TOPIC: “GLOBAL FINANCIAL CRISIS- WHAT TO EXPECT?”
SPEAKER: Dr. Subramanian Swamy, Ph.D (HARVARD)

ABOUT THE SPEAKER:
Dr. Swamy conducted his graduate work under the guidance of Nobel
Laureates Simon Kuznets (Harvard) and Paul A.Samuelson (MIT). Dr. Swamy
has held academic positions at Harvard University, Indian Institute of
Technology, Delhi, and Delhi School of Economics. Currently he teaches
in the Summer School at Harvard University. Dr. Swamy is an authority
on the Economic Development in India and East Asia. He is also
well-versed in the Mandarin Chinese (Hanyu) language.

Dr. Swamy has held a number of public roles as well. He was a Member of
the Indian Parliament (1974-99), a Cabinet Minister of Commerce and Law
& Justice (1990-1991), and Chairman of the Commission on Labour
Standards and International Trade (equivalent to the rank of a cabinet
minister) (1994 -1996). Dr. Swamy was one of the founding members of the
Janata Party and has been its president since 1990. He is known for his
efforts in normalizing relations with China and Israel; in 1981 he
persuaded Deng Xiaoping to open the Kailas

VENUE: DELTA KITCHENER DOWNTOWN (King & Frederick)

Date: Monday, November 10

PROGRAM: Networking/Snacks: 6:30-7:30PM
DINNER (Indian Buffet): 7:30-8:30 PM
Dr. Swamy's Speech at 8:30 PM followed by Q/A.

TICKETS: $20 per person (includes the dinner cost) for all Guests and
spouses, CSAC
Members (included in Membership Fee)

FOR TICKETS CALL: Ariarani :519-746-7046; Dr. Mitali De :
(519)884-8329 ( e-mail at mde at wlu dot ca).
Pre-sale and confirmation of tickets are REQUIRED for Dinners

ENQUIRIES: Kanai De : (519)884-8329 Kende2 at hotmail dot com

Many thanks for this pal.

Any program for his speaking in Toronto? To reach Kitchner by 6.30 on a week day seems to be a difficult proposition.

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Chandresh

Advice is free – lessons I charge for!!

hey lak_canada

Thks the info. went to the most intelligent city in the world, Waterloo, to see Dr Swamy and really was quite struck with the number of 'brainy' people I met.
Some good IIT alumni and lots of other professionals. Nice!

For those who want to see him in TO- here is info.

Dr. Subramanian Swamy will be visiting Toronto and will be addressing a public meeting at 7.00 P.M. on Tuesday the 11th November 2008 at Centennial College Student Centre AT Main event hall / Mezzanine 941, Progress Ave, (and Markham road), Scarboro - ON M1G 3T8.

contact "ksastri@sympatico.ca" for more info

He will speak on the matters concerning the South Asian Diaspora.

Hi,
For the few who called /emailed me and asked how the seminar was and what was said and to comply with requests to let other CDs who may want to know but may be afraid to ask, here is the synopsis:

hope you enjoy.


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Which would you think is the most intelligent city in the world? Silicon Valley- with its abundance of I.T. think tanks? Or perhaps maybe even Bangalore? Well, you are in for a surprise; according to the Intelligent Communities Forum (ICF), our very own Waterloo in Ontario (home to Research in Motion- inventor of the blackberry) won the coveted title in 2007.
It was here, in this town, also famous for its fantastic annual beer festival Octoberfest, the biggest outside of Bavaria, where the tradition started (maybe there's a lesson in there- drinking beer makes you intelligent), that Dr. Subramanian Swamy, one of the co-founders of the Janata Party and a trained economist with a PhD from Harvard, gave his insights on the "Global Financial Crisis."



At a capacity filled dinner reception at the Delta Hotel, attended by illustrious personalities from IIT alumni, Cornell University alumni, Waterloo University and Wilfred Laurier University, Dr. Swamy held that the global financial crisis, as is common knowledge, has at its nucleus in mortgages that were accorded to people in the U.S. who could not afford them, bundling these into structured investment vehicles (SIVs) and up-selling them to financial institutions as AAA grade investments. From there he went onto leveraging, credit default swaps and the rest that are reported daily in the media.

