Archive for the ‘Political’ Category
Detroit Bankruptcy: What it means?
Detroit pitching for high profile bankruptcy evoked nostalgia, given that I was part of the investment bank, which was one of the high profile bankruptcies of the 21st Century. I have only read of the Russian default of the old, but seeing an entire city go bankrupt in our times, is entirely different.
Detroit is more significant as it was the boom baby, the once-mighty motor city and the pillar of American economy. The situation is also symbolic of declining manufacturing might of US (barring the Weaponry).
How does bankruptcy work for a city?
When a firm goes bankrupt, the assets are sold off and creditors paid off on basis of debt seniority. If Detroit goes bankrupt eventually, it may have to fire public employees. May have to sell off its properties, which includes government offices, public schools, parks and whatever city owns (not the private property). Legally speaking all of it might happen. But since it’s a city, with humanity and politics involved, it might not come down to this.
Newly appointed Emergency Manager of Detroit Kevyn Orr, has put together a plan to save the city. It can be read here. I have tried to summarize the plan and what holds for Detroit in the future.
How bad is the situation?
Population has declined from 1.8mil in 1950 to under 0.7mil in 2012, showing clear signs of decay. Unemployment rate has shot up from 7.3% in 2000 to 18.6% in 2012. Total number of employed people has gone down from around 350k in 2000 to 275k in 2012.
City tried by increasing taxes which resulted in businesses leaving and people migrating. Though tax %age got higher, the quantum of tax kept shrinking. To quote from the plan, “The City is currently levying all taxes at or near statutory maximum rates.”
Reduced security spending over last 10 years resulted in 40% job cuts in Detroit Police Dept. This has led to DPD’s response times getting extremely high. Crime rate has become highest in its population category. Add to this, ageing police cars and fire equipment.
Lack of maintenance has left 40% street lights non-working. Almost all public parks have been shut down (317 open parks around 5 years ago). Public transport has taken a beating due to unmaintained buses. Around 40,000 buildings have turned into dangerous structures sans repairs.
Estimated debt has ballooned to 18billion dollars. Citi has already deferred interest payments to creditors and contribution to pensioners. Bonds have no value anymore. Credit rating has plummeted from A in 2003 to CCC in 2012 (Courtesy Fitch Ratings)
Why is the need for bankruptcy?
It’s not exactly bankruptcy but protection from creditors till city restructures itself. In other words since Detroit does not have money to pay creditors and pensioners, it has to take some legal recourse to save itself from lawsuits demanding the same.
To quote from the plan, “The City cannot stabilize or pay creditors meaningful recoveries if it continues to shrink. Since the City will not generate sufficient cash to pay all liabilities, alternatives have to be considered. Need to reform the City government operations to improve efficiency and reduce costs.”
What’s in store post bankruptcy protection?
Well if City wants it can just deny paying its liabilities and no one can sue. It won’t be able to raise money by bonds and other resources as no one will be ready to lend. City will most surely increase Tax Rate forcing the remaining businesses to consider moving out of the city. It will further fire city employees to reduce operating costs, thereby shooting up unemployment rates.
How the future seems bleak is summarized by the following quote from the plan, “Where cost savings or service improvements can be achieved, the City will explore potential outsourcing of functions.”
For all I can say, its Gotham time for Detroit. Hope it finds its own Bruce Wayne.
IRCTC: Myth vs Reality
http://www.irctc.co.in needs no introduction. Each one of us have spent good amount of time just gazing at computer screen for something to happen. But to no avail. All we saw were “Connection Time Outs” and excruciating delays. I have seen people venting their anger on irctc website for failing to get tickets booked using choicest of expletives.
It seems all that is wrong with Indian Railways is just irctc website. It is just the website that hampers us from getting the tickets. And if it is fixed, we would all get tickets. But is it really the case?
Friends, website is just a mirage. All it helps is giving us common people a face to lambast, to vent our anger. The real problem is, we don’t have enough trains, we don’t have enough seats. Irctc is just a portal to book tickets, the tickets that are non-existent.
If a good chunk of a population of 120cr logs in on a website, no earthly power can prevent the crashes. Still with all those login failures and time outs, we see tickets are wiped off within 5-10 mins (more so with tatkal tickets). Why/How?
Try and understand that someone is getting the tickets ultimately. Someone who wants to travel just like us. Its not that the tickets are going waste. The problem is the pie. When pie is very small, the pieces of it would be small too. Here is where touts come in. People blame the ticket agents. You know they stand in ticket line since wee hours or sometime all through the night, to get the tickets booked for their clients. Why to blame them? They just earn a living out of a traversity.
Blame lies on the successive Governments. What have they done to increase the number of trains, increase the number of seats. Not only has our population increased over the decades, the travelling junta have increased manifold. In effect per capita seats (seats/travelling person), have gone down to abysmal stats.
