Wednesday, August 01, 2012

Subroto Bagchi--SUSTAINED ACHIEVER!!!


Tue, Jul 31, 2012 at 11:59

Why overachivers go down the path of self-destruction

Life does not place hurdles in the way of an overachiever. Instead, life uses distractions. Subroto Bagchi/ Forbes India


Life does not place hurdles in the way of an overachiever. Instead, life uses distractions

For many years now, I have been studying overachievers in the professional world; these are people who have high IQ, eminent qualifications, experience, the power of an early start and quite often, very supportive families. You think they are God's chosen ones and there is no stopping how far they may go. Then one morning you wake up to find the angel fall. Actually, it is not a fall, it is invariably a crash; only splinters remain where once stood a David by Michelangelo. How does that happen? Who kills the angel?  I have come to believe that in most such cases, there is no external enemy. Only ordinary people need an external enemy. The overachiever is his best friend and his worst enemy. This probably is life’s way to ensure that we do not become immortal. Its secrets are probably stored in the DNA as much as it is a function of how the neo-cortex responds to the environment.  

Sometimes I imagine the image of the double-helix structure of the DNA; it depicts who we are and has a microcode flowing from time immemorial to make me who I am; a microcode not of the Karma, but the decisional rules we may exercise or fail to exercise when temptation strikes. The double helix structure suggests boundless possibilities as one of the two sides of the ladder - self-destruction is the other side. For the overachiever, it is difficult to balance the two and only the self-aware among them are able to balance between them. The self-aware know that at any point in time, they are a few steps, sometimes a few minutes away from a fall. Destruction of great capability does not take a lifetime or for that matter, hours. More often than not, it is just a moment of indiscretion. 

Seven minutes of pleasure brought Bill Clinton, the most powerful man in the world at the time, to rank ordinariness. That angel fell like porcelain on marble. What happened to Strauss-Kahn? Wasn't he the man who was expected to bring Europe back from the brink of disaster? Theirs are not instances of sexual proclivity. Under the surface, it is the double helix saying, 'come die'.  

It is very interesting that life does not place hurdles in the way of an overachiever. Hurdles are actually life’s gym equipment meant to improve the muscle tone and help one deal with more. Instead of hurdles, life uses distractions. There are mythical evidences galore that tell us how the Gods try the final distraction of womanhood, the origin of all power, to destabilise and destroy the one who is climbing to the peak. But they use other distractions as well. Satyam did not need competition to hurt the company, its founder hurt Satyam. His one moment of distraction - the first fudged financial statement - opened window upon window of progressive death until one day, the porcelain doll crashed into a thousand splintered pieces. The same thing happened with SKS and now OnMobile. 

The overachiever doesn't exactly die after each such incident, not at least in a physical sense. What dies is the reputation capital. Then they, and sympathetic onlookers, explain away by saying, the overachiever was drawn into indiscretion. That there was an external reason that caused the behaviour. It is just a convenient deflection. One of the earliest examples of such deflection is in the story of the sage, Valmiki. He was a bandit who slaughtered passers-by and ran away with their belongings. His justification for the brutality: He had to provide for his family. This continued until his wife rejected that intellectual construct. She told him that he and he alone had chosen his path and was responsible for the consequences. 

Unlike Valmiki, today's high achievers, businessmen to bureaucrats, sports persons to politicians, deflect. There is none to tell them that they are deflecting. They say they are doing it all for the sake of others, because of external reasons. When you are doping to win a medal for the country, when you are accepting cash for the party and not yourself or when you fudge accounts to protect the so-called interests of the shareholder, you are just kidding yourself. You are doing it for yourself. You are failing in the face of temptation. You are just an accidental success that life now must kill. 

You have overstayed your welcome. 

That brings us to a fundamental question. Why can't these people, gifted in every other way, get it? Why do they lose common sense? Why don't they follow the simple precepts we were all taught as children? That we should not tell a lie, we should not take what does not belong to us, that hard work must give us the fruits of labour? That we should be nice and polite to others and most importantly, look before you leap.

I always think that there is no greater set of governance rules than the Ten Commandments. For each indiscretion of a Martha Stewart or our homemade Telecom Raja, there is a matching, simple commandment that would have helped them reach the Hall of Fame. Instead, they all go over the precipice. The fall is invariably a one-way drop. 

