Saturday, December 01, 2012

Indian crabs

Just heard that son of one of our friends in Florida, Mathew Martoma, got arrested for insider trading. I remember him (Ajay) coming to our house in Florida when he was seven or eight years old. He was a brilliant student getting degrees from Duke and Stanford. It is a shame that he is in deep trouble now. Martoma is the latest 'catch' of the well known New York prosecutor Preet Bharara who is also of Indian origin. Mr. Bharara, who is in the 100 most influential people list of Time magazine, recently got a lot of publicity by getting jail terms for Rajaratnam (Sri Lanka) and Rajat Gupta (India) for insider trading. While I agree that insider trading is wrong and should be punished, I am bothered at the focus on Indians for it, that too by another Indian. Should not be a surprise.Like Indian crabs who pull down the crabs which try to to get out from the container, we Indians have no hesitation to rat on each other. There are strong Jewish and Irish networks in Wall Street who share similar confidential information at their country clubs and exclusive gatherings. They go scot free. Life is not fair.

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