Electoral Bonds and the Make-Believe Idealist World
Electoral Bonds were brought in for reforming political funding. It wasn't perfect, but the judiciary brought it down for being less than perfect. What is going on?
Ok, just a little news-flash:
American Capitalism quietly passes into history.
Federal Reserve is bailing out AIG – and American International Group … well is now true to its name! It is owned by the Government of US and has subsidiaries worldwide.
The Fed will extend a 24-month bridge loan of $85.0 billion to the insurer, in return for an unprecedented acquisition of a 79.9% stake in the firm by the central bank.
Now, this acquisition of a private company by the US Government brings about interesting questions – what about the Joint Ventures that AIG has with companies in other countries in a sensitive and socially important area like insurance? For example, TATA-AIG. How does Government of India feel when one of the largest insurance company is substantially owned by the US Government?
Would it dissolve TATA-AIG?
What if TATAs went bankrupt and GOI bought their part? Then it would be a JV between the US and Indian governments? What a bloody mockery of the capitalist system!
Its bad enough that the Government is taking over the stake – its worse that it is relieving the top management led by CEO Robert Willumstad! So, who will run this company? Bernanke? Or Bush? and maybe in future – god forbid.. Sarah Palin – who has the rich “executive experience” of running a large town of 7000 people!
At the very least, this buy-out will not bring total collapse of the market. Bravo! But is $85 billion ENOUGH??? It is a bridge loan for 24 months. Is this another version of the open ended money eating machine like Iraq? Is this the Financial Iraq?
Actually, if you look carefully – the financial sector IS a FINANCIAL IRAQ!
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