Overachievers are very vulnerable people at one level. They can suffer from sensory failure when they can least afford it. From the CEO to the doorman, we are all factory fitted with the same five sensory organs. How we deploy them and when we suspend them, is a matter of personal choice and that in turn, is influenced by the degree of an individual’s self-awareness. That is how the seemingly invincible individual one day fails to hear, fails to see what is evident to you and I. If you do risky lending, you may not get your money back. If you pick up a one-night stand, a page 3 columnist may see you. If you accept a bribe once, the bribe giver may invite himself to your home, he may touch your wife in front of you and call her his sister. Inability to see all this coming is sensory failure.

Sometimes it is not a one-man disaster. An overachiever in the company of another has often suffered from false harmony; has failed to ask critical questions and suspended the responsibility of dissent. This has perpetuated in history from the Bay of Pigs to Satyam where highly accomplished individuals dug a collective grave. 

So, what can we all do to save ourselves from the danger that is lurking within us? How can we circumnavigate a temptation? Life asks for mastery over the self, it does not want to dole that capability to everyone. That mastery is granted in small and slow measures to those who practice humility. Humility reduces the noises in the head and silences us. In that silence we listen better, we are able to see, hear, taste, smell and touch what can be potentially toxic. Life invariably shows us a yellow card; thinking that it is green is optional.  

Overachievers that run the course are conscious to disassociate themselves from their personal success. They tell you that they were lucky to be in the right place at the right time. Ask any great maestro and she would deflect her success to her Guru's teaching and his infinite patience. As much in the corporate world as outside, sustained overachievers take their success as a responsibility; as a burden, not an entitlement. Therein lies the capacity to keep the feet firm on the ground even as the eyes are set on the peak. 

JAPAN NTT- MOBILE PAYMENT_ATMS.....

Japans NTT in talks for stake in Prizm Payments
Reghu Balakrishnan / Mumbai Aug 01, 2012, 00:22 IST
Japanese corporate giant NTT Group is in discussion with payment service provider Prizm Payments Services Pvt Ltd to acquire a substantial stake in the Chennai-based company.
Prizm is a leader in third party automated teller machine (ATM) maintenance services. The percentage of stake Prizm is diluting is not known yet. However, if a controlling stake transaction happens, it would be in a range of Rs 800-1,000 crore, said people close to the development.
NTT Group is likely to acquire the stake through its Indian arm of NTT Communication. US banking giant JPMorgan has the mandate to find a strategic partner for the Sequoia Capital India-backed Prizm. According to earlier reports, Tata Communications Ltd was also in negotiation with Prizm to acquire a stake in the firm. Apart from telecommunication companies, a few private equity firms also have shown interest.
The funds to be raised from the stake sale will be invested for setting up more ATMs, as the demand from public sector banks is on high. The company is in the process of setting up 50,000 ATMs for public sector banks.
Prizm, formed in 2008, has deployed 10,000 ATMs and 25,000 POS devices (A point-of-sale device is used for processing credit /debit card transactions) under its management. Venture capital firm Sequoia Capital had invested about $15 million (about Rs 83 crore today) in Prizm in two rounds in 2008 and 2011.
Mails sent to Loney Antony, managing director (MD), Prizm Payments and S Wada, MD, NTT Communications India, did not elicit any response till the time of this story going to press.
As the mode of cash transactions has seen a shift towards mobiles, telecommunication companies have identified the space as an attractive destination. Recently, Prizm had entered into an arrangement with Mswipe Technologies P Ltd for providing services to Mswipe’s mobile POS terminals.
Leading Indian banks are also on their way of shifting transactions to mobile technologies. This month, Axis Bank Ltd, India’s third largest private lender, joined hands with Prizm and Mswipe to roll out Swipeon, a mobile phone-based card acceptance service. The service will convert mobile phones into a card acceptance device by attaching the Mswipe card reader to the phone.
However, experts believe margins in this business are meager compared to the large investment size. “As per the changed guidelines, banks are unable to generate substantial revenue through ATM transactions and the same will affect the facility provider, too,” said a partner with an advisory firm, requesting anonymity.
Banking transactions through mobile phones have trebled to Rs 286 crore during May, compared to the corresponding month last year, on account of a higher number of users with hand-held devices, according to the Reserve Bank of India.

