Dec 09, 2023
Dec 09, 2023
Whether one looks at developed countries like the US or developing countries like India, one finds that the playing field is not level and the odds are stacked against the common person, be it an investor or consumer, the markets are manipulated or fraudulent and those who are supposed to regulate or referee the game are captured by those whom they are supposed to regulate, or even worse they are the bribed lackeys of the rich powerful elite.
The real truth is that the blame was assigned to faulty computers and like Reagan’s confession after Iran Contra, the public was snookered by “Mistakes were made” without assigning blame to any individual. Ineffective remedies like potential future circuit breakers were put in and commissions were appointed to study the problem.
Yet on May 6th trading, the Nasdaq 100 dropped from 1948 to 1752 and thus QID should have gone up in value at twice the rate, but instead at the time that the Nasdaq was dropping, QID also dropped simultaneously from 16 dollars to 7 dollars. This is like both pans dropping simultaneously and denotes a rigged balance, but the blind SEC in collusion with Wall Street never saw it. Truly there is none as blind as one who does not wish to see. Geithner, Summers, Bernanke, Paulson, Bush, Obama and similar stooges of Wall Street used TARP, TALF and other four letter shenanigans to make Wall Street whole at the public expense, while abandoning the people. No executive responsible for the meltdown has been indicted, fired or jailed but millions have lost their homes and retirement accounts. Automobile dealers and check cashing outlets have been exempted from oversight by a consumer protection agency castrated at birth. These and other credit card issuers are allowed to charge usurious interest rates to consumers while sucking dollars at zero interest rates from the teats of Bernanke’s Fed.
The Volcker ban on proprietary trading has been made toothless. Market makers and investment banks are allowed to legally accumulate stock in a company and then upgrading it to a strong buy. The share price then shoots up and their inventory is dumped on foolish investors at obscene profits. The share price of Tesla (electric car maker) which has not yet produced or sold significant number of cars rises to a premium of more than 30% and after the foolish public has been used to distribute the accumulation by the big boys, collapses below offering price in less than a week.
In India, Telecom licenses are given out for a song to favored companies in return for unknown favors, causing a loss of billions of rupees to the treasury. The lust for power of an incompetent puppet prime minister, literally a slave of his Italian mistress, prevents any criticism or dismissal of any corrupt minister, lest the fragile coalition government fall. A former prime minister of the same party and the husband of the current real power is alleged to have been complicit in allowing Anderson, the former CEO of Union Carbide, the company whose shoddy criminal practices led to the death of nearly 15,000 Indian citizens, to be whisked out of India by skipping bail to avoid prosecution.
The supreme irony of these tragic facts is that they are the norm in the two most religion obsessed countries of the world full of so-called born again Christians and the other obsessed with Dharma.
More by : Gaurang Bhatt, MD
|Corruption in various forms is the order of the day. While the simple small businesses today are being subjucated to pressures, the "big" corporates are passing along with "murder". And this is shame and disgrace.|