Saturday, July 22, 2017

Supercluster Saraswati

Did you see the news regarding the recent discovery of a supercluster now named Saraswati? Containing 43 clusters across 600 million light years and located 4 billion light years from us, its hugeness and antiquity are  likely to antedate the age of our universe which is now placed at 13.8 billion years.

Since this supercluster is unlikely to be the most ancient of similar sized or even larger superclusters, the age of the universe will ever remain an enigma. It is always a formidable challenge to understand the attributes of either the largest or smallest structures.

Friday, July 14, 2017

Failure of criminal justice system

There is an eternal controversy as to whether the criminal justice system ought to be reformative or retributive. Should criminals be so treated that they reform themselves or should they simply be punished for their offences?

Sasikala has proved the futility of our criminal justice system. Allegedly offering a bribe of Rs. Two crore to prison officials, she is enjoying normal luxurious life in prison. There is neither retribution (punishment) nor possibility of reformation in this case.

It is normally a cause of worry when a criminal goes back to criminal activity after release from prison. Recidivism causes concern. Sasikala has gone one step further. She has resumed her criminal practice of corruption even while in prison as if bribery is her dharma and she shall not desist from it. This is an interesting case of expedited recidivism. 

Wednesday, July 05, 2017

BBB's bungling

The Bank Boards Bureau headed by Mr.Vinod Rai recently announced a panel of 15 GMs of public sector banks whom it has recommended for posting as EDs.

It is reported by Economic Times that the list is being amended because marks were not tabulated properly. How can such a ridiculous mistake happen?

IDBI Bank's false claim

IDBI Bank claims that it is charging a concessional rate for demat accounts maintained by senior citizens and women. But a sample survey shows that all are charged the same regular rate.

Is IDBI Bank fraudulent or negligent or both? This is not the first time that this bank has acted in a non-professional way. This blog had referred to this kind of problem earlier also.

Monday, July 03, 2017

Financial Resolution and Deposit Insurance (FRDI) Bill

The central government is proposing to introduce the captioned Bill in the Parliament.

Section 49 (1) (f) of the Bill ominously empowers the specified authorities to mandate the following:

"(f) the reduction of interest or rights which the members,
depositors and other creditors have in or against the
covered service provider before its resolution to such
extent as the Corporation and the Appropriate
Regulator considers necessary in the public interest or
in the interests of the members, depositors and other
creditors or for the maintenance of the business of the
covered service provider;"

For the first time, the government has chosen to sow seeds of suspicion in the minds of depositors of both private and public sectors that their deposits may not be repaid fully. Similarly, those who have taken insurance with LIC need to reappraise their insurance strategy.

Politicians collude with businesspeople and bankers. Huge bad debts are generated. Ultimately depositors pay the price. How fair is this?

Saturday, July 01, 2017

Miscellaneous

1) Charges were framed against AIADMK (Amma) general secretary V.K.Sasikala on July 1, 2017. The case was filed by the Enforcement Directorate in 2001, that is 16 years ago. Snails move faster.

2) Narendra Modi claims that the 'tough steps' taken against black money by his government have begun yielding results. Proof? He cites the record low balances held by Indians in Swiss banks last year as the proof. Black money is shifted from one place to another and the government claims credit for this! The government has not seized this money.

These news items appeared in The Hindu on the front page today (July 2). Are we really progressing?

Monday, June 26, 2017

Meira Kumar and Pratibha Patil

I was wondering how Sonia Gandhi who infamously was responsible for making fraudulent Pratibha Patil as President could have become wise enough to nominate Meira Kumar for Presidency.

My astonishment was short-lived. My assumption that Meira Kumar is a clean politician has been proved wrong. She is reported to have fraudulently converted a government bungalow into a memorial for her father, Jagjivan Ram. She surreptitiously got her rental arrears to the extent of Rs.1.97 crore waived.

The NDA government for political reasons is turning a blind eye to all this. Now I am not surprised that Soniaji chose to nominate Meira Kumar. Sonia is consistent in supporting the embezzlers. I am sure that if Ram Nath Kovind has any fraudulent credentials, he will also gain Sonia's support.