Tuesday, July 31, 2012

EVERY WHERE INSIDER TRADING!!!!!!!!!

I USED TO MENTION MOST OF THE TIMES "MARKETS ARE FOR RIGGERS AND MANIPULATORS. VERY FEW FAILS TO DUE CAUTIOUSLY CAUGHT BY THE LAW. THE REST ENJOY THE BOOTY.......BE CAUTIOUS ABOUT THE WILD GYRATIONS IN PRICES...


How Wall Street Lawyer Turned Insider Trader Eluded FBIBy David Voreacos - Jul 31, 2012 3:30 PM GMT+0530  

Every dawn in the early spring of 2011, Matthew Kluger peered out his window, wondering when federal agents would knock at his door. Kluger, a mergers-and- acquisitions lawyer, says he worried that authorities were closing in on him as the source of illegal tips in a three-maninsider-trading ring that had eluded detection for 17 years. The knock came on April 6. U.S. agents handcuffed Kluger, hustled him into a Dodge Intrepid, drove to the Federal Bureau of Investigation office in Manassas, Virginia, and laid out the case against him. The evidence included tape recordings of Kluger telling the man he tipped to get rid of a cellular phone that could lead back to him -- and to do it carefully because the authorities had dogs that can sniff out mobiles.

Monday, July 30, 2012

HSBC - FAILURES


HSBC Apologizes For Compliance Failures      By Howard Mustoe and Gavin Finch - Jul 30, 2012 10:07 PM GMT+0530

HSBC Holdings Plc (HSBA), the British bank accused of helping drug lords in Mexico launder money, apologized to investors for compliance failings and set aside $2 billion more to cover the costs of fines and redress.

The lender made a $1.3 billion provision in the first half to compensate British clients wrongly sold payment-protection insurance and derivatives, London-based HSBC said in a statement today as it posted an 8.3 percent drop in net income. It also made a $700 million provision for U.S. fines after a Senate committee found the bank gave terrorists, drug cartels and criminals access to the U.S. financial system. That sum may increase, Chief Executive Officer Stuart Gulliver said.

“Regulatory and compliance events in the first six months of the year overshadowed financial performance,” ChairmanDouglas Flint said in a statement today. “HSBC has made mistakes in the past, and for them I am very sorry.”http://www.bloomberg.com/news/2012-07-30/hsbc-profit-beats-estimates-on-income-from-asset-sales.html

Wednesday, July 25, 2012

Markets bet


Markets bet on Subbarao surprise
Rates of certificates of deposit and overnight indexed swap suggest there is hope for a rate cut

INFLATION YARDSTICK
What the central bank considered for policy action
DatePolicyExpectationActionReason
Jul 26,11First quarter monetary policy review25-bp rate riseRate rise by 50 bpsHigh WPI
Sep 16,11Mid-quarter policy review25-bp rate riseRate rise by 25 bpsHigh WPI, CPI
Oct 25,’11Second quarter monetary policy reviewNo repo rate rise Rate rise by 25 bpsHigh WPI
Dec 16,’11Mid-quarter policy reviewNo change in rate but CRR cut expectedNo change Moderation in WPI, CPI
Jan 24,’12Third quarter monetary policy reviewCRR cut CRR cut by 50 bpsModeration in growth, WPI
Mar 15,12Mid-quarter policy reviewRepo cut No change WPI moderated though CPI sticky
Apr 17,’12Annual monetary  & credit policy0-25-bp rate cutRate cut by 50 bpsFall in growth, WPI though CPI was high
Jun 18, ‘12Mid-quarter policy review 25-bp repo rate cutNo change High CPI though WPI
moderated 
WPI: Wholesale Price Index; CPI: Consumer Price Index; CRR: Cash Reserve Ratio; bps: Basis points        Source: RBI
http://www.businessstandard.com/india/news/markets-betsubbarao-surprise/481344/

Tuesday, July 24, 2012

OnMobile's PLEDGED SHARES STORY....

Mon, Jul 23, 2012 at 22:24

OnMobile's governance woes: What went wrong?

OnMobile is trying to put a partial failure of corporate governance behind it. However, the episode has raised questions on what exactly went wrong. CNBC-TV18' Vineetha Athrey spoke to various people within and outside the company to piece it all together.


