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Commentary

Readings: TMC Madness, Goldman Sucks, Reliance GRMs

  • Railways Minister Dinesh Trivedi announces a hike in raild prices, and immediately Mamata Bannerjee, head of the Trinamool Congress (TMC) opposes it. The funny part: Dinesh Trivedi is a member of the TMC.
  • Why I am leaving Goldman Sachs: Greg Smith says the culture of helping customers is gone. If you read Traders, Guns and Money by Satyajit Das, it went a long time ago. No one now expects your bank to think in your favour.
  • Jet Airways NOT in financial distress, says Naresh Goyal, Chairman. Don’t believe any news till it has been officially denied.
  • Wipro’s founders were selling 3.5 crore shares (1.4% of the company) at a floor price of Rs. 418, which seems to have got only 71% subscribed. This auction thing will soon be replaced with promoters selling in the open market and then saying, oh, we sold it off.
  • Reliance has some GRM worries, says Deepak Singh
  • Chinese stocks fall 2.5% as Wen Jiabao says that home prices are still too high and curbs on them will continue.
  • And a phenomenal own-goal in Israel: