Commie Time!

It is so hard to resist reading or posting about the absurdities that the commies of India indulge in every day.

First things first, the Tatas are out of Singur. God bless the Common Man! What a great day against the capitalists, I say!
Now the Tatas will most probably park themselves in Kutch in Gujarat, close to the Adani port where they already have substantial stakes through their raw material import. Of course, let me add that this is only strongly rumored, and some parts of the media say that the official announcement will only be out in a week or two. In the meantime, media is giving good airtime to the efforts of the Karnataka CM in bringing Tatas to their land, the north to be precise, as well.

I guess the entire blogworld is following the collapse of Wall Street right now, and media is awash with news. The big news is that the fire has spread to Europe, and seems to be raging with equal intensity there. Fortis is a huge bank and insurer in West Europe, and just recently, has been nationalized by both the governments of the Netherlands and Belgium. Simiarly, Germany is looking to bail out its second biggest lender, Hypo Real Estate Holding, which could require almost $50 Billion in bailouts! Bradford and Bingley, a lender in the UK, has already been nationalised!

Sorry, so coming back to the crux of my post, here is some more hypocrisy by the commies

CPI-M takes mutual fund route for better returns

The Communist Party of India-Marxist (CPI-M) and the Bombay Sensitive Index (Sensex) have never been mutually dependent.

But now the CPI-M is taking the mutual fund route to build its cash reserve even as global markets are in a tailspin and the US financial crisis is looking grim.

Even as the party continues to berate Union Finance Minister P Chidambaram for not taking the cue and being obsessed with stock markets, it hasn’t been able to entirely shun the lure of greater returns.

The income tax returns filed by the CPI-M from the year 2002 to 2006 shows a substantial income from interests and dividends.

When the markets were bullish in 2006 and the Sensex crossed 14000, the party got Rs 1.92 crore from interest and dividends and a good part of it were earnings from investments in mutual funds.

So why the doublespeak?

"I don't think there is anything wrong in party investing money in mutual fund because mutual funds give more interest than the banks. We have invested only in public sector," MK Pandhe, General Secretary, Centre for Indian Trade Unions, said.

Pandhe’s explanation is interesting given that the same logic of greater returns was rejected by the Left when the government decided to park 30 per cent of surplus funds of Navratna and Miniratna PSU's in equity-based mutual funds.

The Left Front was up in arms and their opposition to exposing employee provident funds to the vagaries of the stock markets is well documented.

"Without earning more, pension quantum will not be higher and that is what we are worried about," Pandhe explained.

Importantly the Left made substantial investments in the US-64 scheme of the UTI and like many others had their fingers burnt in US-64 fiasco of 2001.

But when it comes to money, the communists are also saying its money, honey.

ha ha, a bunch of bastards.