Well
 

Courtesy: ProPublica.org

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RBI keeps repo, CRR, and other key rates unchanged

While keeping key rates unchanged, the RBI said India is currently caught in a classic ‘impossible trinity’ trilemma whereby it has to forfeit some monetary policy discretion to address external sector concerns
 

The Reserve Bank of India (RBI), in its first quarter credit policy review has kept repo, reverse repo, cash reserve ratio (CRR) and bank rate unchanged. The central bank said India is currently caught in a classic ‘impossible trinity’ trilemma whereby it has to forfeit some monetary policy discretion to address external sector concerns.

 

"The recent liquidity tightening measures by the Reserve Bank are aimed at checking undue volatility in the foreign exchange market and will be rolled back in a calibrated manner as stability is restored to the foreign exchange market, enabling monetary policy to revert to supporting growth with continuing vigil on inflation.  It should be emphasised that the time available now should be used with alacrity to institute structural measures to bring the CAD down to sustainable levels," the central bank said in a statement.

 

With no change in key policy rates, the repo rate (the rate at which the RBI lends money to banks) remains at 7.25%. Similarly reverse repo rate (the rate at which the RBI borrows from banks), CRR, and bank rate remains at 6.25%, 4.00% and 10.25%, respectively.

 

Repo Rate.......................7.25%

Reverse Repo Rate..........6.25%

CRR.................................4.00%

Bank Rate......................10.25%

 

The central bank said its monetary policy stance over the last two years has predominantly been shaped by the growth-inflation dynamic even as external sector concerns have had a growing influence on policy calibration over the last one year. “The current situation – moderating wholesale price inflation, prospects of softening of food inflation consequent on a robust monsoon and decelerating growth – would have provided a reasonable case for continuing on the easing stance. However, India is currently caught in a classic ‘impossible trinity’ trilemma whereby we are having to forfeit some monetary policy discretion to address external sector concerns,” the RBI said.

 

The trilemma refers to the difficulty of simultaneously having free capital movement, a stable exchange rate and an independent monetary policy.

 

DK Aggarwal, chairman and managing director of SMC Investments and Advisors, said, "By announcing the measures twice this month to curb deceleration in rupee, it has become quite evident that RBI is not going to cut rate and that only happened in today policy review meeting. The past cuts also did not get transmitted meaningfully in the banking system because of rise in delinquency rates and overall deficit in the banking system. And now with the shift in policy stance we expect RBI to cut rates with a lag of three to six months."

 

"Looking at the other side of the coin, let us suppose even if RBI cut rates, then also banks would not reduce rates as now there would be shortage of funds of more than 1% of net demand and time liabilities. The recovery is yet to gather momentum and as a result of which more pain in terms of rise in non-performing assets (NPAs), fall in government revenues from the levels at which they are budgeted, may happen," Mr Aggarwal added.

 

RBI also lowered the gross domestic product (GDP) forecast to 5.5% from 5.7% and headline inflation to 5.1% from 6% for the fiscal year ending March 2014 and said that monetary policy stance would again shift towards supporting growth when normalcy returns in foreign exchange market.

 

Industry body, Confederation of Indian Industry (CII) feels that the moderation of growth outlook by the RBI is a matter of great concern and this enforces its view that actions on multiple fronts are required to help the economy revive.

 

"We have shared with the Government our concerns about the high Current Account Deficit and these concerns call for financing measures, but more importantly, we need to ensure that we are able to establish a very competitive manufacturing sector. Our exports need to increase exponentially and with a strong manufacturing sector we should be able to obviate the need for many imports, which could be very well manufactured within the country" said Kris Gopalakrishnan, president, CII.

 

Through 2012-13, the Reserve Bank persevered with efforts to address growth risks with a 100 basis points (bps) reduction in the repo rate, supported by policies to ease credit and liquidity conditions through a 75 bps reduction in the CRR, 100 bps reduction in the statutory liquidity ratio (SLR) and open market operation (OMO) purchases of about Rs1.5 trillion.

 

During May this year, the central bank continued with its easing stance with a reduction in the policy repo rate by a further 25 bps to support growth in the face of gradual moderation of headline inflation. With upside risks to inflation still significant in the near term, however, the Reserve Bank indicated that it saw little space for further policy easing and warned that risks because of the CAD could warrant a swift reversal of the policy stance. In its mid-quarter review of June, the Reserve Bank paused its policy easing. This policy stance was informed by the need to wait for a durable receding of inflation and to be prepared for the impact of growing uncertainty in global financial conditions.

