HOW THE WEST WENT BANKCRUPT & THE CORPORATE RESPONSIBILITIES
The greatest meltdown in the history of mankind, the reasons are plenty but there are glaring examples of spendthrifts, who don’t have a thought for their children or grand children. Leave alone providing a security blanket in terms of food and shelter to our countrymen, if the corporatism simply washes their hands off, as if they had nothing to do with what has happened for millions of families all around the world, then it would be the greatest tragedy and worst scenario of guys siphoning off huge sums to tax havens to leave the poor hungry and roofless. The governments who allowed these lacunae are to be blamed apart from their other actions of going on endless wars in the name of eradicating terrorists and to demolish all weapons of mass destruction.
What have they achieved? In killing millions of innocent people and the huge war bills to be met making them the worst borrowers and the liabilities is certainly going to haunt them for a couple of generations more. In the process they have managed to instill fear in to the minds of small countries so as to force them too, for nuclear deterrent security of owning them just to make sure they are not attacked tomorrow. All the war bills and spending have been a sheer waste as neither could they find Osama gang, nor could they find WMDs. To the responsibilities of the Governments of other countries such as India which instead of being firm were bullied to enter in to partnerships with all those ill fated corporate houses who looted our people too to the brink, now leaving our politicians who are crying hoarse for taking credit for their foresightedness, which in itself is a lie, rather we were taken for a ride and at least 75 percent of our big institutions were made to enter in to partner ships with all those failed banks, investments companies, insurance sector and what not all for the private hands who are ruthless and selfish to the core ,though foriegners they all had partners in destruction seen in last few months,in India too.
Our government has a lot of questions to answer, and instead of declaring their positive mechanisms, which saved our country as they are claiming now, can be proved on the other side as having abetted to the worst trades practices, which were allowed in our country. Those failed bankers were looting from our population by charging more than 36 percentage on card dues and the loans they provided , and they are claiming that the Reserve Bank Has given them permission to charge interest on the funds given more than any worst money lender charges the terms used ,late fee, excess fee, processing fee ed. sess, taxes of our government plus the interest rates more than 36 percent yearly.
The terms they use is 3 percent only monthly, while no nationalized bank or other Indian origin bank has ever charged more than 15 percent diminishing at any point of time good or bad, yearly. How come suddenly these foreign banks enter India and start lending right from the beginning the charges I mentioned above apart from the interest rates which never existed even during the time of ‘Merchants of Venice’ era. These blood suckers or the rich akin to modern day Dracula’s lost most heavily and fell with the largest thud on earth. Our government has to take over ICICI to give justice for the people of India, who had been cheated to such levels though; gods’ curse on them had saved further misery for our poor people.
The responsibility of big Industrial houses who makes profits decades after decades with the blood and sweat of the laborious working class also must ensure their lively hood other wise our country will be facing a civil war as more and more millions will get frustrated and jobless. The psyche of the sufferers will be to revolt against the establishment. The big houses normally announces job cuts overnight and go on as if nothing happened just because these guys who are at the top have stashed away funds to take care of generations, while the workers are left high and dry hungry and most dangerously bitter the social revolutions mostly bloody in history tell us happened on every occasion.
When while the majority is suffering, some very few lavish themselves on ill gotten and establishment expenses at the cost of the lesser level workers and the poor. Now such a scenario actually exists. My brother when he attended a top management interaction in Japan where, most of their big wigs of Toyota, Honda had all assembled among them was another entrepreneur of Japan who declared his business was running on loss for the last decade but still kept on functioning as a payback time for the sake of workers who had contributed to so much profits for a couple of decades earlier and he was not willing to let them down, and ensured the turnaround after ten years again to profit. Had it been our big guys,they would have closed on the second year itself after sucking all the juice out of the employees. The person there felt it was his duty to take the employees in good and bad times even if it costs much of his earlier profits.
When the corporate culture dumps the load on advising, Governments to see that employees who loses job is no way their concern but the establishment, is terribly wrong ,they too will have to be made responsible to the extent of selling their assets and settle the dues and pension to the fired employees out of recession. That is called the Corporate ‘DHARMA’, the mood of the suffered are gradually changing and will be a mass movement if we don’t take necessary corrective methods of holding the Big business houses too responsible for the lively hood of their servants.
We need doers who are sympathetic to the workers more than the rich lobby that might be contributing to the kitty of political parties, but on the other side will be losing, for the people especially during stressed and frustrated times will turn out to be the worst criminals like a wounded animal which can be the most dangerous and unpredictable monster.
Thoughts of Balakrishnan a banker .For more visit ‘solitairebala’ in google.
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