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Cooking The Book

So fudging accounts is cooking the book. These corporate scams one after another -- Bernard Madoff and now Mr Ramalingam Raju -- are doing good to my vocabs, I thought, when I saw this expression all over the papers and news reports. How do these corporate big wigs manage to siphon off billions of dollars/rupees? And then manage to keep the fact hidden for years till one fine day when they decide they've had enough of luxury, blow the lid and say, "Sorry I cooked the book". The financial world is an exciting world, somebody once told me.

Recession, corporate cons, job losses, bankruptcy, bailouts... I feel we are touching new nadirs. At work, outside, conversations veer round cost cutting, lay offs and whether the annual increments are happening. I am sick of talking about recession. It's like following the US election results: McCain, Sarah Pallin or Obama? We need a mental therapy. My advice to all is: go do your shopping as much as you can, that ways the money will keep rolling and the economy won't be too bad. People have stopped shopping and that is why the economy is bad. That's my layman theory!

Everything about the economy is puzzling these days. First the oil prices reach new highs, then they plumb to all time lows. And when they do go down, the oil workers go on strike. And cars join a marathon queue to fill gas as if there was no tomorrow just because someone flashes the news that petrol pumps are drying up. My boss said at such times, filling the cars with petrol and selling them would be more profitable. But as soon as cars have tanked up, the oil workers call of their strike because the government cracks down on them. There is no predictability and consistency in economics.

I do feel anxious when I wake up. I wonder what will grab the headlines next.

Comments

Anonymous said…
I am pretty sure Madoff (pronounced Made off and quite apt I must say) is going to prison. Well as for Raju the day he goes to jail if at all, for this fraud will be the day when 'real' democracy exist in India.

As for your suggestion to shop more that is one bad idea. That's exactly what happened in the US. When the internet bubble bust and real estate went up due to low lending rates, people used their houses as an ATM to buy more fancy things piling up their credit. Then when they lost their jobs everything crumbled and along with it the economy.

My advice,if you have a job save save & save. The old way is still the best way. So live below your means and save for that rainy day. No new cars no new dresses no vacations no noting...atleast that's my plan.
Anonymous said…
Save for the rainy day or spend! An often asked question? But if you decide to save, how long do you keep on saving for! The rainy day may appear, or the sun may continue on shining for many years to come. Our happiness comes from within, and the maintaining of an optimistic view of the world, the environment and its people
Anonymous said…
Apparently it's already a rainy day for many people out there and it's only gonna get worse before it gets better. People in developed countries can depend on welfare,handouts and bailouts from the government and more of that is only gonna cause inflation and higher taxes, so in a few years folks can kiss goodbye to the quality of life they expect in the west.

Already 1/3rd of the jobs in the west are being outsourced so frankly spending more is going to make a lot of people poorer. I say save till you don't have to work no more.Generate side income and save till the day you don't have to depend on a boss,company,welfare or handouts.

China has saved up so much in the form of US treasury notes that if they wanted they can crash the US economy or world economy anytime they wanted.
Anonymous said…
Well for the mis - informed: Raju is in jail and its Madoff who's living in his penthouse and sending valuables to his near and dear ones for safekeeping. Gosh! What kicks do people get out of bashing Indian democracy?

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