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COMMENTS

Dayananda Kamath k

4 years ago

it appears to be subbaraos rehabilitation policy after the end of term. the finance minister whose election petition is still pending has declared the policy one day in advance and another tota rbi after cbi has reiterated it.it has given wrong signal to the fiis

REPLY

Vinay Joshi

In Reply to Dayananda Kamath k 4 years ago

Mr.Dayananda Kamath K,

You have no comments on Q1 RBI review, its policy rate declaration & its implications.

FYI, Dr.Duvvuri Subbarao, HAS HIMSELF ruled out an extension.

FYI, he is not the stooge of North Block!? He has proved himself.
That's the reason he had had an earlier 2yr extension, single handedly INSULATING THE INDIAN ECONOMY in the aftermath of US 2008 crisis!

Today, July 31, US 2Q13 GDP figures are out, 1.7% growth against 1.1% predicted [of course job employment figures will be out on Aug2]. This can reflect FED moves.

One should appreciate, w/o Govt. support, is battling to reverse the crashing economy, SUPPORT the rupee to WARD off volatility, [not targeting ex-rate], inflation.

In contrast Ben Bernanke is struggling to pull back the billions poured over the years.
[in fact in one of my int'l post i had put 'will the hypothetical $trn coin be a possibility'!? It can't, the idea was mooted.]

So Mr.Dayananda Kamath K, answer on policy rate.

Regards,

Dayananda Kamath k

In Reply to Vinay Joshi 4 years ago

the answer is in your own reply.since he is not getting extension he has to be rehabilitated.so he has followed his masters voice by not changing the rates. but what it has done is he has sent a wrong signal to the market.when he says that the policy aim is to stabilise rupee. on the anouncement rupee has weekened further.it is just like changing guidelines of gold import now they have made it free because there is no mechanism to check the violators.and banks are free to allow imports.by a footnote that all past guidllines on gold import stand withdrawn.which will allow third party lc by nominated agencies to import gold which was banned by rbi.because indians are good at finding loopholes in rules and encash. even for banning it rbi took almost 5 years from my reporting these violations. and strangley rbi did not initiate any action on violaters. but i had to fae lot of harrassment for bringing out these irregularities. now also not changing rates but incerasing cost of borrowing of banks by almost 2% who is going to be benefitted. only hni and cash rich companies geting higher interest on cd and ordinary depositors will not get higher interest. they will charge lower interst to favoured ones and exorbitantly to other borrowers. india did not had the financial crisis then why india should have follwed cheap money policy of the effected countries. that is the reason for tdays problem and now the borrowers are unable to honour their commitments. the main reason for any financial crisis and scams is real estate rates.and in india banks are giving cheap loans for housing and costliest for manufacturing. then were can be growth? it will only help in generating black money and inflation. which is what our ruling class wants as they have the controll as well as can manipulate land holdings.

Vinay Joshi

In Reply to Dayananda Kamath k 4 years ago

Dear Mr.Dayananda Kamath K,

I had no inclination to reply to you on a stale subject a week later. But I’m putting up things in perspective. [i seldom have time for these things.]

FYI, its evident that you don’t follow macroeconomic scenario.

Secondly had the present respected RBI Guv; not been at loggerheads with the North Block there would have been a detrimental cumulative cascading effect. [to repeat he is the same person who insulated the Indian economy post US crisis with his STRINGENT policies, unwavering, AS OF NOW.]

CAN YOU SUBSTANTIATE WHAT THE FIN/MINISTER SAID & WHAT WAS POLICY ANNOUNCEMENT? Next day! YOU HAVE TO STATE IT. [ref yr post a week back.]

FYI, RBI, beyond your comprehension you’ve commented to prove your understanding.

FYI, the present Guv, rehabilitation aspect does not arise, to toe the Govt. line, DISRECPECTFULLY STATED BY YOU AS ‘TOTA’.

FYI, PC HAD ASKED HIM TO CONTINUE TILL YEAR 2014, BUT FIRST HE SENT A MSG FROM HIS MOSCOW ADDRESS [G20 Finance Heads] THAT NO MORE WOULD HE LIKE TO CONTINUE!? As a scholar he will be visiting professor as he professed.

WHAT YOU FOLLOW IS ONLY – changing rates!? WHAT DO YOU UNDERSTAND ON RATES? WHY HAVE YOU NOT COMMENTED ON MY EARLIER POST ON EFFECTIVE RATE?!

MR.DAYANANDA KAMATH K , I HEREBY ASK YOU WHAT IS THE RATIONAL OF CHANGING RATE?!

