Country of Rich God and Poor People

Kerala temple could be the richest in country This is not the only temple which is rich. This lies in India's Varn Vyavastha which has made Temples and Their Priest Rich. They are sole owner of the national wealth. Indian poor remain hungry but riches goes to temple and they remain rich. This has percolated to Mazar and shrines also. The economic status of majority lower caste, and status of upper caste minority is clear indication of exploitation. Today the 4%+10% upper class ( Brahmins+ Shatriya+Vaishave) governs more than than 80% wealth in the country, even after 60 years of independents Burocracy still has 70% domination of upper class and industry is their bastion. The present system and system which is adopted by present government is for making rich more rich and poor .........poorer. This is post independent story. Call it the mother of all treasure hunts. The stock-taking by a panel of experts at the Sree Padmanabha Swamy temple has catapulted the shrine located here to the country's richest, with reports claiming that the value of recoveries may have touched close to Rs 1 lakh crore, more than Kerala public debt of Rs 70,969 crore.

  To whom this wealth belongs The wealth of all religious shrines and temples must be governed independetly and used for the welfare of people. Even though there is billions of dollars in Waqf properties in India, everything is mis used by government nominated boards and ministers. Peoples are building Mansions on it. Mukesh Ambani billion dollar home is built on Waqf property. These properties really belongs to peoples and must be used for welfare of the peoples of nations. Temples, Mazars and for that matter all such institutions must be controlled and governed in most transparent way and this wealth must be used for welfare. If this is done India will not have poor and hungry anywhere. The best method is using this wealth, including Waqf for creating welfare institutuins and running them. The infrastructure of the Hospitals and Schools and Colleges, Orphanages should be created with this money. After creating these institution should be run Professionally or some other scheme's should be designed so that every one in the society get the benefits. No one has right to hold these properties to ransom when peoples are dying of hunger. The Waqf has billions of dollars assets in Delhi alone, What is the use? Waqf are created for welfare of the people? All these treasure are national wealth and should be used for welfare of people. I do not trust the present corrupt government and their mechanism for this purpose. Nation needs much more transparent and accountable mechanism to use these treasures for welfare of the people. 

 Thiruvananthapuram: Sri Padmanabhaswamy temple in Kerala could well be the richest in the country as unofficial estimates Saturday, the sixth day of preparing an inventory of treasures in its six chambers, suggested the value of its gold, diamond and other precious metals at close to Rs one lakh crore. The inventory of the temple here, maintained by the erstwhile royal family of Travancore, is being made by a seven-member Supreme Court-appointed panel. The stock-taking process was ordered by the Supreme Court following a petition by advocate TP Sundararajan over mismanagement of the temple affairs. On Monday, ahead of entering the temple chambers for the first time, the committee chairman, retired Kerala High Court judge MN Krishnan, said he hoped to finish the entire process by the end of the week. The temple has a total of six chambers, named A to F by the committee. With chamber B yet to be opened and chamber A's accounting ending on Saturday, and two more chambers left unopened yet, it is expected that the inventory process may continue for a few more days. The inventory of a chamber opened on Friday could only be completed Saturday. The committee, which includes a gemmologist, stumbled upon a nearly four-foot-tall statue of Lord Vishnu in gold and studded with emeralds. Other precious items that were accounted for Saturday included several golden statues, almost all weighing two kg each. Among other things are a gold necklace as long as 15 feet, and crowns studded with emeralds, rubies and diamonds. The chamber is situated around 20 feet under the ground. The committee conducted the examination using artificial lights. As of now, the Balaji temple in Tirupati in Andhra Pradesh is believed to be the richest temple in the country, followed by Shirdi Sai Baba shrine in Maharashtra.

God's Own Work@Goldman Sach

This is unending love story of capitalist economy called “Financial Crisis”. How the Wall Street and biggies of Wall Street loves money, and how much they love it. They have given this name “God own work”. They are doing God’s own work by cheating and defrauding. Making richer more rich and poor …………… poorer. This is called God’s Own Work in their words. But unfortunately this is exactly the definition of Capitalism. The whole concept of free money, free economy, without control and restriction and governance is what Capitalist Want.

