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Schools for scandal: No silver-bullet solution for India's financial sector

The cure might lie in things like improving market intelligence, responding to early signals, improving efficacy of prosecution, and understanding structures and inter-dependence, writes T N Ninan

T N Ninan 

T N Ninan

In Mind without Fear, Rajat Gupta tries to make out that he is victim and not culprit. The ex-McKinsey boss contends that New York prosecutors went after him because they could not catch the big fish in the financial scandals of 2008, and therefore wanted to show success in chasing smaller fry.

It is of course true that the “masters of the universe” (in Tom Wolfe’s evocative phrase) who ran the big investment banks were involved in chicanery and fraud, and got away, but that is nothing new. More often than not, the big financial fish are Teflon-coated. The rigging of the ...

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First Published: Fri, March 13 2020. 18:14 IST
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