Not much is being done in this regard. When railway gives impression that they are fixing irctc website, they are eliminating touts/agents, it is just a cosmetic exercise to keep people calm, to assure them that something is being done. It’s just a lollypop. The real problem is demand/supply. Unless we spread out the train lines, increase number of trains, this will continue.
India has already borne the brunt of people fighting for their own share of minuscule pies over the years. If something is not done soon enough, add train journey to the list of next social wars in the country.
An Open Letter to Akhilesh Yadav
Dear Sir,
Let me congratulate you and your party for winning the UP elections fair and square. Fair as in you made no promises of reservation, you replaced tainted nominees, you promised growth. Square is for all to see in the number of seats you garnered.
You have been a fresh face in UP politics in some time and people have taken a liking to you. With no disrespect to your father, this referendum is yours and yours alone. Whether you decide to be Chief Minister or not, is a trivial matter. There are some serious issues at hand which requires your consideration than the anointment.
Development of UP has been stagnant for as long as I remember. We were promised flyover at by-pass Agra. It has been decade since and traffic looks like war-front these days. I would request you to look into the development of roads on priority. Better transportation converts into good business and growth.
Next would be to create jobs in the Tier-2/3. Apart from Noida, I can’t name any other city where jobs have been created at such pace. Create atmosphere conducive to IT and other industries. Lure them in like Gujarat and Bihar.
This might prick a bit Sir, The Gundaraj. Your party has been infamous for propagating the same. Your party had been accused of converting universities into breeding ground for strong men. I hope you would do different this time. Make mafia shiver in your rein. Please allow competition and bring an end to one-upmanship of notorious characters like Ponty Chadda.
Bring pride back to UP. No one should be able to address our state as breeder of migrant labor, hub of corruption and den of poverty. People should be forced to respect UP with the level of development you bring in.
I know it’s a long and hard journey. But we are with you Sir. Your detractors would want you to fall, aam-junta too fear of being disappointed once again. Prove us all wrong and make Uttar Pradesh, an Uttam Pradesh.
Arpit
6 conditions rejected by Anna Hazare
Delhi Police imposed 22 conditions for peaceful protest by Anna Hazare. Last heard 6 out of 22 were rejected by Anna and his team. What these 6 conditions were had been kept under wraps. Yours truly found it out through well placed sources at US Embassy, who tends to know more on India, than India itself.
Conditions were as below:
1. At least 50 helicopters should be present at the Anshan site (Quick evacuation in case of bee attack).
2. 50 AC’s are mandatory. No one should suffer heat stroke coz of Dilli ki Garmi.
3. All the attendees must sign an undertaking that they hereby agree for nasbandi.
4. Attendees should give an undertaking that they will not urinate for the entire duration. Anyone found otherwise will be lynched.
5. Such fasts tend to get boring. So as nobody dies of boredom, performance by Lady Gaga is must. Pending her nod fast cannot go ahead.
6. People made to sit long hours can develop severe back pains. Arrangements should be made for back massage by professional masseuses.
According to our sources, Anna and his team were bummed out specifically by Lady Gaga condition. They tried to reason with her. But once she insisted to perform, they had no option but to back out.
Things I love/hate about Anna Hazare
- I hate that he makes me feel corrupt. He tries to wake up my conscience. He makes me uncomfortable. He irks me.
- I love that he does not contest elections and hold legislative posts. Scared if he becomes PM.
- I hate the fact that he brainwashes today’s youth into believing that corruption is a bad thing.
- I love when he goes on fast and his health deteriorates. Good Riddance.
- I hate that his crusade will take off food from plates of corrupt people like me.
- I love that people like him are not selected for constitutional posts in our country. Who would bear a lokayukta like him?
- I hate that my dream of owning a black money account in Swiss bank will remain a dream because of him.
- I love the fact that he is old.
- I hate that his legacy will continue forcing me to answer to laws of the land for corruption.
Scams are good
A leading newspaper carried a story about petition filed by a multi-millionaire 2G accused, asking for a prison cell with less dust and less heat. Apparently he had some health issues as his lawyer pointed out. There were other stories carried out in media about how 2G and CWG VIP detainees were unhappy with the conditions in the prison and have even taken it up with the authorities.
I for one support their demands. In fact in Hinduism, paap-dhona as it is called, this might just be the deed, which would absolve them of their sins. Let me explain, how.
A while ago, a friend forwarded me an e-mail. There were images of a lovely place. It looked like an awesome hotel. Plush rooms, lavish swimming pool, scenic surrounding and appealing facilities. I needed to identify it. As always, I scrolled to the answer directly; was amazed to find out that it was a state penitentiary in Australia.