OnMobile is trying to put a partial failure of corporate governance behind it. However, the episode has raised questions on what exactly went wrong. CNBC-TV18’s Vineetha Athrey spoke to various people within and outside the company to piece it all together.

Arvind Rao's departure as a promoter of OnMobile on the July 18 has given the company a breather, but its corporate governance troubles are not an overnight phenomenon. They've been in the making since late 2010.

CNBC-TV18 learns that in November 2010, Rao pledged a significant chunk of his shares with Kotak Mahindra Prime as security against a personal loan -- when the share price was Rs 277 per share.

Now Rao's reasons for the loan remain unclear, he has not responded to repeated queries, and Kotak Mahindra Prime has declined to comment citing client confidentiality.

However, some of this money was used to buy an additional one percent stake from the market a few days later.

The problem was that over the next few months, the market tanked and the stock price dropped to Rs 98 per share on the July 15 2011. This fall in value forced Rao to ask the board to hike the cash component of his salary from Rs 1.1 crore to Rs 3.6 crore.

Onmobile has not confirmed whether he got that hike but said,
"CEO's compensation review is an annual process and is contingent on the net profits of the company. The board cannot approve compensation of the ceo as it is contingent on shareholder approval."

Rao is also learnt to have initiated a series of related-party transactions with companies he owned -- Mobile Traffik and Riff Mobile -- without board approval.

These firms had once provided OnMobile with content but this time, sources say the attempt was to raise inflated invoices on OnMobile to book revenues in Mobile Traffik, inflate its valuation, and sell it back to OnMobile at this inflated valuation.

This failed when the OnMobile board aborted the process midway, thus preventing any financial loss.

On this, OnMobile told CNBC-TV18 said, "The special review focused on certain specific transactions that Amarchand and KPMG were asked to look into. While strong alternate controls ensured that OnMobile did not incur any financial loss, the board called for a review of the governance mechanisms and internal controls to further strengthen them.”

But that's of little succor to shareholders. To cut its losses, Kotak Mahindra Prime sold most of the OnMobile shares pledged by Rao, and now holds only around 1% in the company. To boost market sentiment, OnMobile bought a 3.52% stake from Rao and his companies but with the stock wallowing at around Rs 36 a share, shareholders are left holding the bag.

Monday, July 23, 2012

Billionaire investor Rakesh Jhunjhunwala & Sterling Holiday Resorts


Can any one imagine that I owned this stock for Rs "ONE"....
Jhunjhunwala converts warrants into equity in Sterling Holidays
Bay Capital and other investor Radhakrishna Damani have also converted their warrants into stake
Press Trust of India / New Delhi Jul 23, 2012, 18:45 IST
Billionaire investor Rakesh Jhunjhunwala has picked up an equity stake in Sterling Holiday Resorts India Ltd by converting the warrants, which he had subscribed in September last year.
Similarly, the promoter cum a private equity firm Bay Capital and other investor Radhakrishna Damani have also converted their warrants into stake. The total value of these conversion is estimated to be around Rs 17.1 crore.
The company got its board of directors approval on Monday to allot 30,39,888 equity shares arising out of conversion of warrants issued on preferential basis. 
The warrants converted are from who invested around Rs 80 crore for a little over 14% stake in the company, last year. The converted shares would amount to around 4.87% of the total shares.
In September last year, Jhunjhunwala and investor Damani have invested around Rs 80 crore for a little over 14% stake in Chennai-based Sterling Holiday Resorts India Ltd, founded by timesharing veteran R Subramanian in 1986....................http://www.businessstandard.com/india/news/jhunjhunwala-converts-warrants-into-equity-in-sterling-holidays/179771/on

200417.1026.807.5619.4568,29,58031,87711,80,73,00019.242.35
200520.0076.6014.3570.252,69,33,65965,7271,31,05,05,42162.2550.25
200671.00145.2036.0064.653,09,11,5011,14,3632,59,27,14,923109.20-6.35
200765.0083.2536.0083.253,28,48,1741,22,6461,84,69,74,03947.2518.25
200886.8097.008.4519.551,29,49,83336,34959,58,16,95388.55-67.25
200920.2573.9518.5572.901,79,93,10833,28994,64,53,78155.4052.65
201072.55111.7066.1580.753,03,71,56796,9272,68,26,30,20145.558.20
201181.80129.2055.1084.503,06,80,2251,17,8912,97,78,73,41474.102.70
201285.00106.0072.2087.001,42,68,82053,8061,27,51,35,68333.802.00

Markets are for "Dreams of Execution"



In my latest Tweet told that the markets are headed for 4950 level which is still valid. As I mentioned in my earlier postings, the markets are positioned for a breakout .......... which side ???????????? Anybody's guess!!!!!!!!!!!!!!. For now don't short because of external steep falls due to EURO crisis.