C’MON ANSWER ME IF YOU CAN, IF AT ALL! 25 BPs POLICY & SO CRR RATE CUT THEN WHAT WAS THE SIGNAL?!?

TO UNDERSTAND, TO COMMENT ONE HAS TO HAVE THE INTRICATE KNOWLEDGE!

DO YOU UNDERSTAND THE MECHANISM OF EFFECTIVE POLICY RATE?!

IT CAN BE UNDERSTOOD ONLY BY THOSE WHO CAN UNDERSTAND IT!

DO YOU KNOW WHAT IS MSF? DO YOU KNOW THE MARKET FORCES?!

YOU ALSO DO NOT KNOW ‘ANYTHING’ ABOUT GOLD IMPORTS!?

MR.DAYANANA KAMATH K , WHAT & WHERE YOU REPORTED ABOUT LC?
PLEASE LET ME KNOW!? IF AT ALL!? WHAT YOU THEN UNDERSTOOD?!

I WOULD ALSO LIKE TO KNOW ABOUT INCO TERMS! YES FROM YOU!

IF YOU CAN UNDERSTAND BANKING SYSTEM, COST OF FUNDING, YOU NEVER COULD HAVE MADE THE ST.

TELL ME WHICH CORPORATE/HNI GETS 2% HIGHER THAN NOMINAL DEPOSIT?
SUBSTANTIATE YOUR ST.

WHAT CONTRADICTORY ST.YOU MAKE – BANK COST BORROWING INCREASED BUT THEY CAN GIVE HIGHER RETURN TO HNI/OTHERS OF SIMILAR 2%!!!!????

WHY ARE CASH RICH CO’s RESORTING TO ECB’s?!

WHY RIL [90KCR+] NEGOTIATED US$ 1.75Bn MULTI CURRENCY LOAN & MANY OTHERS?

WHAT WAS THE PROBLEM IN US 2008? DO YOU HAVE ANY INCLINATION?
WHAT WAS THE PROBLEM IN 1997? ASIAN CRISIS! ANY INCLINATION?

CAN YOU EXPLAIN CHEAP MONEY?
CAN YOU EXPLAIN “FINANCIAL CRISIS” – THEN NOT HAVING & NOW HAVING?!

ARE YOU AWARE THAT CAD SURPLUS COUNTRIES CURRENCIES HAVE ALSO DEPRECIATED? [Do you know the reason?]

WHY EM's facing problems along with EU? WHY S'KOREA HAVING TOUGH TIME? WHY JY DEPRECIATED?!

HAD YOU KNOWN BANKING POLICY YOU WOULD NOT HAVE TALKED ABOUT HOME LOANS & MFGR!

DO YOUR HOMEWORK TO UNDERSTAND THE BENEFITS IN BANKING TO SSI/SME AS WELL MSME & THAT “NO COLATERAL WILL BE REQUIRED”!?

ALSO UNDERSTAND THE INTEREST RATE CUT FOR EXPORT SECTOR! If you can?

THE RIGHT TO PROPERTY IS A ‘CONSTITUTIONAL RIGHT”, WHY CAN’T YOU TAKE EFFECTIVE MEASURES?!

MR.DAYANANDA KAMATH K, YES I APPRECIATE YOUR CONCERNS FOR THE COMMON INDIVIDUAL ONLY IF PUT ACROSS IN IT’s RIGHT PERSPECTIVE & NOT TO COMMENT ON MACRO-MICRO OR THE GLOBAL ASPECTS NOT UNDERSTOOD.

LEAST OF ALL RBI GUV & IT’s POLICIES.

CAN YOU TALK ON IT sec 1941A - INTENTION TO DETERMINE VALUATION TRANSACTION?!

Dear Mr. Dayananda Kamath K, I expect you to answer this post asap, IF AT ALL!

Regards,











Vinay Joshi

4 years ago

The INR has to stabilize for RBI measures. What about inflation?

Will revert to policy decision rates later.

I don’t think the Rupee will be rallying soon. The INR depreciated by 1.07 to 60.49 close July 30.

The Finanance Minister has stated that gold imports were higher in July as compared to June.

Chinas pain CAN be India’s gain if INR remains stable.

Speculation yet not got out of the system, in NSE currency futures USDINR 290713 close was 59.3075 – turnover 3576.06CR & 19051 trades.
Why on July 30, 60.49?! Any answer is an answer.

Coming to the policy rate.