It was in stark contrast with its Indian counterparts. But given the condition of our slums, when even free people are forced to live in dire conditions, how can the jailed ones be treated any better. Lobbying for better facilities for so called criminals and thugs will only attract bad publicity, given the problems free citizens face day-to-day. Hence no one has ever shown enough courage to take an initiative.
Maybe with these powerful people, our jails are in for a much needed makeover. As they say, “Every ill has its benefits”. These scams might just be the positive catalyst needed for making our prisons a better place.
General Dyer @ Ramlila Ground
After an unusually long Saturday, I made a last dash to my TV remote, before going to sleep. Little did I know that sleep would be the last thing on my mind soon.
A betaal lookalike yoga guru, who has raised hell about black money, prevalent corruption and a long-dead system, with a tinge of political ambition, was about to be turned a martyr.
A veteran leader from the party in power stated, “We are not afraid of Baba. Had we been afraid, we would have jailed him long ago”. The relevance of his remark came haunting back with the sad scenes from the capital.
Sending in Police and Rapid Action Force at dead of the night to lathi-charge sleeping innocent common men, reeks of colonial hitlerocracy. When I first saw the movie, Rang De Basanti, the scene where peaceful candle light protest was crushed forcefully. I was sure such thing could never happen in my country. China perhaps, but not in India.
What has happened today has shamed me. How can I cite General Dyer now, when Jalianwaala Baag has been re-enacted in Delhi. Lathi-charge, tear gas and burning the stage are akin to the gunshots in today’s democratic times.
Thousands of people who have come from across the country, where were they supposed to go at the dead of the night? Why not do the same operation during the day? Tear gas is to be used on rioters and miscreants, not on peaceful sleeping people.
If I can’t even protest peacefully against the issues that are haunting me, what should I do? Should I become a naxalite? Should I become a terrorist? Should I hang myself? Should I leave my motherland and live a life of an orphan?
Yes, I am corrupt. But I support any such popular movements against corruption. Even if it’s political then so be it. Coz quite frankly, I am simply fed up of being corrupt.
You are not razing down Adarsh. You have not realized a penny out of 2G. You have not brought back even an cent of black money stashed abroad. But you do sent a 2000 strong force to raze down the shivir.
Baba has been extern-ed out of Delhi. If tomorrow I will raise my voice against corruption, Will I be extern-ed too? I think I will quote from a famous movie, Go to hell DK Bose.
Majboori Ka Naam Mahatma Gandhi: Why?
“Kyon bhai sahab, aaj car ki jagah bus se travel?” “Kya karein, Mazboori ka naam Mahatma Gandhi.”
We use this phrase all the time. Don’t we? If I ask you, “What does Majboori have to do with Mahatma Gandhi?” Most of you would be stumped. Come to think of it, don’t you feel odd that we have coined our Father of the Nation, Mazboori.
In English, Mazboori means obligations, compulsions, and constraints emerging out of sheer helplessness. I asked many people in my office about the origin of the phrase. Noone came close. They were amazed when pointed out that indeed we are calling out father of our nation, helpless.
This brings me to the question, Why? In absence of any concrete definition, there are several explanations floating around. Let’s take them one by one:
Partition Blame
 |
Gandhi looked helplessly and let the nation get divided. His Mazboori was the worst kept secret. All the decisions he took were under pressure and portrayed sheer helplessness. |
Last Resort
 |
This is one explanation that paints Gandhi in good light. When all options are over, try Gandhi. When all else failed, he practiced hunger strike, which shook the foundations of an empire. When one is out of money, there is no option but to eat less expensive food and live frugally. |
Overcome
 |
Gandhi overcame all the Mazboori’s (difficulties) in his life and led India to independence. Thus whenever there is Mazboori, remember Gandhi, you will find the solution. |
Non Violence
 |
Non Violence is taken to be sign of weakness and helplessness. Gandhi preached and followed non violence, hence the phrase. |
Currency
 |
Indian currency started having imprint of Mahatma Gandhi. To a poor India, Majboori emanates from money (or lack of it). Thus Mazboori ka naam Paisa aka Mahatma Gandhi. |
Gandhi was Majboori
 |
To rely on Gandhi was Majboori of all Indians who wanted independence. As there was no one else who could have fought with Britishers and deliver Azaadi. |
Self Destruction
 |
With the world in shambles and on the verge of self destruction, we have no options but to follow steps of Gandhi to save the world. That’s what Anna Hazaare has shown. |
Expect the Unexpected
 |
When cornered, people tend to behave unexpectedly. When Gandhi was helpless, with no independence in sight, he turned to innovation. His turned prevalent hunger into a potential Anshan. We all find ways to struggle when turned into a corner. “Necessity is the mother of invention”. |
Just for Kicks
 |
Since we were kids, we have been asked to name, Father of Our Nation so many times, that it has become our Mazboori to memorize it. |
Walking Genius
There are times in life when we end up making fool of ourselves. One such incident happened to me lately. Made an a** of myself. I realized I am not alone. People like me walk among us. I would like to pay my respects to some such pals of mine.
