EDITORIAL

Another Stock Market Scam?

 THE Vajpayee government's propensity for sleaze appears infinite. This government's only mission seems to be to create conditions whereby it can garner the maximum commission.

 Behind the disinvestment drama lies the sordid tale of loot of nearly Rs 500 crore in the stock markets. The victims, as usual, are the small time middle class investors whose savings have been wiped off. 

 By now, it has become a norm that the shares of companies slated for disinvestment rise closer to the date on which they would be sold. The same was the case with HPCL and BPCL shares. Priced at Rs 187 and Rs 220 per share, these rose to Rs 300 and Rs 290 by the end of August. On September 7, the cabinet committee met and deferred the disinvestment of these companies by three months. With possible inside information that the process of disinvestment would be deferred, lakhs of shares of these companies bought when the share prices were low were sold just before September 7 when the prices were at their peak. The profit per share ranged between Rs 50 and Rs 80. In the week prior to this decision of deferring disinvestment, crores of shares were sold as per newspaper reports (The Asian Age, October 5 and 7).

 Was this entire drama over disinvestment created only to make massive amounts of  money? Given this government's track record, it is more than possible that behind the high-sounding political rhetoric lay its motivation to fleece. Truly the Vajpayee government's “creativity” in creating situations where it can loot  the common people’s hard-earned savings is amazing. 

 In the days of the past, before liberalisation opened up manifold avenues for corruption and loot, there was a story about one chief minister’s skill of creating situations for making money. Suddenly, one fine morning, a busy commercial street in Hyderabad was converted into a one-way traffic. When the shopkeepers on the right-hand side of the road protested that their sales had dramatically dropped because the cars were being parked on the left, the chief minister demanded his due to alleviate their problems. The next morning, the street was converted into a one-way traffic from the opposite side! Now, it was the turn of shopkeepers on the left-hand side to pay their due. On the morning of the third day, the street was back with traffic plying on both the sides!

 The Vajpayee government’s "creativity" surpasses even such preposterous manipulations. Verily, this Vajpayee cabinet consists of such people who would be even prepared to sell their mothers if they can make money out of the transaction! 

 Needless to add, these stock market transactions need to be probed and the scamsters with their links with political bosses must be punished. But can we expect this Vajpayee government to do anything of this sort? A government that shamelessly brazens out all exposures of corruption can only be expected to continue its ignominious record of loot. Apart from all other compelling reasons, on the count of restoring some decorum of political morality alone, this government must go.