Effective repo rate is 10.25% & CRR 4.25% - only if it can be understood by those who can understand irrespective of policy rate unchanged, July 30.

So RBI [rather resp. D.Subbarao] equalizing MSF with repo, is a right step forward though at variance with controlling liquidity. [As a matter of fact corporate’s can benefit by issuing CP/CD. They should at 10.5-11-11.25%]

Try to analyze RBI priorities, depreciation, inflation, growth.

Why do we have linked FOREX rate instead of fixed?! [monitored as PRC]

Irrespective of policy rate changes the banks [PSU] who depend upon wholesale funding will see a cost push rather than retail funded. So interest rates are bound to rise, EMI’s will be higher in the coming months.

ALL SAID & DONE IT’s PREDOMINANT THAT RBI ADDRESSES THE DECELERATING INR! No other priority be it inflation or growth.

Is there any demand for credit? Banks are battling their NPA’s!? Restructuring!
[Do not confuse with retail credit]

No one will take into consideration the forex loss coz of ban on iron ore exports!
[declined to less than 15% & imports of lumps & pellets risen, production down by 48%.]

CII Prez wants manufacturing to grow! Is CII in coordination with FIMI, or other APEX trade representative bodies? Had it been so the CII Prez comment would have been different.

Jim O’Neil, the person who had coined the word BRIC, a decade back, has stated that INDIA will teach a lesson to the pessimists!?

My aspects -- not if the political establishment goes to its opposite extreme, ironically can’t check fiscal deficit, turns blind eye to the speculative deceleration & growth.

Regards


Industry leaders seek removal of hurdles to investment

Industry leaders asked the prime minister to remove hurdles facing large projects and create an environment for investment driven growth, which has taken a battering due to external and internal factors

India leaders on Monday asked prime minister Manmohan Singh to remove hurdles facing large projects and create an environment for investment driven growth, which has taken a battering due to external and internal factors.

 

Reliance Industries (RIL) chairman Mukesh Ambani, ICICI Bank MD and CEO Chanda Kochhar, HDFC chairman Deepak Parekh, along with heads of leading industry chambers brainstormed with the prime minister the problems facing the country.

 

Others who attended the meeting include Rahul Bajaj, Narayana Murthy, Azim Premji, Swati Piramal, Deepak Parekh, Jamshyd N Godrej, Venu Srinivasan, Sunil Kant Munjal, S Gopalakrishnan and Sunil Bharti Mittal, among others.

 

The high-level meeting of the Prime Minister’s Council on Trade and Industry was attended by finance minister P Chidambaram, commerce and industry minister Anand Sharma and PMEAC chairman C Rangarajan, among others.

 

The prime minister wanted a report within a month on what could be done in the next 2-3 months to revive growth.

 

“We have given suggestions in two categories, one for the near term and one for the longer run. For the near term, we have suggested clearing of large projects and those projects which were cleared should now be executed," Ficci president and HSBC India head Naina Lal Kidwai said after the meeting that lasted 160 minutes.

User

COMMENTS

pravsemilo

4 years ago

Our leaders would do well to have aam aadmi in their durbars instead of having a bunch of people who are rather famous for exploiting the natural (and human) resources of our country.

One should wonder if they were batting for their industry or for our country?

REPLY

Shadi Katyal

In Reply to pravsemilo 4 years ago

Kindly educate the nation that how without industry and utilization and not exploiting resources a nation Evan survive.This idea of living in such climate shows that all developments should be stopped even populating the nation is also exploitation.Milking cows is also.
Maybe you can shed some light on your statement.
No wonder nation is still poor with all the resources as people wish to close down industries and go on strike. There is no such thing as a free meal or lunch and we Indians who have no working ethics, this fits nicely.One has to plant thew rice of whert before one can eat.
These industries provide jobs and products and we saw what happened with PSU?
Tell us how you intend to improve aam aadmi????

pravsemilo

In Reply to Shadi Katyal 4 years ago

I am afraid you are getting me wrong here. I am questioning the intent of the people who were present in the meeting. Please have a look at http://www.moneylife.in/article/should-t.... When government has time for such people, then why doesn't it have time for aam aadmi? Isn't it that industry is trying to lobby for its own selfish good?

Regarding charities, you might want to check about Wipro (Azim Premji Foundation, Azim Premji Trust). Few months back there were reports how shares were transferred to these trusts. A few years back, there was also a news report how Premji earned a hefty dividend income by virtue of his shareholding. Same can be said about foundations run by industrialists listed above. I hope you remember the ads broadcasted when Satyamev Jayate was aired.

