Economy
Sack Chief Economic Advisor Arvind Subramanian: Swamy
BJP leader Subramaniam Swamy on Wednesday targeted Chief Economic Advisor Arvind Subramanian and asked the government to “sack” him.
 
In a series of tweets, Swamy wrote, "Who said to US Cong on 13/3/13 the US should act against India to defend US Pharmaceuticals interests? Arvind Subramanian MoF (Ministry of Finance)!! Sack him!"
 
Subramanian had taken charge in October 2014 succeeding Raghuram Rajan.
 
In another tweet, the Bharatiya Janata Party (BJP) leader said, "Guess who encouraged Congress to become rigid on GST clauses? Jaitely's economic adviser Arvind Subramanian of Washington DC."
 
The Rajya Sabha MP also wondered why the core economic sectors could not perform in the two years rule of the Narendra Modi government and said: "Now PTs (Patriotic Tweeples) can understand why our core economic sectors could not perform last two years. Trojan horses galore in MoF/ Finance Institutions."
 
"Was AS (Arvind Subramanian) deposing before US Congress Committee against India as a US citizen or Indian? Does any PT know?"
 
Swamy had also criticised Rajan, accusing the RBI Governor of derailing the Indian economy by keeping the lending rates high.
 
Rajan has decided to return to academics at the end of his term in September. 
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

 

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COMMENTS

Bapoo Malcolm

11 months ago

By working FOR the nation; not against people. Swamy has little interest in the country. Only in self publicity. His own party, whichever it may be at that particular moment gives him a wide berth. When was the last time we saw something concrete from him? All he does is give speeches, the more provocative, the better. Just to keep in the public eye.

Nilesh KAMERKAR

11 months ago

Exposing those who have been working against Nation Interest is Nuisance value? How?

Bapoo Malcolm

11 months ago

Should read, ".... don't give a damn". Sorry.

Bapoo Malcolm

11 months ago

If there are enough sackings, they might be able to squeeze in Swamiji somewhere. At least, to get rid of his nuisance value. But must admit one thing. S S has graduated from picking on women and their kids, to men; no matter if the guys give a damn. Motormouth Swamiji, go back to teaching, please. Today's students can differentiate very well. You will cause no harm.

Bapoo Malcolm

11 months ago

Asked myself, 'Why not sack our Swamiji'? But then how does one sack a nobody?

Nilesh KAMERKAR

11 months ago

II Aum Arvindaay Swaha II

CA Parthiban

11 months ago

These are economics and it is not better to comment.

Hedge-fund partner Sanjay Valvani apparently committed suicide: Report
Hedge-fund partner Sanjay Valvani, who was charged with insider trading last week, was found dead in what police are investigating as an apparent suicide, says a report from the Vanity Fair.
 
The news report quoting a spokesperson from the New York Police Department (NYPD) says police were called to his Brooklyn home on Monday night where they found a note and a knife near his body. He reportedly suffered a self-inflicted slash to his neck.
 
Last Wednesday, Valvani was arrested on charges of insider trading. A partner at Visium Asset Management, managing speciality pharmaceutical stocks portfolio, Valvani was accused of acting on early information about a generic drug application to the US Food and Drug Administration (FDA), a fraudulent move that allegedly made him $25 million.
 
Two days after the arrest of Valvani, his firm Visium, which, at its peak, managed $8 billion, said last week that it was liquidating four of its hedge funds and selling another to a competitor, the report from Vanity Fair added.
 

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New Exchange: A Paradigm Change on the Wall Street?
The year was 1991. India was on the verge of launching its financial sector reforms under pressure to meet global payment obligations. The Bombay Stock Exchange (BSE), then 116 years old, dominated the capital market but was more of a brokers’ club. Trading settlements were delayed; there were frequent payment problems and default by brokers was common. The unionised staff, that was key to the smooth functioning of the messy, paper-based settlement system, would announce flash strikes, often on the instigation of powerful brokers who needed time to organise funds or delivery of shares.  
 
There were just a handful of large institutional investors. Of these, Unit Trust of India (UTI) was the biggest and its chairman, Manohar J Pherwani, was considered the biggest bull in the market. Brokers, who lined up every day for business from UTI, saw Mr Pherwani as one of their own. And, yet, in that very year, a committee headed by him first recommended the setting up of a new exchange called the National Stock Exchange (NSE) as one way of reining in recalcitrant brokers. When I first broke this key nugget from a rather detailed report, there was shock, disbelief and a sense of betrayal among brokers. They promptly dashed off letters to their local MP (member of parliament) to begin lobbying against the idea. NSE was eventually set up very fast in the aftermath of the securities scam of 1992, or the Harshad Mehta scam, with a totally different structure; and, sure enough, it started the process of transforming the Indian capital market, until we are on par with the developed work in all that is good, bad and ugly.
 
In the past 25 years, capital markets around the world have been fully institutionalised, powered by cutting edge technology and high frequency trading, that is dominated by large institutional brokers with money and political clout. The retail investor has been all but edged out. This, many would argue, is even worse than a broker-dominated retail market. In the US, Wall Street’s dominance has gone beyond ‘regulatory capture’. It is accused of controlling the government itself. 
 
It is in this environment that Bloomberg wrote about “Silicon Valley’s Audacious Plan to Create a New Stock Exchange” on 13th June. The idea, floated by Eric Ries, author of The Lean Start Up, a must-read for start-ups, is of a ‘long term stock exchange’ (LTSE), to counter yet another evil of listing—“the frantic quarterly cycle to encourage investors and companies to make better decisions for the years ahead.” According to Bloomberg, the LTSE aims to fix the malaise of “short-term thinking that squashes rational economic decisions.” This is not the only one. The article says that Brad Katsuyama is working at approval for the ‘Investors Exchange’ which aims to neutralise the ‘unfair advantage’ gained by high frequency traders. It is no surprise that the big US bourses are reportedly furious and threatening lawsuits. 
 
It is not clear whether either of these ideas will take off or lead to a structural change. It could well be that the existing bourses will see the writing on the wall and make major changes, as they did in the 1920s. Either way, we may see a paradigm change which is bound to have an impact on the structure and operations of Indian bourses as well.

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