Friday, January 29, 2016

Rajan Rebukes Deadbeat Mallya

RBI Governor made an off-hand reference to notorious deadbeat Kingfisher owner Vijay Mallya, who owes Rs.7500 Crore yet may cheat his debt through courtroom chicanery:

http://zeenews.india.com/business/news/companies/rbi-guv-raghuram-rajan-lashes-out-at-vijay-mallya-for-lavish-birthday-bash_1849771.html

"The system has been geared to favouring those who have the ability to work the courts. The policy that you (large businessmen) follow is that during good times you take the upside but in bad times you go to banks and ask how much of a haircut are you going to take?"

You've got to wonder where Jaitley and Modi are in holding profligate rich deadbeats accountable for their debt delinquency. To quote that famous phrase, this is another example of "socializing the risks while privatizing the rewards."

1 comment:

SS said...

Modi is way over his head I fear, rather than being India's Lee Kuan Yew, he is rapidly turning into India's Obama, i...e one who cannot walk the talk, all hat and no cattle.