Industry is creating jobs, true. We need jobs, true. But is industry creating sub standard jobs, also true. This is very true of IT sector, where the promoter is the only beneficiary. Have a look at http://www.moneylife.in/article/is-india....

Shadi Katyal

In Reply to pravsemilo 4 years ago

I think you have this common idea of Socialism that everything should be free for the aam aadmi and thus we should have learnt lessons from PSU
I AGREE THAT WE ARE UNABLE TO INNOVATE ANYTHING AS WE SPEND MORE TIME ON TALK AND TALK.What industry produces is not of world standard and greed is first motto and yet being under the false socialism we accept such goods as hands of industry are also tied.
IT has been the biggest dot connecting industry in India but same boys have done very well in other nations Why? Because of our and no changes. There is something
wrong in our genes as we are unethical and undisciplined why?
We object to any changes and object any new industry and since we have failed to produce quality goods we also object MNC coming in so we wish to live in same climate as our forefathers lived. We depend on others for technologies even after 6 decades WHY? because lack of climate to flourish.
As for Premji and his trust is concerned,it is under the trust Board Laws which such trust operates. He is very simple person and has shown his moral standing in society have wrong ides that an investor should not benefit but look at the benefits nations enjoys with such investments. Premji has paid taxes for such profits.
It is not the industry which is creating substandard jobs but failure of our students and workers.IT has a field which our Indians have taken advantage in USA and created local jobs but in India it is the climate and thinking of the people that has put road blocks and thus IT engineers are called dot collecting and nothing else.Who is responsible we those who have failed to move ahead and think this is Nirvana.
Compere China which was at Pr with India in 1990 and can now buy every industry in India.
NRI were and are resented in India and even in early days their remittance were taxed.
China started building their industry with the help of ex patriots and encouraged other investments but we are still twiddling our thumbs as we act as a wounded civilization and need love and petting from rest of the world while talking trash and negative to them. We have no friends abroad or in the neighborhood . We are in deep trouble and think of future.
Any nation which has so many controls cannot flourish as middle income groups are essential for development and not negative thinking

Shadi Katyal

In Reply to pravsemilo 4 years ago

It is unfortunate that while the nation is suffering we get such rem,arks.
Industry provides jobs and products for the consumers and these are not charity organisations though some of them do help charities and hospitals etc.

do we wish to stay poor for ever or join the world ?

pravsemilo

In Reply to Shadi Katyal 4 years ago

I would also like to add a point regarding the charities and trusts run by industrialist. Apart for charity their main purpose is to avail tax benefits for the promoter, hold shares on behalf of promoter - by virtue of this they have indirect control, earn tax free dividend income and also in some cases, they are the ones on which CSR (Corporate Social Responsibility) spends are credited.

Most of these trusts are run by the promoters directly or by their family members. Many among the list above are doing this.

Shadi Katyal

In Reply to pravsemilo 4 years ago

One wonders what your idea of an industry is.
You wish to learn about Charity, look at TATA model.
Thee is no such thing as free meal or free lunch and one doesnot invest without any profit and if tax incentive are thee ,that money is used for charities and education.Would you prefer to be without job or have slef respect with some job.Creating industries is a very difficult task and evidently you had no idea what it involves except looking down on those who are trying to make the nation grow.
It is unfortunate that this kind of thinking with no ethics of work and discipline that now even the investors are looking for Vietnam and Burma and India is being ignored.
Would you rather have foreigners come and do charity work as yuou object the good deeds of our industrialist.
Can a AAM AADMI run govt Durbar as you think or any industry???

pravsemilo

In Reply to Shadi Katyal 4 years ago

If business are not for charity, they shouldn't lineup for charity either. Do you really think that lobbying for the industry will pass the benefits to the common man? The list of people above are infamous otherwise for their business activities.

Shadi Katyal

4 years ago

Why has nation to suffer with Red tape and bureaucracy and the Permit Raj has become worst. can our leaders not learn from the Eastern Europe after their freedom from Russia. Why are we still tied to a model of a nation which has imploded and we are on that ROAD.
Even Bangladesh has made progress in garment industry and our hands are tied.
Why is the parties interested in their own power and not the nation
Where are any constructive Bills for industry,labour and unions.?
My hats of to Indian Industrialist who have worked under such difficult conditions with shortage and road blocks more from GOVT.
Will India ever develop or we keep talking
Time to dissolve and abolish Ministries of Labour,Industry and Trade etc
Why the question of Talangna came because there is no industry and nothing being done for the nation.

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