First rate people of India victim of third rate Governance

We have to completely overthrow this system: Kejriwal
by Danish Raza Nov 3, 2012
Continuing his attack on the government over corruption and inflation, India Against Corruption (IAC) activist Arvind Kejriwal has asked Delhiites to switch off appliances at their homes for an hour (7 pm to 8 pm) today as a show of protest against electricity tariff hike.
In his tweets this morning, he reiterated that the Sheila Dikshit government increased the tariff to benefit power distribution companies.
Commenting on the Uttar Pradesh government dropping money laundering cases against Amar Singh, Kejriwal tweeted that it was shameful. “Is this criminal justice system? We have to completely overthrow this system. Next Mulayam Singh will withdraw cases against Salman Khurshid. Wait n watch. And in return, congress wud withdraw cases against mulayam,” he tweeted from the handle @ArvindKejriwal7.
In one of the tweets, he said the current crop of politicians gave no hope to India and these leaders and the system ought to be overthrown.
Since he started exposing corruption in political establishment, people have been providing him with information, reading which, he was shocked, he said.
“I am shocked to read all this, the extent of corruption. It is so crystal clear that there is just one reason for rising prices — corruption. Prices wud increase much more in coming years if something urgent were not done. It wud become impossible for people to live. There is just one hope — the people of India. Indians are first rate people who are victims of third rate system and third rate politicians,” Kejriwal said in his successive tweets today.
We have to completely overthrow this system: Kejriwal
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P Chidambaram's FDI Overdrive: Mauritius Route

Ministry of Finance 06-September, 2012 19:05 IST FDI Proposal of M/S Cloverdell Investments Ltd. Mauritius Worth Rs. 808.06 Crore Approved
Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on July 27, 2012, the Government has approved 11 Proposals of Foreign Direct Investment amounting to Rs. 2067.98 crore approximately. The Press Release dated August 23, 2012 has been modified and the proposal of M/s Cloverdell Investments Ltd. Mauritius worth Rs. 808.06 crore (FDI/NRI inflows), which was pending for certain clarification, has also now been approved. The proposal was related to induction of foreign equity in an operating NBFC with downstream investments in companies engaged in/proposed to be engaged, inter alia, in the business of housing finance, stock broking (including derivatives and currency derivatives broking), depository participant service, commodity broking and investment advisory activities.
****** DSM/RS/GN (Release ID :87545)
FDI Mauritius Route

Rajat Gupta New face of India?

New allegation of insider trading against Gupta PTI Apr 19,2012
U.S. prosecutors have added a new allegation of insider trading against India-born former Goldman Sachs director Rajat Gupta, who will face trial in May on charges of passing confidential information to convicted hedge fund founder Raj Rajaratnam.

In an April 9 letter to Judge Jed Rakoff of the Southern District of New York, made public on Monday, the prosecutors said they have informed Gupta’s lawyers of a “new tip” about consumer goods major Proctor and Gamble’s organic sales forecast that he allegedly passed on to Mr. Rajaratnam in 2008.
The government has added in its Bill of Particulars information which alleges that “Gupta disclosed to Rajaratnam, and their known and unknown co-conspirators, material, non-public information relating to P&G’s organic sales growth forecast for the October-December quarter prior to P&G’s public announcement on or about December 11, 2008.”
In the indictment filed against Mr. Gupta last year, prosecutors had charged that in January 2009 Mr. Gupta passed on information to Mr. Rajaratnam over phone about P&G’s forecast for its organic sales growth for the fiscal year as well as its earnings release planned for the next day.
Prosecutors said they received the new information through instant messages and emails contained in a hard drive that was submitted to them on April 5.
They reviewed these instant messages and emails before determining they should be added to the allegation against Mr. Gupta.
The government said it understands that it cannot amend the Bill of Particulars with new allegations for strategic reasons, and any amendments must be for “something that was genuinely not identified at the time.”
Prosecutors told the judge that they are waiting for outstanding requests for information from a number of third-parties for details relating to P&G’s public announcement of its earnings on or about January 31, 2008.
They said if the government receives additional information that warrants a new allegation of a tip in the insider trading conspiracy; it will promptly notify the defence and not wait for the deadline of three weeks prior to trial for any further amendments to the Bill of Particulars.
“Although the government believes that there is evidence of additional tips from Mr. Gupta to Mr. Rajaratnam in furtherance of the charged conspiracy, the government does not intend at this time to offer evidence of such tips in its case-in-chief,” the prosecutors said in the filing.
Mr. Gupta, who has pleaded not guilty to the charges of insider trading, will go on trial on May 21 in federal court here. Sri Lankan-origin Mr. Rajaratnam was convicted last May of running the massive insider trading scheme and is currently in prison serving his 11-year sentence.
Insider Trading Mumbai Style does not work in US
Comment: We need couple of Rajat Gupta's to head to China... and collapse their economy.

How Americans Expose Swiss Secret Accounts and Terror Financing?

Home Minister and Finance Minister need to learn a lesson or two on "War on Terror" from the Americans!

