14 March 2009

Madoff hurts Indian regulators

Last week I was in a marathon session of conference speeches in Delhi and Mumbai. In almost all of them I mentioned how our regulatory system worked better than say the American system. I mentioned how, Ramalinga Raju is in jail while Bernie Madoff with a 40 times bigger scandal to his debit was under house arrest and was busy mailing jewelery to his relatives after getting uncovered. Unfortunately, my overstated boast is no longer valid. As John Gapper of the FT reports from the courtroom:

The end of Bernie Madoff’s liberty came swiftly. “It is my intention to remand Mr Madoff. I do not need to hear from the government,” said Judge Denny Chin briskly, a second after Ira Sorkin, Mr Madoff’s attorney, had ended his hopeless plea for his client to remain on bail.

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