First of all what is money and how is money generated ? Real money is generated when agricultural products are created or manufacrured objects are created. Rest of all, in service industry, finance industry etc, is not real money, it is only movement of money from one hands to another, there is nothing actually created in them. Now Gupta is going for a 100 year stint in prison so he can make money out of thin air as he always wanted to make for the next 100 years.
When you are caught you are branded a thief. Else you are branded an achiever. If one becomes wealthy quickly then it means he has taken a shortcut which is either lawfully wrong or morally wrong or both. Sad part of the story is that even with so much knowledge this crook could not prevent himself from falling into the greed trap. Insider trading is a common thing everywhere and I am sure atleast 99% of it is gone unnoticed.
Rajat Gupta armed with brilliant academic credentials had everything going right for him till such time as he decided to become greedy and face the American Music as a consequence. Now it is sad that his brilliant career has come to an ignominius end.We have no sympathy as it is well deserved by him.
It is easy to abuse a person, but let us look at the system that is rotten to the core! When one can make money by wheeling and dealing, something has really gone wrong.
We need to go back to basics. There is one news item; we are paying among highest for petrol and diesel. It is ok if the taxes collected are used well; invested for our progress. We depend on imports so we need to make ourselves self-reliant by investing on own resources to be free from the clutches of oil mafia.
Gupta is clever but his talents were wasted in financial engineering, mostly making money out of thin air. The world benefits only through work that benefits the common man!
The best are now evaluated by how much they earn, not how they contribute in meaningful ways. What is the use of staring at screens and taking advantage of movements through algorithms 24 hours a day. We just become machines and end up listless and hollow.
The best can really contribute in much better ways and have better fulfilling lives than becoming money-priting machines. Even their close families will treat them that way. One reaps what we reap in the end!
Let us make that change. I was never in this process of impressing people who hardly care anyway. We all know what is in our best interests. Let these incidents open our eyes to reality, so clouded by greed and sheep mentality.
Re: Done in!
by Dona Paula on Oct 28, 2011 10:24 AM
Well said Shiva. Just look at the so called IT crowd and how they have changed the social structure of india for the worse. Gone are the days when a family sits down for a hearty laugh and a good meal. Money money and more Money. and to think that all these can barely muster with their so called talents is two lines of code which may or may not make it inot the final build. How pathetic!!
Re: Re: Integrity of IIT and Indians in general
by rama anne on Oct 28, 2011 06:40 AM
INDIAS spirituality nor being from IIt has nothing to do with character --- Iam sure youa are not from IIT either you are a masquerading fellow to gauge peoples opinion if that is ,then websites like rediff all sorts of people come to read and post comment
It can be Indians ,pakistanis and anyone else
so many people post comments ,as it is very easy to do so -------- IITs are worlds best ,so do not malign them
IITs btech is comparable with any BTECH from elsewhere in the world
IITians created millions of jobs in SILICON VALLEY startups ,and they are all pure tech companies -------- Raj Ratnams is a hedge fund company
there are thousands of hedge fund companies operated by Expat Brits ,Irish,scotish ,blacks ,ametricans etc at or near wall street
It is very hard to belive ,only FOCUS is on NRIs and not others ?
It is very very hard to believe that thousands of other HEDGE funds left alone ,but only Focused on NRis only
Iam very suspicious about this and feel there are all other ethinicities who are not in focus
somehow post GFC ,focus is on Indian international students and NRIs --- If u see news ,just not in USA ,hedge funds and Financial instruments in GULF like Bahrain ,qatar etc also collapsed post GFC
Many expat Scottish ,,Brits etc left GULF kingdoms leaving cars and homes(house loan )
This news appeared post GFC and then disappeared because Focus shifted Dubai Ports bailouts ,Arab Spring in Tunisia ,Egypt etc
Re: Re: Re: Integrity of IIT and Indians in general
by rama anne on Oct 28, 2011 06:41 AM
since this case is In USA ,it will occupy medias centre stage again now
Re: Re: Re: Integrity of IIT and Indians in general
by kaushal jha on Oct 28, 2011 11:02 AM
I read sometime back that IITs are not even in top 500 tech univs. Not even in Asia.Although its world famous in india.
It is a open secret that non-whites face more challenges in investment banking industry. Particularly, when the Government is looking to appease the agitating masses that it is doing something, it is easier to go after Indian-American bankers than white or jewish bankers. Also, it is the Indian character that once they become successful, they look down upon everyone and when they do get into trouble, they have no sympathizers. So, it is a lesson for young Indian-Americans who aspire to do well in the wall street.
Re: Indian-Americans in Wall Street
by rama anne on Oct 28, 2011 06:44 AM
There is some elements of truth in what you said ---------------------------- NRIs especially distance themselves immediately Now bear in mind sri Rajat Gupta has not pleaded guilty at all -------- Considering the huge bailouts GREECE has got as a country from EURO
Rogue traders loss to societe general (French bank) etc the above is a very minor case ,I give benefit of doubt