Insider Trading: What Else Did McKinsey Tipster Kumar Tell Rajaratnam?
By AGUSTINO FONTEVECCHIA- Forbes
"Greedy" Rajaratnam had info on AMD, says the prosecution
The first round of wire-taps were played in a Manhattan law court on Thursday, revealing what will be the prosecution’s modus operandi in the mega-trial for insider trading where former Forbes 400 member Raj Rajaratnam is accused of reaping $45 million in illegal profits. Jurors heard recordings of Anil Kumar, former senior partner at McKinsey, giving Rajaratnam tips on deals involving American Micro Systems, a McKinsey client. Considered the prosecution’s star witness by the NYPost, Kumar gave Raj a few other tips, revealed when he plead guilty to insider trading earlier this year. Here’s what he knows.

As a senior partner at McKinsey, Kumar had insider information and a fiduciary duty not to disclose his knowledge. Pressured by Rajaratnam, Kumar finally broke down and accepted an initial $250,000 to act individually as a consultant for Raj, against McKinsey policy. Finally accepting the money, which had to be deposited in a Swiss account under his domestic worker’s name. United States Attorney General for the Southern District of New York, Preet Bharara, estimated Kumar pocketed about $2.6 million, including profits from reinvestments in Galleon itself, and has been charged with conspiracy to commit securities fraud and securities fraud.

The tape played on Thursday showed Kumar and Rajaratnam having a friendly conversation on August 15, 2008 about some deals AMD was involved in. More specifically, Kumar claims that “yesterday they agreed on, at least they’ve shaken hands, and said they’re going ahead with the deal.” When Raj asks how much is being invested, Kumar puts the figure in the $6 to $8 billion range.

In his guilty plea, Kumar reveals that he informed Rajaratnam of AMD’s intention to spin-off its loss-making manufacturing arm and enter into agreement with Abu Dhabi investment facility Mubadala Development, which would inject a substantial amount of cash. From the release:

During August, September, and October of 2008, the Galleon Technology Funds invested tens of millions of dollars in AMD securities. On October 7, 2008, AMD publicly announced plans to spin off its manufacturing operations and to receive an investment from another entity in Abu Dhabi. That same day, AMD’s stock opened up approximately 25 percent over the prior day’s closing price.

Paradoxically enough, a bad performance by the tech sector in the coming months erased all of Galleon’s gains, according to Preet Bharara.

The Post stresses that “Kumar’s testimony is central to the government’s case against” and that he will continue to be questioned on Monday. So what else does he know?

Kumar told Rajaratnam confidential information on two other market moving events, apart what was stated above. All in all, these tips helped Galleon make $19.7 million in illegal profits. The first deal Kumar disclosed was AMD’s intention to acquire ATI Technologies. Kumar heard about AMD’s negotiations and informed Raj, whose Galleon fund began accumulating ATI stock over the course of the next several months. When the deal was finalized and publically announced, on July 24, 2006, ATI’s stock “rose significantly on the news,” and, as Galleon sold all of its holdings in ATI, Rajaratnam made a hefty $19.2 million profit.

The other deal the Attorney General’s office disclosed involved lay-offs at eBay. On October 2, 2008, Kumar found out from a client, and eBay subsidiary, that substantial layoffs would be announced that Monday, October 6, at the e-commerce giant. Kumar called Raj the next day, on October 3, and on that same day, Galleon began to short eBay stock. As had been anticipated, eBay announced the layoffs, the stock dropped precipitously, and Raj’s Galleon took in a nice $500,000 in profits, after closing their short positions.

If the post is right, and Kumar is one of the star witnesses, then this will be what comes up next week in the super trial that is shocking Wall Street.
Insider Trading: What Else Did McKinsey Tipster Kumar Tell Rajaratnam?

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In Contrast Sample India
We have Spectrum of Secret Swiss Bank Account Holders- like Hasan Ali- who defy the rule of law!

Indian wizard behind bars for hacking accounts and online computer frauds

Chennai-born man sentenced to 81 months' jail
WASHINGTON: A U.S. court has sentenced Jaisankar Marimuthu, a 36-year-old native of Chennai, to 81 months in prison on charges of identity thefts, hacking and perpetrating an international fraud scheme. The accused was hacking into online brokerage accounts in the U.S. and used the accounts to manipulate stock prices, said Lanny A. Breuer, Assistant Attorney-General with the criminal division. Marimuthu pleaded guilty on February 5 to one count of conspiracy to committing the online securities and computer frauds, as also aggravated identity theft before a district magistrate at Omaha, Nebraska.

The accused, who was extradited to the U.S. following his arrest in Hong Kong, was sentenced on Tuesday before U.S. District Judge Laurie Smith Camp, and ordered to pay $2.4 million in restitution, court officials said.

Marimuthu was part of a conspiracy that operated out of Thailand and India from February 2006 to December 2006, in which the prices of thinly-traded securities were fraudulently inflated by hacking into U.S. brokerage accounts. — IANS
Chennai-born man sentenced to 81 months' jail