I will favour Bears due to economic conditions, monsoon and liquidity crunch and other political instabilities. I am with BEAR's so long they KEEP NIFTY below the 5000 mark on closing basis. 
Technically the markets are still in bull grip.The DAX is in Bulls grip until it floats above 6130 - 6090 level. 
---
I offered my personal advice to buy on 1st June period and at the same time I asked to sell from 5335 till 5380 level ( During 1st week of July-12). 

Market participants very rarely utilize the opportunity market provides but every body speculate and live in "Dreams of Execution" after the events/news is known to every body. This type of thinking keep a HAPPY FEELING for being a market participant. I am no eception to this theory....This is universal...
-----
GOOD NEWS FLOWING, MARKETS ARE AGAIN IN BULL GRIP.I ASKED TO BUY 4700 TO GET 5180 NOW BE CAUTIOUS AT 5280-5330 LEVEL TO TEST 4940-60 LEVEL.

NOT IN BULL GRIP BUT BULLS MANAGED TO BRING NIFTY TO 5030 SAFE ZONE LEVEL. MONDAY THE RISE IS STRONG,SHALLNOT FALL BELOW 4880 TO TEST 5365

THE FALL IN THE EUROPE IS DENTING OUR RISE BUT NOT TRIGGERED A STEEP FALL. NIFTY4800 IS A GOOD SUPPORT. ANY HOPE TO BULLS IS ONLY ABOVE 4989

SO MARKETS ARE CONSOLIDATED FROM 4800 LEVEL. THOSE WHO BELIEVED SBI BUYING AT 1930 MADE A KILLING., HAS POTENTIAL TO TOUCH 2400






