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Triumph of democracy
Politics of extortion |
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Shape up or ship off
War not an option
My true friends
Neglect of armed forces
Charles Ponzi, the dreamer whose name lives on
Delhi Durbar
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Triumph of democracy
The
future of the political parties that were in the fray in the just-concluded Assembly elections in Jammu and Kashmir – the Congress, the National Conference and the PDP — lies locked in those sleek electronic voting machines, but the voters have already given their verdict against the separatists who are staunch votaries of violence. The way they defied the boycott calls must have caused frustration to the separatist leaders. Long queues witnessed at most places during the seven phases of the voting were a sign of the determination of the citizens to reject secession through elections. They voted in large numbers and in favour of democracy. It was their trust in the electoral system which encouraged them to defy even death threats. Surprisingly, the voting percentage was refreshingly high even in the former strongholds of militants. Obviously, the voters are thoroughly disenchanted with the politics of violence that the militants represent. The Syed Ali Shah Geelani brand of leaders at times tried their best to organise a sort of “curfew”, but there was no stopping the voters who in their wisdom had come to realise that their redemption lay in choosing their own genuine representatives. It goes to the credit of the Governor’s administration and the Election Commission that they ensured conditions to prevail for a free and fair poll. Whether it was Jammu, the Valley or Ladakh, the voters’ essential concern was development and governance. They wanted leaders who could give them a clean and effective government. Here is hoping that when the results are out, the elected representatives will give top priority to the people’s expectations rather than their own ambitions. They must learn a lesson from the fate of many political jugglers who fell flat in the past because they ignored the people — their real masters.
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Politics of extortion
The
cold-blooded killing of Uttar Pradesh PWD executive engineer M.K. Gupta allegedly by BSP MLA Shekhar Tiwari in Auraiya district on Wednesday has exposed Chief Minister Mayawati’s extortionist politics. All her ministers and BSP legislators function as her cronies, who can go to any extent to satiate their reigning deity’s unending hunger for money. The engineer had to pay with his life because he had the guts to refuse to collect Rs 50 lakh as sought by the MLA to be presented to Ms Mayawati on her birthday on January 15 next. The Chief Minister’s goons — Tiwari and his associates — had the audacity to take the unconscious engineer to the police station in the area and demand the registration of a case against the victim after he was beaten up mercilessly. They showed no fear of the law because they function under Ms Mayawati’s protective umbrella. Ms Mayawati has perfected the art of garnering money through forced gifts. Her birthday is an occasion when her party functionaries — from those sitting in a ministerial chair to MPs, MLAs and BSP members at the village panchayat level — have to hunt for funds from all the possible sources, including government departments and those enjoying official favours in the private sector. The Chief Minister is reported to have expressed her desire for at least Rs1000 crore in cash or kind to be presented to her next month, as Samajwadi Party’s Shivpal Singh Yadav has alleged. Whatever is the truth, reports suggest that it will be a massive show at the state level. It is a matter of deep regret that the Chief Minister of the most populous state does not feel ashamed of the plausibility of these allegations. These illustrate her politics of greed. Can there be greater violation of the Constitution? The time has come to stop this open loot by the Chief Minister and her cohorts. A way must be found to end the practice of extortion in the name of birthday celebrations—an excuse for legitimising illegal collection of money. The BSP czarina describes the occasion as “Arthik Sahyog Diwas” when her party “pools its resources to help the poor”! What, however, she is doing is only promoting corruption and exploitation of the people in a brazen manner.
