Watchdogs are meant to be like that only... The dog that watches only...
On a serious note, I am gradually moving major part of my Nifty trading capital to crude and gold. They seem much better as of now. Will review this after few months again.
Jaypee Group does not seem to be a case of wilfull default, but of greed blinding commonsense. Everybody (including us traders) want to make it big soon. And just as shortsighted traders take on massive leverage with thoughts of becoming rich overnight, so too many businessmen take up many mega projects requiring funding of tens of thousands of crores.... availing of bank loans bribing their way thru politicians and bank officials.... Business ideas, like trading strategies, all seems all good on paper, till the reality decides to play it's own game.... and just as over leveraged traders go bankrupt, and businessmen and promoters too wonder what hit them when there is red ink all over and high net worth suddenly starts vanishing before their eyes
Many promoters lack of foresight and prudent management to grow their business and capital organically and over time.... know of many such cases, where flourishing business was ground to the dust..... The only difference is that while promoters and businessmen lose their name and a part of their wealth, banks, and the general public are left holding the bag and bill....
Jaypee Group Defaults On Rs 4,460 Crore Debt, Payments
New Delhi: Reflecting substantial financial stress, diversified Jaypee Group companies have defaulted on loans and other payments worth Rs 4,460 crore.
The Group has on a consolidated basis failed to repay Rs 2,905.6 crore in principal amount to banks and another Rs 1,558.93 crore crore in interest payments.