The Libor Fix

Satyajit Das | Agency: DNA | Sunday, July 22, 2012
Depending on context, the word ‘fix’ can mean ‘set’ or ‘determine’, ‘manipulate’ or ‘rig’ as well as ‘repair’ or ‘correct’. ‘In a fix’ means to be in difficulty. In colloquial use, ‘fix’ is a dose of an addictive substance that is habitually consumed. The current furore surrounding manipulation of money market rates contains all these meanings and more.
In June this year, UK and American authorities fined UK’s Barclays Banks £290 million ($450 million) for manipulating key money market benchmark rates, such as the London Interbank Offered Rate, or Libor, and Euro Interbank Offered rates, or EuroIBOR.
Barclays’ chief executive officer (CEO) Robert E Diamond Jr and chief operating officer Jerry del Missier were forced to resign. Barclays’ chairman Marcus Agius resigned but agreed to remain temporarily to find a new CEO.
Libor originally reflected the rates at which banks in the euro-dollar market lent surplus liquidity to each other. Demand for a standard benchmark for instruments based on money market rates led to the creation of the British Bankers’ Association (BBA) Libor fixings, which commenced officially in 1986.
Libor is defined as: “The rate at which an individual Contributor Panel bank could borrow funds, were it to do so by asking for and then accepting inter-bank offers in reasonable market size, just prior to 11.00 London time”. Each bank must submit a rate accurately reflecting its belief about its cost of funds, defined as unsecured interbank cash borrowings or fund raised through issuance of interbank certificates of deposit, in London as at the relevant time.
There are 150 different Libor rates published every day, covering 10 currencies (including US$, C$, A$, NZ$, Euro, £, yen and Swiss Francs) and 15 maturities (ranging from overnight rates to 12 months).
There are between 8 and 20 banks on each currency panel. Each bank provides its quote. The top and bottom 25% are ignored and the remaining quotes are averaged (the inter-quartile mean) to arrive at the quoted Libor. The process is overseen by the BBA but daily calculations are undertaken by Thomson Reuters, which publishes the rate after 11:00 am, generally around 11:45 am each trading day, London time.
The rates are a benchmark rather than a tradable rate. The actual rate at which specific banks will lend to one another varies. The rate also changes throughout the day.
Libor is used for loans, bonds (such as floating rate notes) and derivative transactions. The exact volume of transactions using Libor is unknown as most are over-the-counter (OTC) bilateral transactions. Estimates suggest that Libor is used to establish the interest costs of $10 trillion of loans, $350 trillion of OTC derivatives and over $400 trillion of euro-dollar futures and option contracts traded on exchanges.
Pre-2007, Barclays manipulated rates in order to obtain financial benefits. Subsequently, during the global financial crisis (GFC), Barclays manipulated rates due to reputational concerns.
The pre-2007 episode relates primarily to mismatches in banks’ asset and liabilities. For the most part, banks simultaneously borrow and lend money. In derivatives, they both receive and pay the same or similar rates. Mismatches may be deliberately created to increase profit. Mismatches also result from the natural flow of customer transactions.
Mismatches (known as reset risk) can be managed by entering into transactions such as reset swaps. Hedges are expensive and not always readily available. The incentive to manipulate rates for profit arises from these mismatches. The evidence is consistent with this pattern of activities.
On September 13, 2006, a trader in New York writes: “Hi Guys, We got a big position in 3m libor for the next 3 days. Can we please keep the libor fixing at 5.39 for the next few days. It would really help. We do not want it to fix any higher than that. Tks a lot”.
On October 13, 2006, a senior euro swaps trader states: “I have a huge fixing on Monday… something like 30bn 1m fixing … and I would like it to be very very very high… Can you do something to help? I know a big clearer will be against us… and don’t want to lose money on that one”.
On October 26, 2006, an external trader makes a request for a lower three-month US dollar Libor submission stated in an email to a trader at Barclays “If it comes in unchanged I’m a dead man”. 
Traders sought to fix the rate sets to increase the firm’s profits and ultimately their own bonuses. Following the request of October 26, 2006, Barclays submitted a three-month US dollar Libor quote that was half a basis point lower than that the day before. The external trader thanked the Barclays’ trader: “Dude. I owe you big time! Come over one day after work and I’m opening a bottle of Bollinger”.
During the GFC, the FSA alleges that Barclays sought to manipulate Libor to minimise reputational concerns about its financial position........................http://www.dnaindia.com/analysis/column_the-libor-fix_1718404

CONGRATULATIONS TO PRANAB SAB!!!!


Sunday, July 22, 2012

BlackBerry to pay $147.2 million in damages!!!


There's an Indian hand in $147-mn patent blow to BlackBerry maker
Indira Kannan / Toronto Jul 22, 2012, 00:49 IST
There’s an Indian connection to the multi-million-dollar blow dealt to the ailing Canadian smartphone maker, Research In Motion (RIM), in an American court on Friday, July 13. A jury in San Francisco’s US Federal District Court of Northern California found the BlackBerry maker, guilty of infringing patents belonging to American firm Mformation Technologies and ordered RIM to pay $147.2 million in damages.
Mformation, a provider of mobile device management technology, and headquartered in Edison, New Jersey, was founded by Indian American Rakesh Kushwaha, who is currently the company’s chief technology officer. While Kushwaha was the lead inventor of the patents in question, Chief Scientist Badri Nath was listed as the co-inventor.The patents related to wireless mobile device management, and the software found to infringe Mformation’s patent was RIM’s BlackBerry Enterprise Server, used by corporate enterprise customers to manage and secure their BlackBerry devices. The patents were applied for in 2001 and awarded in 2005 and 2008.
In a statement after the verdict, Kushwaha said: “Mformation created the mobile device management category in the late 1990s and was innovating in this area well before most of the market understood the fundamental importance of wireless mobility management.”
Mformation’s President and CEO Todd DeLaughter told Business Standard: “With the court’s decision validating our pursuit of this case, our focus now is on bringing this chapter to an end for both companies, so we can focus on our core businesses.”
Responding to questions from Business Standard, a RIM spokesman said: “This technology is not core to RIM’s product line. RIM’s future products operate differently and are not the subject of a claim.”
Mformation had filed a suit in October 2008, alleging infringement of its patents by RIM after reportedly disclosing information about the technology to the Canadian company during potential licensing talks. Mformation alleged RIM did not purchase a licence but incorporated the patented technology after modifications.
The lead trial counsel arguing Mformation’s case in court was Amar Thakur, a San Diego-based attorney. He explained after the verdict that the jury’s award was for royalties on sales to non-government customers in the US. The award does not include future royalties, past and future US government sales, or past and future non-US sales, according to Mformation. The RIM spokesman also reiterated that any Mformation recovery could not include damages for sales outside the US or to government customers.http://www.businessstandard.com/india/news/there/s-an-indian-hand-in-147-mn-patent-blow-to-blackberry-maker/481094/

