IL&FS Robber Baron of India’s gilded age

India is deservedly an “emerging market”. Information asymmetries are extreme and caveat emptor rules, making investment riskier than it should be. The rapid implosion of the Infrastructure Leasing and Financial Services (IL&FS) — a private group — bears this out. Opaque financials First, consider that no outsider knows how many subsidiary companies it has. Estimates […]

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Babus as default tycoons

Our style of governance remains “provincial”. Of course nothing wrong in that. The French, despite being the last word in art, films, fashion and style – and now fighter planes – exult in the provincial core of their culture. The dapper President Sarkozy first became a mayor of a charming French commune – through the […]

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