POSTED BY Sundeep Dougal ON Oct 27, 2011 AT 23:42 IST ,  Edited At: Oct 27, 2011 23:42 IST

Ashok Sanjay Guha in the Telegraph:

Selling an asset at a rate far below the market price has two sets of consequences. First, it creates an incentive for the first buyer to resell, directly or in a roundabout fashion, as soon as it is possible to pocket the enormous margin between his purchase price and the market price. Second, the possibility of such enormous profit generates an excess demand for the asset in the first round: potential buyers have, in consequence, an overwhelming incentive to offer bribes to the arbiters of the sale process so as to influence the allocation of licences in their own favour. These are not mere hypothetical possibilities. They can be predicted with perfect certainty as the inevitable outcomes of pricing below the market rate.

...When they decided on the 2G policy, were the prime minister and the finance minister totally oblivious of the logical implications? Had Manmohan Singh left his knowledge of economics behind at Oxford or at the Delhi School? Had Chidambaram forgotten his experience of corporate management and law? Having given their blessings to the sale of a scarce resource far below market price, was it not incumbent on them to exercise the strictest vigilance so as to avert the predictable consequences — bribery and loot? Instead, Singh instructed his officers to keep themselves ‘at arm’s length’ from the goings-on in the telecom department. Was this complicity or child-like innocence? I leave the reader to draw his own conclusions.

Read on at the Telegraph: A Saga of Personal Gains

POSTED BY Sundeep Dougal ON Oct 27, 2011 AT 23:42 IST ,  Edited At: Oct 27, 2011 23:42 IST
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Daily Mail
Nov 25, 2011
01:16 PM

MMS and Chidambaram were aware that something wrong was afoot and by their steps tried to ringfence themselves from it.

This is not acceptable from the Head of Government and the Chief of Finance.

In face of 'Sonia AAndhi' the 'Ostrich Singh' pushed his head into a sandpit specially created for the purpose.

Atul Chandra
Nov 02, 2011
07:22 PM

 A new note has surfaced which shows that it was the PMO and not the FinMin that was hell bent on hanging the 2G rope around Chidambaram. So when the PM was mouthing platitudes about PC, his office was busy trying to hang him. 

And we must believe that PMO was not acting at the behest of the PM. After all there is considerable distance between the PM and PMO.

Ever since the 2G scam hit the news, Manmohan has busy trying to distance himself from the scam. He has blamed coalition compulsions, no scam happened, I believed Raja and he ditched me, FM and Telecom minister agreed etc etc.

The memorandum in question is another attempt made by the PM and PMO to put daylight between 2G and themselves. Not sure how this will wash. If the SC lets PC off the hook, then everything will be honky dory. If PC is caught, then this memorandum may come to haunt Manmohan.

Oct 31, 2011
07:41 PM

Oops!! Even Mr. Azim Premji is a Sanghi....

Hopefully, he will not be served with IT notices and other such dirty harassment tactics by this fascist government.

The Irreverent Indian
Online, India
Oct 31, 2011
06:56 PM

Dr. Manmohan Singh was not planning or executing the scam himself or through his officie .  From the  circumstances of the scam happening , inter-departmenatl correspondence  that have surfaced recently, defence arguments in courts etc., one cannot escape the conclusion that he was very much in the loop. Procedures through which such descisions goes through involve multilayer bureucratic & political filters. Besides this kind of things are grist to mill of bureaucratic gossip right up to the top.

As a matter of fact the developing scam was a public issue even  before actual descisions were taken & executed.

So if not narrow angle legal culpability, more important is feducial responsibility vested in the Prime Minister. Will it be too much to say that Dr. Singh failed the trust vested in him?

Finally it was not a dignified spectacle when the whole nation was agitated over the issue, on rare occassions when Dr.Singh publicluy spoke on the issue he either reamined in denial, indulged in bureaucratic defence or tried to shift the entire responsibility on his colleagues.

Those were the heady days of India Emerging & the nation was made to believe through cacophony of Manmohanomics &  incessant propaganda  bombardment of bouble digit GDP through the instrument of corporates bloating via  shortcu of government patronage. The most likely scenario is  that it never dawned on Dr. Singh that frittering away of public assets dirt cheap to a few cronies through dubious methods not wrong doing at all.

Oct 30, 2011
04:32 PM

Irreverent Indian >> hopefully, he will not meet the same fate as Gaddafi

The 2G family could be as corrupt as Gaddaffi but India is not Libya. We are a functioning democracy and we should demonstrate our hatred to the corrupt ruling dispensation, not by violence and bloodshed but through the ballot box. Given the limitations of our First Past Post electoral system, our only choice is to vote for the strongest anti UPA candidate in each constituency.

If Congress gets 2 digit tally in 2014 polls it will be a sufficient punishment for the corruption they indulged and it will also be a warning notice to the non congress NDA leaders (who should benefit from the negative vote) as to not go the Yeddy way.

We should not as citizens let our anger against UPA 2 subside, but wait till 2014 general elections.

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