Stories of price manipulation
Integra Capital Management (Rs15)
Integra Capital Management is categorised as a ‘B’ group NBFC and is supposedly into leasing, hire purchase and ‘wealth management’. According to its 2012 annual report, the company did not undertake a single hire purchase or leasing transaction nor did it earn any revenues from consulting and advisory services. Instead, it has invested nearly Rs2 crore in mutual funds, mostly in fixed maturity plans. The company has just two employees on its payroll. In the past, the company had flouted BSE’s disclosure norms. The company’s fundamentals are a joke. It has earned marginal revenues in the past seven quarters and has incurred losses in six out of the seven quarters, with a total net loss during the preceding seven quarters amounting to Rs47 lakh. Yet, the share price of the company has ballooned 265%, from Rs4.11 to Rs15 between 6 June 2012 and 18 July 2013. As on 31 March 2013, the promoters hold 75% of the company’s equity while the retail shareholders hold 25%.
Despite spending over crores of rupees on detecting price rigging, neither SEBI nor the BSE have noticed this blatant case of price manipulation.
For those who are serious about giving away vast amounts of money but are clueless how to go...
Today, every Innus is a Canadian citizen who is heir to every disease that a Caucasian Canadian gets. The only change for diseases in Innus is the introduction of monetary economy where greed rules the roost
The creator, if there was one, or for the consumption of Darwinians, evolutionary process would not have left any stone unturned to see that the creation needs no outside help for survival. This is simple logic which science lacks. Science like, many others, is only an enterprise, which seems to have outlived its usefulness. It is this half-baked science, which, according to Nobel Laureate chemist, John von Newman, “is making models, mostly mathematical constructs, which, with verbal jargon, is supposed to work,” really hurts. John was talking of the hard sciences of physics and chemistry, but not our great medical science, which according to another great scientist, Rustum Roy, is only a statistical science where we use surrogate end points statistically to claim our successes. Even hard sciences had to eat the humble pie when they saw liquid helium refusing to obey the rules of physics by flowing against gravity and passing through intact containers! Did liquid helium throw thermodynamics upside down along with Newton’s laws of gravity?
To give an example in medical science, the infamous Multiple Risk Factor Interventional Trial (MRFIT), which spent millions of dollars of American taxpayers’ money, turned out to be a boondoggle, showing that, while the so called risk factors for premature death, such as high blood pressure, blood sugar, and cholesterol could all be controlled with our interventions, the final outcome measure of precocious death does not get altered! Many a time our interventions could alter the final death certificate label (due to adverse drug reactions) but cannot change the date. Statistically, we claim that our interventions are the ‘be all and end all’ of human existence. Some fanatics go to the extent of catching these so called risk factors “young” in the asymptomatic stage of one’s life to the further detriment of health. The ultimate truth is that change of mode of living (as close to nature as is possible) is much more powerful in avoiding premature death.
I still remember what the famous hypertension specialist, Sir George Pickering, wrote about high blood pressure, which I feel, is 100% true. He said “more people in this world make a living OFF hypertension than die OF it.” This naked truth speaks for most of our interventions. About cardiac interventions, which have become the biggest till movers for hospitals, Harlan Krumholz, the chief of cardiology at Yale, had this to say in his editorial comment in the New England Journal of Medicine 1997; 336: 1523 on cardiac procedures, outcomes and accountability: “cardiac procedures are done in the USA mainly because they net billions of dollars in cash for doctors and hospitals, status symbol and visibility… and not for the benefit of patients.” The scenario has not changed in 2013 either.
The 1997 study was a comparison between Ontario and New York. Another study has shown similar findings in the words of DT Ko and colleagues in the JAMA, which is echoed by Krumholz also (JAMA 2013; 310: 151-52) thus: “….higher prevalence of interventionists, and cardiac invasive capabilities- as well as market oriented financing-in New York seems likely to account for much, if not all, of the disparity between New York and Ontario; if so there is an opportunity for reducing health care costs in New York.” This applies to India as we ape the New York style in India.
A scientific study in early 1960s published in the Canadian Medical Association Journal entitled “The failure of scientific medicine, the Innu community study” showed that the Innus, an aboriginal tribe living in the Innu land, a colony off the coast of Saskatchewan, had no illnesses whatsoever until 1892 when the first business, Williams Company, came to start their barter trade there. Till then Innus lived a simple natural life style of an egalitarian hunter gatherer communes sharing and caring. They lived to ripe old age and the causes of death were just old age and predation. They were not aware of money and greed till the Williams Company taught them to sell their hide for biscuits etc. in their possession. Then, came money into their lives and today every Innus is a Canadian citizen who is heir to every disease that a Caucasian Canadian gets. The only change for diseases in Innus is the introduction of monetary economy where greed rules the roost.
Virgin nature has all that we need for good health. Sunshine is your best health tonic which, unfortunately, has been demonised by the drug and cosmetic industry. Monetary economy has destroyed the bounties of nature in every field and made our environment detrimental to human and other species’ health. That is why our all-powerful immune system cannot manage some illnesses fully. Our food is poisoned, drinking water is not potable, air in polluted, work environment is stressful, and our future, uncertain. Man’s greed and proclivity for comfort has been responsible for this raping of nature. That is why, in some instances, we might need help from healers. The father of modern medicine, Hippocrates, probably knew all this when he propounded his hypothesis where he said: “cure rarely, comfort mostly, but console always.” That is true even today, despite all that we claim as advances in technology which have become counter-productive. Latest studies have shown that it is only the human immune system that cures (Bingel et al. Placebo effect. Science Translational Medicine 2010 Feb issue) even with outside interventions. That is called the Placebo effect. A good healer should, therefore, be a good human being, her/his qualifications notwithstanding.
Let us go back to nature and try to set things right to prevent destruction of nature. Just see the difference in your wellbeing when you change from walking with footwear to walking barefoot. The bio-positive electrons, plenty on the earth’s surface, are the most powerful anti-oxidants. Hopefully nature will recoup for the good of the human race. Let our politicians be warned that nature is not there for everyone to loot. If you treat nature as your mother she will feed and heal you; if, on the contrary, you treat nature as your mistress she will kick you in the teeth. A word of advice for our profession is in order. Be human and humane and treat every patient as your own-self in distress and do unto them as you would want done unto you. Let not greed take over like it has done in New York in the above cited studies compared to Ontario where social medicine does not give any incentive for over diagnosis and overtreatment. Please remember that it is nature that heals. Even the best cardiac surgeon cannot make a heart transplant heal in a dead body. It needs human immune system for healing. The surgeon is only a catalyst or facilitator. Be humble and care for your patients-other name for patient care.