However what struck the crowd was his explanation of the meltdown in the Indian stock markets. This he said was due to money flowing in through participatory notes (PNs) issued by institutions such as Fidelity and Morgan Stanley. These in turn were channelled to two institutions in India that did not disclose the origin nor the amount of these funds. 58% of the Foreign Institutional Investments (FIIs) into India came via these PNs. Despite several attempts by the Securities and Exchange Board of India(SEBI) to control these derivative instruments, they were unsuccessful as several politicians were involved.

It is suspected that about US dollars 1.5 trillion of 'hot money' from India's parallel economy is held by politicians and certain movers and shakers of the Indian economy in Swiss banks. It is this money that was channelled into the stock market when times were good. As global uncertainty took over the investors' sentiments, this money was sucked out of the stock markets in India, thus creating a huge free-fall. It was converted into US dollars and transferred back to Switzerland. This conversion into US dollars plus the conversion into US dollars of other countries like Russia, China, Turkey, Brazil and more holding 'hot money' outside of their borders, has also had a hand in spiking the value of the US currency vis-à-vis other world currencies.

"Surprisingly", Dr. Swamy continues, "the real estate market in India has not been as badly affected since the 'hot money' that was in circulation already in the building industry and never found its way to foreign shores is still being used to fuel the real estate market. The parallel economy in India is still alive and thriving and the economy will still speed along at a healthy pace despite the stock markets having crashed. Contrary to what many people think, despite our corruption and double accounting system, we have a pretty good banking system in place and there will be no run on our banks. All depositors' monies are secure."

On the world scene, he declares: "I don't see a depression like 1929, though this is a pretty serious situation we are in; as grave as 1987, but less serious than the Asian crisis of 1997. We will come out of this as we did before. The US is the most innovative and resilient economy of the world and just when people started thinking it was becoming the laggard in the late 80's(when Japan ruled), along came the internet and the US roared. Maybe the next globally used innovation, whatever it may be, nanotechnology, hydrogen-fuel cells to replace oil, I don't know, but something will definitely signal a new dawn leading to an upturn and surge in the US economy and along with it, the world."

"In the meantime," he admonishes, "the world must put new regulations along with a new financial architecture into place. To start things off, I propose three things.
1. Do not let investment banks turn into retail banks.
2. Do away with stock options as it creates excessive risk taking and false accounting.
3. Financial institutions should be restricted in their offshore offerings and opaque hedge funds."

With that Dr. Subramanian Swamy brought to an end an extremely informative and intelligent evening hosted by the IIT group of Kitchener -Waterloo headed by Mitali and Kanai De.

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The original link is:

http://www.yash.ca/finance/global_crisis.php?subid=3

should anybody think this is a plug, please remove the accompanying link.

It was a compliment coming from Investpro about Dr.Swamy.

Some more information on S Swamy:

The same S Swamy is considered as a Joker in Tamilnadu. His life is under threat in EU, Canada and USA. When he visits Canada as his life is under threat from LTTE, very few people know about his location of stay and he frequently changes his place of stay.

The local CMR 101.3FM in its tamil broadcast mostly refers to him as comedian swamy. He has lots of evidence on how LTTE does its havala money transfer through Canada and also finances many a politicians in India. He has even put up a petition to Ottawa of how LTTE has taken over several Hindu temples in Canada which includes your own Richmond Hill Hindu Temple and converts black to white money.

He incidentally is married to a Parsi lawyer and has two daugthers in India. Incidentally you should read about the way he got into Harvard. This itself is another story.

http://www.janataparty.com/Leaders/Swamy/SSwamy.htm

What is happening in Tamilnadu:

http://www.organiser.org/dynamic/modules.php?name=Content&pa=showpage&pid=159&page=31

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Sunny Leone a true Canadian DESI now back in India !.

Hi Investpro

Though I planned to attend the seminar but i could not attend due to my hectic work schedule. Thank you very much for summary of speech delivered by Dr. Swamy.
Thanks to organisers Ms.Mitali and Mr. Kanai Dek for the seminar.

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Clinton