If we look at whole financial crisis we can very easily say that the core reason is manipulation, and cheating, which they named structuring. Structuring of financial product, derivatives and swaps in such a way which nobody can understand.

Goldman Sach is being investigated for fraud, but the list is very long. The Greek debt by Goldman Sach should also be considered as cheating and their role in collapse of Lehman Brothers must also be investigated.

When I have gone through whole document of evidence and financial crisis I came to the following conclusion.

Financial Crisis

Financial Crisis, world has seen the big names of finance and banking no more exists, they are gone and gone for ever. Because of the financial melt down, more people has gone into poverty and more people finding it difficult to meet the both ends. What is problem and who is responsible for, and what is the alternative and long term solution.

What is problem?

The problem lies in the system where making money from money at any cost is sole objective called as capitalism. The specific reason related to the financial crisis is as below.

Institution and Product

• Financial Crisis and collapse of financial industry, moral hazard is the core of the causes.
• Securitization eliminates the incentive for the originator of the loan to be credit sensitive... With securitization, the dealer (almost) does not care as these loans can be laid off through securitization.(called a ‘‘moral’’ hazard). The originating banks replenished their funds, enabling them to issue more loans and generating transaction fees.
• Credit rating agencies having given investment-grade ratings to MBSs based on risky subprime mortgage loans. However, there are also indications that some involved in rating subprime-related securities knew at the time that the rating process was faulty. ( moral hazard)

· The Bank of International Settlements, which seems to be the only institution that tracks the derivatives market, has recently reported that global outstanding derivatives have reached 1.14 quadrillion dollars: $548 Trillion in listed credit derivatives plus $596 trillion in notional/OTC derivatives. And a look at their massive exposure shows that even a small miscalculation or stumble in the capital markets could be a recipe for unprecedented disaster. The majority of the $1.28 quadrillion in derivatives are “owned” on somewhere near 95 percent margin!

“Reason for Financial Crisis in Short”

o Unethical Practices and Moral Hazard

o Securitization and speculation

o Paper Currency

o Derivatives and Structured Products

If we look at the core of the financial crisis, it all started with unethical practices of lenders/banks to lend the money who can not afford it. These bankers are only interested in getting processing fees and placement fees and making money on it. They bundled these entire low quality loan into securities, and sold to the market. Most importantly rating agencies rated these securities wrongly to get good rating. Then market players sold CDS and Interest rates swaps on them based on these rating. Then speculators played on these securities to generate profits.

When it comes to commodities I can say securitization of commodities market and derivatives played by the speculators are the sole reason for the high prices of commodities across the world. Derivatives are the other reason of collapse. Role of paper currency is another very important issue at the center of financial crisis. These papers currencies which do not have any weight themselves has become most important tool of the speculators, derivatives, currencies and their casino’s has played key role in financial crisis. Securitization and securities market has become the 24 hour casinos for the speculators who play on 95% barrowed money. (Commodities, currencies and derivatives)

Why not Auditors and Credit Rating Agencies?

But a crucial question remains that has not had much exposure: where were the auditors? Unqualified audit reports up to the collapse had concluded that the directors’ reports and accounts reasonably reflected reality.

Role of auditors:

Auditors have contributed to the crisis by accepting directors’ “mark-to-market” valuation of trading assets, when some basic questions would have shown them that those directors (i) hadn’t the remotest clue what was in the mortgage / loan packages they had acquired; (ii) were utterly bemused by the nature of the complex derivatives on which their asset valuation rested; and (iii) knew that there was no market to “mark” to.

Derivatives are central to the demise of Lehman. Its annual accounts mention derivatives contracts with a face value of $738bn and fair value of $36.8bn.

UK forensic accountant Richard Murphy says: "The fundamental question is how accountants got away with changing rules of accountancy, which state they don't have to assess the valuation of assets underlying the assets on a balance sheet. How did they get away with changing the audit rules?"

The Role Played by Credit Rating Agencies

Flaws in rating methodologies were the major reason for underestimating the credit default risks of instruments collateralized by subprime mortgages.

The governance of credit rating agencies did not adequately address issues relating to conflicts of interests and analytical independence.

Rating process needs to be optimized
Looking back at market developments and rating activities during the past few months, it becomes clear that a number of factors have adversely affected the quality of the work done by CRAs: