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Are Our Regulators Imaginative?
The recent Saradha ponzi scam in West Bengal and the proliferation of such dodgy small-depositor fi nancial schemes in other parts of the country point to the inadequate role of fi nancial regulators. Despite ample examples of the misery they cause, the regulators have not yet responded to the challenges, leaving poor investors at the mercy of the scamsters.
This article was earlier posted on the Web Exclusives section of EPW.
In several caricatures drawn by Max Beerbohm, the eyes of the politicians featured are usually closed; they stand out as blank statues in their own lifetime. If Max were alive today, our regulators would have caught his fancy. He might well have depicted them “sans teeth, sans eyes, sans taste, sans everything”.
Indeed it is season time for caricatures. A storm has come and gone, and thousands have lost everything because they did not know how to protect themselves. It is all their fault. They should have learnt to behave as rational human beings. If they were greedy, god has served them right. They must have skipped their daily prayer: “Lead us not into temptation but deliver us from evil”.
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