The Unknown Bureaucrat - Mr. Haldea

Thanks Moneylife for writing article on Gajendra Haldea. The article introduced me to a Bureaucrat who has contributed immensely to India, especially in the Infrastructure sector.

What saddened me  more was how many people ( citizens ) were aware about his contributions. I typed Gajendra Haldea passes away in Google search engine only following news agencies reported it:

• Business Standard
• The Federal
• Business Line

Shockingly no Economic Times, Times of India, Hindustan Times, DNA, Indian Express, Financial Express none reported about Gajendra Haldea death.

Mr. Gajendra Haldea passed away on 15 January 2021. Sorry for being late.

The search engines stops with the news on passing away of Gajendra Haldea on page 2 (for last one year prior to 31 August 2021).

If any reader accidentally steps in and visits this blog please visit Gajendra Haldea website which has treasure trove of information about this great Bureaucrat.

Praise by Soli Sorabjee (Former Attorney General of India):

Frankly, I have not come across such a clause in any guarantee. During conferences held in the matter, I was keen to know how this expression came to be incorporated in the GOI‟s counter-guarantee and I found that it was owing to the efforts and good work done by Shri Gajendra Haldea, a former officer of your Ministry, that the exposure of GOI under the counter-guarantee was substantially reduced. During

negotiations with DPC, Shri Haldea insisted on the inclusion of this expression and modified the draft of the GOI‟s counter-guarantee which was submitted by Enron. He also capped the termination liability of GOI to a maximum of $300 million compared to a possible $1400 million under the State guarantee and made other significant modifications..... Shri Haldea‟s contribution becomes all the more remarkable in view of the considerable clout that Enron wielded at that time. It would have taken exceptional brilliance, skill, integrity and courage of conviction to be able to modify the draft of the counter-guarantee proposed by Enron..... I would humbly commend Shri Haldea for the recognition that is legitimately due to him.

– Soli Sorabjee

Then Attorney General of India

Letter dated February 14, 2004 to the Union Finance Minister

Out of deep respect my head bows to Mr. Gajendra Haldea.

Apologies , but I disagree with Mr. Munger

Charlie Munger (Billionaire Investor) recently made a statement on Alibaba Group and China:

Berkshire Hathaway vice chairman Charlie Munger praised the Chinese government for silencing Alibaba's Jack Ma in a recent interview, adding that he wishes US financial regulators were more like those in China.

"Communists did the right thing," Munger, the 97-year-old longtime friend of Warren Buffett, said about the handling of Ma, who criticized officials in Beijing last year for stifling innovation.

Although he would not want "all of the Chinese system" in the US, Munger did say "I certainly would like to have the financial part of it in my own country."

The above statement of Charlie Munger reminds of this phrase:

You can't have your cake and eat it too.

In this case respected Charlie Munger, I disagree with your statement.

Clarification from Stanford

Post: Happy not to have studied in Harvard

Note:

Stanford University has issued a clarification stating that they were not part i.e. Co - Sponsors of the event Dismantling Global Hindutva. 

Source: Rajiv Malhotra

Hope other universities come out with their own clarifications.

Retailers Beware

At a time when interest rate offered by banks on Fixed Deposits stands at 3.5% - 5.5%, Media states that there is an offer to Earn up to 9% by lending to peers in CRED.

This is a sure fire recipe for scam / theft in future. Now what CRED claims:

 CRED is a members-only club that rewards individuals for their timely credit card bill payments by providing them with exclusive offers and access to premium experiences. It is a platform that allows credit card users to manage multiple cards along with an analysis of their credit score. Members with a high Experian or CRIF score are eligible for exclusive rewards upon payment of their credit card bills through the app. Among many of the features in the app are CRED's credit card spend tracking and management feature which provided the user with analysis of spend tracking and efficiency of usage of the card.

Now what is a High Experian or CRIF Score?

CRED members have a credit score of 750 or higher, making them the most trustworthy audience to provide financial services. On CRED, a user has to have a credit score of 750 or higher to join the app.

So who are  rating above 750.

Very Good (ranging between 750-850)- this score indicates that the customer has a very good history of financial management and their financial history demonstrates sharp financial acumen regarding the utilization of credit. Extending credit to such a customer is very low risk to the lender as the customer has a proven record of creditworthiness.

Excellent (850)- this score is the highest allotted by Experian and indicates a customer with an almost perfect credit record. All lines of credit extended to a customer with such a score are very low risk due to their proven financial management.

The most important question is why a person with a very good history / a very low risk customers need credit from peers in CRED?

Initially the PE investors joined and now retailers are invited to the CRED Party. 

Hope Reserve Bank of India is observing what the FINTECH's are offering.

Retailers beware!

Happy not to have studied in Harvard

It is unfortunate that Universities like Harvard, Princeton, Stanford etc. are sponsoring a discussion titled "Dismantling Global Hindutva".

Today , I am relieved not to be associated with any of these universities.

One more reason why western universities will never understand Sanatan Dharma.

Note: I hope the Universities will clear their position by stating either the above is a mischief / accidentally sponsored and they are withdrawing their support.