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Shape up or ship off
The
Second Administrative Reforms Commission headed by Mr M. Veerappa Moily has suggested wide-ranging reforms to streamline the administrative system at various levels and make it result-oriented. An important recommendation made in its report on the “Refurbishing of personnel administration — scaling new heights” pertains to a periodic review of the civil servants’ performance and removing the deadwood. Unfortunately, non-performance has become the biggest problem of the Indian bureaucracy. The present system of time-scale promotions has made the IAS and other all-India service officers so secure and relaxed that they get promoted to the next rank and pay scale on the basis of the years of service they have put in, and not on their track record and individual performance. Little has been done to assess whether an IAS officer is suitable for a higher post before promoting him or her. Why should a lethargic and non-performing officer continue in service till retirement at a huge cost to the state exchequer? Significantly, the Moily report has addressed this problem at length and comes out with practical solutions. It says that a civil servant should initially be appointed for a period of 20 years, with a scope for extension subject to his track record. It has proposed two intensive reviews of the officer’s performance, one on the completion of 14 years of service and another after 20 years. In the first review, the officer will be told of his strengths and shortcomings for future advancement. And the second will assess the officer’s “fitness” for continuation in government service. It wants the deadwood to be dismissed from service. Though the remedy suggested is commendable, doubts are bound to arise whether the government will go ahead with the proposals and implement them in letter and spirit. Several reform proposals recommended in the past have been gathering dust. For example, the proposal for lowering the age limit for the Civil Services’ examination has not yet been accepted. The Moily report also has a similar recommendation for inducting fresh talent and brilliant minds. What is the use of these reports if they are not implemented? Increasing political interference has played havoc with the bureaucracy. Officers are shuffled at the whim of the powers that be. There is a need for the political will to implement the reports. |
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We are prepared to go to the gates of Hell — but no further. — Pope Pious VII |
Charles Ponzi, the dreamer whose name lives on Sorry, Mr. Madoff. Despite your prodigious alleged accomplishments—$50 billion of investors’ money, vaporized!— you’re no Charles Ponzi. The feds, in their complaint, allege that you, Bernard L. Madoff, admitted to colleagues that you’ve “been conducting a Ponzi-scheme” through your investment advice business. Some Wall Street experts, struggling to convey the scope, say it’s perhaps “the biggest Ponzi scheme in history.” But for all your Palm Beach Country Club connections and sterling Wall Street resume, you’re still just walking in the shadow of the great Charles Ponzi, along with all the other get-rich-quick guys, the pyramid schemers, the land-deal scammers. Now, if you, Mr. Madoff — sounds like “made off” — were made of a little of Ponzi’s stuff, first of all, you wouldn’t have allegedly admitted anything to anyone. Show some moxie, man! You’d have kept up appearances for the sake of the game — as if you really believed in it. As Ponzi’s world was collapsing in Boston that wild summer of 1920, his notorious deeds splashed all over the front pages, he would put on a sharp suit and a big smile, grab his fine walking stick and go mingle with the public. Some would jeer — but others would cheer! Reporters followed him everywhere. He’d give long, good-humored quotes. He’d lunch at the Kiwanis Club, and at night he and his wife would sit in their box at the movies. When newsreels about him came on, the audience would cheer some more. From the Oxford English Dictionary: “Ponzi scheme: A form of fraud in which belief in the success of a fictive enterprise is fostered by payment of quick returns to first investors from money invested by others.” Like so many great self-made-American stories, Ponzi’s began with him landing on these shores with little money — in 1903, at 21, with just $2.50. (He lost a couple of hundred bucks gambling on the voyage from Italy.) He traveled the country, taking odd jobs, dreaming up schemes. He did some prison time in Montreal, for passing a bad check. But he wasn’t a bad guy. In Blocton, Ala., an acquaintance had been badly burned and needed a skin graft. Ponzi donated 120 square inches of skin off his back and thighs. He married Rose Gnecco, the love of his life, who stood by him through everything. Ponzi stood 5-2 and weighed 130, after a big meal. “He