Inside story of the National Stock Exchange’s amazing success, leading to hubris, regulatory capture and algo scam
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Fiercely independent and pro-consumer information on personal finance.
30-day online access to the magazine articles published during the subscription period.
Access is given for all articles published during the week (starting Monday) your subscription starts. For example, if you subscribe on Wednesday, you will have access to articles uploaded from Monday of that week.
This means access to other articles (outside the subscription period) are not included.
Articles outside the subscription period can be bought separately for a small price per article.
Fiercely independent and pro-consumer information on personal finance.
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There is worse to come. For more than 30 years the norm was to bribe bank officials with 2 to 5% of the moneys borrowed and banks simply juggled their books to hide the defaults often evergreening loans. The standing joke on how to become a billionaire was "have a friendly banker". Banks loved to lend on real estate and all a borrower needed was a inflated appraisal from two friendly appraisors. NOW its coming home to roost. There is far more bad news ahead and - as bad as the Sensex fall looks now - it will get a lot worse. Without evergreening and even more loans borrowers - particularly in real estate - will default.
I have a Nephew in Mumbai. For years he put 10% down on fancy Mumbai apartments and then flipped on delivery making money. Prices always went up. This time around he sold his 10% deposits to some suckers for 6%... HE knows that the developers are collapsing and better to lose 4% than 10%. He has also exited his long positions and is a seller on rallies.
Brace yourselves. Global turmoil just adds to the angst