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Guess the Race - Biting the hands that feed them

Froggy

Alfrescian (InfP) + Mod
Moderator
Generous Asset
These people are despicable turning on the very people helping them. Do Singapore want more of these people here?


http://www.wsj.com/articles/what-indias-microloan-meltdown-taught-one-entrepreneur-1433878202

What India’s Microloan Meltdown Taught One Entrepreneur
Vikram Akula speaks about what went wrong in 2010 and what’s next


India’s SKS Microfinance Ltd. had created a new business model that in less than 15 years had reached more than 7 million poor entrepreneurs in 2010. Mainstream bankers and investors were beating on its door to fund the company and it pulled off the first stock listing for a microlender in India.

Then things went terribly wrong.

Local bureaucrats, politicians, the media and even SKS’s borrowers turned on the company and other microlenders in the southern state of Andhra Pradesh, claiming that their tiny loans were leading to suicides.


The story line had flipped overnight. What was once praised as a vibrant industry that was good for the poor started getting painted as an evil business that was pressuring poor villagers into taking loans they couldn’t afford, then harassing them to repay.

When Indian politicians turned on the microfinance industry in 2010, SKS Microfinance and its founder Vikram Akula bore the brunt of the backlash. He has now had years to reflect on what went wrong. The WSJ’s Eric Bellman speaks to him about lessons learned and what’s next.
 
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laksaboy

Alfrescian (Inf)
Asset
Looks like the ah nehs have been learning a thing or two from our loanshark syndicates. :wink:
 

JohnTan

Alfrescian (InfP)
Generous Asset
Politicians told borrowers not to pay and bureaucrats imposed new rules on the companies.

My guess is that the local ah neh banks felt very threatened by micro-lending, and thus pressured politicians to help them snuff out micro-lending. Of course, the Ah Neh politicians would be given some commission. Eventually, the big banks would muscle into micro-lending on their own terms.
 

Microsoft

Alfrescian (InfP)
Generous Asset
Wah...his 5 cents bery big...:eek::biggrin:

kicker_image_260208_105818_Vikram-Akula-big.jpg
 

Thick Face Black Heart

Alfrescian (InfP)
Generous Asset
These people are despicable turning on the very people helping them. Do Singapore want more of these people here?


The PAP has sold Singapore out with the CECA. Now they can legally force Singaporeans out of jobs and replace them with Indian FTs.

Truly deplorable fuckers!
 
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