India Elections : The Rich and Richer

Disclosed, the wealth of the aspiring MP(ministers of parliament) in India.

Wonder, what the low watermark and high watermark are for these upcoming elections. Atleast, from this article from the “masala time of india”, it is 122crores(~24.5million) to 600 crores(120million). I also wonder how this compares to US senators and congressman.

Soniaji may be at the bottom of the heap…if this article is any indicator.

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BSP candidate Deepak Bhardwaj declares assets worth Rs 600cr

16 Apr 2009, 1529 hrs IST, TNN

NEW DELH: Deepak Bhardwaj of the Bahujan Samaj Party (BSP) on Thursday filed his nominations papers from the West Delhi constituency, declaring assets worth a whopping Rs 600 crore.

Bhardwaj is the richest candidate, so far, for the ongoing Lok Sabha elections surpassing the previous richest candidate who had declared assets worth Rs 514 crore.

Interestingly, the candidate who belongs to Mayawati's party came on a tractor that he uses on his farmland, to the Rampura election office in West Delhi to file his nomination.

The 58-year-old tycoon owns businesses in real estate, hotels and education. He runs a school in Dwarka and plans to open two more schools- one in Dwarka and the other in Dhansa, both in West Delhi.

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A resident of Lajwanti Garden in West Delhi, Bhardwaj also owns a township project called Deepganga in Hardwar and a hotel called Niteshpunj Hotel Complex on the Delhi-Gurgaon expressway.

Earlier this week, the previous richest LS candidate, a Mumbai-based businessman, filed his nomination as an Independent from Surendranagar. Khimji Patadia, 53, has declared assets worth Rs 514 crore, mainly in jewellery and real estate.

Besides Patadia, Bhardwaj beats candidates like the Congress’s L Rajagopal from Vijaywada (Rs 299 crore), the BSP’s Karan Singh Tanwar from South Delhi (Rs 150 crore) and the SP’s Abu Azmi from Mumbai NW (Rs 122 crore).

 

Courtesy: http://economictimes.indiatimes.com/News/PoliticsNation/BSP-candidate-Deepak-Bhardwaj-declares-assets-worth-Rs-600cr/articleshow/4409845.cms

 

Serious Reading

Must reads:

 

How the economy was Lost

http://www.vdare.com/roberts/090223_economy.htm

 

The Real Great Depression(WRONG 1929 RIGHT 1873)

http://chronicle.com/temp/reprint.php?id=477k3d8mh2wmtpc4b6h07p4hy9z83x18

 

Exclusive Derivatives for dummies

http://dandelionsalad.wordpress.com/2009/02/18/exclusive-derivatives-for-dummies-by-the-other-katherine-harris/

 

 

Other articles of interest:

http://www.marketwatch.com/news/story/evidence-mounts-recessions-worst-past/story.aspx?guid=%7B71467556%2D3683%2D4018%2D906C%2D7FFC8A3F9E8C%7D&dist=TNMostRead

http://www.foxnews.com/story/0,2933,498765,00.html

http://dandelionsalad.wordpress.com/2009/02/21/exclusive-why-should-i-pay-somebody-else%e2%80%99s-mortgage-by-the-other-katherine-harris/

http://www.wsws.org/articles/2009/feb2009/mort-f20.shtml

 

Sequoia Capital's : Doom and Gloom

Sequoia Capital's doom and gloom presentation on techcrunch.com

A little about Sequoia Capital

Useful proverbs for the great recession of 2009!

In times such as these, 2 useful proverbs!

 

1.  Japanese saying, Even Monkey’s fall out of trees

2.  The markets can stay irrational longer than you can stay solvent.

Honda CEO sent packing. While GM/Chrysler/Ford CEOs...

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http://www.bloggingstocks.com/2009/02/23/honda-hmc-another-car-firm-ceo-waves-goodbye/

Smoke and mirrors corporate America, the dubious double standards and how the CEO's are the shareholders appointees and why I am a blathering idiot.

Check this paragraph from the article above,

It appears that the Japanese are ready to hold management accountable for poor results, even those not entirely under their control. Their boards may want to send the message that CEO job security is based on results, regardless of the origin of those results.

This may never happen, i repeat, never happen in the US auto industry or corporate America...which can be explained away as "this is how things are, will continue to be".

On first read, the actions by the Honda board seem excessive and also ill-thought. But, again, CEO's only job is to ensure "results" and be answerable to the board and the shareholders.

Good job Honda board. Good job Honda!

Valuing Toxic assets - A logical approach and Root Cause analysis(good one)

Interestingly, one of the most logical rational solutions is proposed by Mr Jeffrey Sachs.

 http://www.huffingtonpost.com/jeffrey-sachs/a-proposal-on-how-to-clea_b_166303.html

Max Fraad on HuffingtonPost does an excellent job trying to trace and help point what has landed us in this mess....good reading

http://www.huffingtonpost.com/max-fraad-wolff/late-and-short_b_165556.html#postComment

Warren Buffett: Please stand up!

Wonder why it was not well known that Warren Buffett may have actually called Moody's management and given them a good earful?

http://www.observer.com/mobile/article/82469

Black Swan - Nassim Nicholas Taleb

You can’t predict who will change the world:

 

And in defense of America ;) – there is no such thing as declining power of America in the age of globalization.

 

An interesting point about risk-taking, and unbounded enthusiasm in constantly tinkering and trail-error’ing American way of life, this para explains why outsourcing is better for America. The anti-sourcing lobby doesn’t want to hear any of this which is also true…there are people in the USA who simply want a job, a pay-check and above all predictability – this, in the backdrop of publicly traded companies, hedge funds, mutual funds, 401k funds and *THE SAME AMERICAN WHO WANTS PREDICTABILITY AND WISHES HIS 401k/PERSONAL STOCK ACCOUNT TO RISE WITH HIS RISING PAY* does not seem possible. Quite rightly so!

 

Globalization allowed the U.S. to specialize in the creative aspect of things, the risk-taking production of concepts and ideas--that is, the scalable part of production, in which more income can be generated from the same fixed assets through innovation. By exporting jobs, the U.S. has outsourced the less scalable and more linear components of production, assigning them to the citizens of more mathematical and culturally rigid states, who are happy to be paid by the hour to work on other people's ideas.