PSO Padam Singh
Personal Security Officer of UP CM Mayawati, Padam Singh, bent down and wiped her dusty shoes. “I just noticed the dust on her shoes. I follow Clean India Green India campaign and wiped of the dust. What wrong have I done?”
Muammar Gaddafi
“They love me. All my people are with me. They love me all. They would die to protect me”, Libyan leader Muammar Gaddafi gloated, laughing off international pressure to step down. When questioned as to how can he laugh it of, while he is slaughtering his own people, Gaddafi said, “I am just a happy person. I laugh all the time. More so since I started watching FRIENDS. Long live America!”.
S M Krishna
External Affairs Minister SM Krishna accidentally read out the Portuguese Foreign Minister’s speech at the UN.
“There was nothing wrong in it, I was just trying to learn some Portuguese”, clarified Krishna. A headline read, “Dear Krishna, all is forgiven. Don’t catch the wrong flight.”
Ratnakar Shetty
When asked whether it was unfair that only 4000 tickets would be sold to public for a game as important as the World Cup final, Shetty said the members of the clubs are also part of the “public” and so he disagrees that public is not getting any tickets.
Speechless! Well species like these are found in trio’s, lest they hurt themselves.
Haroon Lorgat
Some miscreants stoned WI team bus after Bangladesh’s shameful defeat. ICC CEO Haroon Lorgat played down the incident, calling it ‘minor’, pointing out that few individuals had thrown pebbles at the bus. This left WI team manager furious.
Bangladesh’s Cricket Board left the world further puzzled when it added that people mistook WI team bus to be Bangladesh team bus. They walk among us!
Hillary Clinton/Obama
US President Barack Obama pressurized Pakistan to treat Raymond Davis, who allegedly shot dead two men in Lahore, as a diplomat and release him. US Secretary of State Hillary Clinton reportedly “forced” Pakistan to confirm the diplomatic immunity for Davis while threatening to withdraw the $1.5 billion aid.
“Life of a US citizen with per capita $48000 is way more than that of two Pakistanis with per capita $1000. It’s pure statistics”, asserted Hilary while greeting Davis back home.
Manoj Tiwari BB
Fuming over his eviction from the ‘Bigg Boss’ house, Bhojpuri star Manoj Tiwari hit back at Salman Khan and his brother Arbaaz Khan for ‘scripting’ his eviction from the controversial reality show as a part of larger ‘conspiracy’ against Bhojpuri actors
Manoj Tiwari Fan Club president Manish Kumar, along with a bunch of followers protested against Tiwari’s eviction, claiming that ‘Bigg Boss’ ‘insulted’ the 26-crore Bhojpuri community.
Your’s Truly
Incident With-hold
Gang Bangers
I could not find any other title suitable to this post however coarse it may sound.
Supreme Court of India struck down the appointment of CVC PJ Thomas recently. Not just the judgment but the case in itself turned out to be a landmark one. It dealt with how to measure the integrity of a person; How the Govt. machinery can be misused to appoint personal beneficiaries to the autonomous constitutional authorities. In fact of late several murky deals from the power corridors of Delhi stood exposed bringing to light the best keep secrets of the India that is corrupt.
“28.3% MP’s have serious charges against them”, Thomas contested in court. Why was only he being unfairly targeted? I must say, I found his plea quite sound. Similar was the defense of Mr. Suresh Kalmadi. “Why don’t you question Delhi CM and Central Sports Minister? They were party to all decisions”.
Why am I alone being charged Sir, it was after all a Gang Bang.
What Thomas and Kalmadi did was a classic case of blackmailing. While Thomas pressurized legislative to support him or stand exposed, Kalmadi took his chances with Delhi CM and Central Sports Minister.
Without going into the good bad and ugly of Adarsh, CWG and 2G scam the thing that stuck me most was the collaborated loot of public money. Had this collaboration been shown in organizing CWG, it would have done some good to brand India. It’s like everyone is ganging up to plunder this country.
Having had rendezvous with functioning of bureaucracy up close, I must admit it would have been hard for Kalmadi to organize CWG without placating other authorities; difficult for Raja to remain Minister without collaborating in loot; and impossible for Chavan to survive without participating in the plunder.
In fact we are no longer averse to bribe and corruption. It’s a way of life. People teach their kids how to bribe without getting caught. “Sir, aap jaisa bolenge waisa ho jaayega”, beta aisa bolna, aadmi apne aap samajh jaayega.
It’s not just the big names which are ganging up; we too are part of the mob that is looting and plundering our nation. We are the Gang Bangers.
ArpitGarg's Weblog 