Saturday, July 21, 2012

NEWS MAKERS...CEO's..

Marissa Mayer gets $70 mn pay package to lead YahooNew Yahoo Chief Executive Marissa Mayer's compensation package could total more than $70 million in salary, restricted stock, and stock options over five years, according to a regulatory filing made by the company on Thursday.Mayer's pay package is broken out into $1 million in annual salary and $42 million in stock options and other awards, as well as $14 million in "make whole restricted options" for forfeiture of compensation from Google Inc. As the first female Google engineer and one of its earliest employees, Mayer's net worth is already estimated to be as much as $300 million.Yahoo's hiring of Mayer as CEO from Google earlier this week caught analysts, investors, and even some employees by surprise. Mayer, 37, edged out presumed front-runner and acting CEO Ross Levinsohn to become Yahoo's third CEO in a year.Industry observers believe Mayer's selection over Levinsohn is a signal that Yahoo is likely to renew its focus on Web technology and products rather than beefing up online content.http://economictimes.indiatimes.com/news/international-business/marissa-mayer-gets-70-mn-pay-package-to-lead-yahoo/articleshow/15049749.cms



Meeting targets ainङt enough: Vivek Ranadivृ, TIBCO Software

NEW DELHI: In corporate America, an Indianorigin billionaire-entrepreneur is resetting the rules of employee appraisal. Vivek Ranadive, the founderchairman of TIBCO Software, recently sacked his America sales chief despite the Palo Alto, California-based infrastructure-software provider surpassing market expectations. He had to because he grades his employees in a very contrarian way. "If you do everything you are asked to do and you do it very well, you get a C," he says. "In order to be a superstar (to get an A or Aplus)," he says, "you have to do things that nobody asked you to do." 
When it comes to earnings, too, this Silicon Valley hotshot isn't happy with merely beating analysts' forecasts. "There is a very high bar for performance at TIBCO (much higher than analysts' expectations)," he told ET in an interview. 
After TIBCO announced it was removing Robin Gilthorpe as head of sales, Americas, Ranadive, who is widely credited with digitising Wall Street, said in a conference call with analysts that he was not happy with the way the company was performing for the past three or four quarters. "We felt that execution in other geographies like Europe and Asia was very strong. I felt we were leaving too much money on the table (in the American markets)." 
In fact, TIBCO grew really fast: its second-quarter sales grew 13% in the Americas compared with a 22% growth in Europe and 27% in Asia, beating analysts' forecasts. Its quarterly net profit rose to $26.5 million, or 16 cents per share, from $21 million, or 12 cents per share, a year ago, again, exceeding market expectations. Aaron Schwartz, a New York-based analyst at Jefferies & Co, said the "(TIBCO) management has pretty high internal expectations". 
"What we need is we need to execute faster," says the 54-year-old Mumbaiborn alumnus of MIT and Harvard Business School who in 2010 became the first person of Indian-origin to own an NBA team, Golden State Warriors. "We need to continue to focus aggressively on the Americas," adds Ranadive, whose best-selling books include The Power of Now and the Two-Second Advantage. 
TIBCO, which competes with the likes of Oracle and Progressive Software, plans to double its presence in Asia to rev up sales further, Ranadive said. It will also double its work force in India over the next 18 months. It has two offices in the country, in Pune and Hyderabad, he noted. 
Ranadive, a black belt in Taekwondo, says he plans to open gyms across the world to promote martial arts, including in India. He didn't elaborate because he thought it was too early to disclose details. Early this year, TIBCO launched a "Facebook" for participants of the World Economic Forum at Davos. Called TopCom, it is an exclusive, highly secure social networking site that helps global leaders interact with one another. 
A few years ago, celebrated author Malcolm Gladwell had written an article in New Yorker, titled "How David Beats Goliath", about Ranadive's "unconventional strategy" for winning, based on how he trained his daughter's basketball team to take on bigger teams.

scandal .. manipulation is management??...NEVER..!!!