was enormously charismatic, he was charming, he was this sort of dapper figure. I call him a banty rooster of a man,” says Mitchell Zuckoff, who wrote the 2005 biography “Ponzi’s Scheme: The True Story of a Financial Legend.” In late 1919, as Ponzi’s latest fanciful plan was imploding, a letter from Spain arrived with a curious document that resembled currency but wasn’t. Ponzi’s monumental insight was to realize it could be as good as money. It was an international reply coupon. In those days, many nations had agreed on a system for prepaying international postage. Sending a reply coupon was like sending a self-addressed stamped envelope. You could buy a coupon in Rome, and it could be redeemed for stamps in Boston. But the coupons’ fixed price did not reflect the dramatic post-World War I devaluation of some currencies. Thus, $1 worth of lira in Rome could buy enough coupons to redeem $3.30 worth of stamps in Boston, according to Zuckoff’s reconstruction of Ponzi’s calculations. Ponzi figured he could make a profit of $2.30 for every $1 invested. He was still puzzled about how to convert the coupons back into cash. He decided to worry about that later. With zero advertising, the astounding offer spread by word of mouth: Ponzi promised to return a 50 percent profit to investors within 45 days. The pool of investors grew exponentially. “The woman cleaning houses on Beacon Hill would mention it to her employers, and soon you had Brahmin matrons and white-shoe bankers lining up next to newsboys and cleaning women,” Zuckoff says. By spring 1920, Ponzi was pulling in $30,000 a week (about $319,000 today). At this point, Ponzi’s scheme was not a “Ponzi scheme.” But he apparently never did figure out how to convert mass quantities of coupons into cash. Soon he was forced to begin paying off early investors, and for that he used money collected from later investors — a Ponzi scheme, though they didn’t call it that back then. Meanwhile, Ponzi invested in banks and other businesses. “I kept up the bluff, hoping that I might eventually hit upon some workable plan to pay all of my creditors,” Ponzi wrote in his autobiography, cited by Zuckoff. —
By arrangement with LA Times-Washington Post |
Delhi Durbar It was not just parliamentary proceedings which had been disrupted by the controversy over AR Antulay’s statement on the killing of ATS chief Hemant Karkare. Even the Congress, which had come under pressure for the removal of Antulay, did not hold its press briefing for two days. Party sources, however, sought to dismiss any speculation, stating that the reason was the absence of two its spokespersons, Manish Tiwari and Jayanti Natarajan. Another spokesman, minister Shakeel Ahmed, had excused himself on the plea that he had been asked to be present in Parliament. That had left only Abhishek Singhvi available for the briefing, but the party did not want to field him because of his strong statement against Antulay in the beginning which was quite contrary to that of senior leader Digvijay Singh, who had virtually defended Antulay. So the party chose the option of not holding the briefings.
Zero hour now personal hour
The other day the BSP’s Iliyas Azmi brought a personal grievance to Parliament. The moment the Lok Sabha Speaker announced zero hour, Azmi started narrating the “untold misery” he suffered at Jeddah airport while returning from the Haj. For over seven minutes, the member kept insisting on an apology from “Indian Airlines” (he obviously meant Air India), which left its passengers without food and water for 36 hours due to flight delay. He also explained how his
baggage reached Bangalore instead of Delhi. Strange it may sound, but throughout the just-concluded session, the Speaker received over 30 notices every day from members itching to address their constituencies in the garb of raising urgent matters during zero hour. Even the Speaker could not help commenting: “I understand the elections are approaching and members are eager to be seen in their areas. But it would be better if they also raise urgent matters instead of concentrating merely on those with regional relevance.” Zero hour can’t after all be reduced to a personal hour.
Sushma Swaraj recovers
Sushma Swaraj of the BJP is back. She had disappeared from the political scene in the midst of campaigning for the recent assembly elections, giving rise to speculation that she was perhaps upset at not being projected as the chief ministerial candidate in Delhi. But no, she says, she had to “retire hurt” due to exhaustion and was admitted to the All India Institute of Medical Sciences (AIIMS). Sushma told reporters that she, however, did not miss much. At AIIMS, she was “treating” herself to lovely home-cooked ‘paranthas’ with lots of butter and curds. Her radiant look appeared to vouch for what she was saying. What a marvellous way to recover from ill health!
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