Rogue politicians and executives

Thursday, 5 February 2009 14:07 by Bala Murali Krishna
For those of us who believe our politicians and our businessmen are the worst, the past couple of weeks have been revealing. The US certainly has its fair share of rogues.

First the politicians.

Governor Bill Richardson was the first to back out from a job in the Obama administration because he just would pass the strict scrutiny demanded. And then Treasury Secretary Tim Geithner won Senate approval despite admitting income tax arrears of over $35,000 when he worked at the International Monetary Fund. In fact, he didn’t pay the taxes even though the employer paid him the amount to cover the taxes.

And now, Senator Tom Daschle has had to withdraw from the job of Health Secretary because he failed to disclose over $120,000 in taxes he owes Uncle Sam. By the way, this was taxes on free chauffeur services he received from a rich friend, a fact that might itself require further scrutiny. I can’t imagine what may occur here in India if, say, P. Chidambaram accepting such a “gift” from a rich industrialist.

Another nominee, Nancy Killefer, also has withdrawn, raising questions about the ability of the Obama administration to scrutinize them, despite obvious good intentions. It also reveals how nominees are trying to be blatantly dishonest until they are actually caught. Now, that is not very different from what our politicians do. Of course, we are still not talking of the impeached Illinois governor, Rod Blagojevich, for trying to sell Obama’s seat in the Senate to the highest bidder.

Next, let’s look at what some US business executives have been doing. What many have done may not be fraud, something our own B Ramalinga Raju is, but no less outrageous. They have been begging the government to rescue their companies and then handing over billions (yes BILLIONS) of dollars of taxpayer money to their executives as bonuses. At best, Raju may have siphoned off $1.2 billion, according to preliminary evidence.

One of the most egregious things that came to light was former Merrill Lynch CEO John Thain, who spent $1.2 million to redecorate his cabin. The other was Citibank buying a $50 million corporate jet, and of course several months ago, auto industry CEOs flying to Washington on their private jets to seek a bailout.

So, are they really any less greedy than Raju? Or any less uncaring for the plight of common men? You decide.

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Comments

February 4. 2009 18:58

Paul Krist

We can do such analysis country by country, for the whole world, and pose questions, like whether 'our' Ramalinga Raju scores over Mr/Ms so and so in So and so country, and we may miss this point: we are a poor country with, take it, about 10 times the government nos. are 'below poverty line' people in this country. Any such internatgional comparison fades into irrelevance, also because we, and the most pitiably, those BPL creatures, suffer, even potable water unavailability, incessant power cuts, having to buy shit quality from hoarders' haven that is the Indian market, ... Especially the power shortages are the most abominable, which should not have been allowed to persist through the entire Free India era - we have enough coal, abundant engineering pool, iron ores for making steel not only for ourselves (including for making power equipment for generation, transmission and distribution), but for the global market's needs. But due to our obsessions with returns and profitability, and our priorities for populism and false propaganda, power prosperity has been allowed to keep feeding our debators and media on privatization of power, which never really got off the ground.

Paul Krist

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