Libor scandal shows flaws in rate-setting
Even if banks do not deliberately manipulate the rates, the benchmark remains vulnerable
Peter Eavis & Nathaniel Popper / Jul 21, 2012, 00:54 IST
It is an open secret in the banking world: the interest rates for many mortgages and loans are based on a benchmark that is largely guesswork.
The flaws in the rate-setting process, used to determine the pricing for trillions of dollars of financial products, have been exposed by the latest banking scandal.

Regulators around the world are investigating whether big banks gamed the rates for their own benefit before and after the financial crisis. But even if banks do not deliberately manipulate the rates, the benchmark remains vulnerable.
Banks derive the rates from estimates, rather than real market data. So, the benchmark, a measure of how much banks charge each other for loans, does not necessarily represent actual borrowing costs. This weakness has only been exacerbated in recent years, as banks have mostly stopped lending to each other.
The Federal Reserve chairman, Ben S Bernanke, told Congress this week that he did not have “full confidence” in the process, calling it “structurally flawed.” The troubles centre on a key benchmark known as the London interbank offered rate, or Libor. This rate and its variants are used to determine the prices for mortgages and other loans, and play a critical role in the multitrillion dollar market for the financial contracts called derivatives.
The Libors are set every weekday around 11 am, a process overseen by the British Bankers’ Association. At that time, a group of big banks report how much interest they would pay to borrow money from other institutions over different periods and in different currencies. After removing the outliers, the remaining numbers are averaged to come up with the various rates. On Thursday, the three-month Libor, in American dollars, stood at 0.4531 per cent. But the precise rates have little basis in reality.
Since the crisis, many banks have been content to park their cash with central banks, rather than lending it out to other institutions. That means there are few interbank transactions on which to base their Libors, according to bankers who operate in this market.
“Libor was intended for an international lending market that has long since past,” said Pete Hahn, a finance professor at the Cass Business School in London. “The whole concept of interbank lending died after Lehman Brothers collapsed.”............................

Thursday, July 19, 2012

EVERYWHERE RIGGING!! PROVED AGAIN AND AGAIN....


I USED TO TELL TO MY FRIENDS, EVEN NOW TRYING TO TELL EVERY BODY....RIGGING IS EVERY WHERE WHETHER SOMEBODY CAUGHT OR ESCAPED!!!- UNGRACEFULLY OR INTELLIGENTLY-------------------------IS ALWAYS THE QUESTION TO BE ASKED???????????!!!!!!!!!!!!!!!!!!...NOW EVERY PERSON BEING A PARTICIPANT CAN THINK, RECOLLECT THE EXPERIENCES OF RIGGING IN STOCK PRICES BE THEM PENNY STOCKS OR MARKET LEADERS... BUT THE FACT OF THE GAME IS THAT EVERY BODY IS ACCEPTING ONE FACT..."CANNOT LIVE WITHOUT PARTICIPATING"

Libor Reported As Rigged In ’08 Proving 2012’S Revelation

Barclays Plc’s admission that it rigged the London interbank offered rate shows regulators, central bankers and politicians weren’t paying attention when everyone from Citigroup Inc. to theBank for International Settlements indicated that the measure was being manipulated.

The BIS signaled in March 2008 that the benchmark was being misstated. A month later, analysts at Citigroup suggested the same. In May of that year, one of Barclays’s own strategists said the numbers reported by banks “were a lie.”
Barclays’s acknowledgement that it submitted false rates during the height of the credit crisis cost Chief Executive Officer Robert Diamond and other top managers their jobs and cut the bank’s market value by about 4.4 billion pounds ($6.9 billion). In the U.K. and abroad, at least a dozen banks are being investigated for manipulating Libor. Mervyn King, theBank of England Governor since 2003, said this week that he only recently became aware of wrongdoing in the rate published by the British Bankers’ Association.......