“I couldn’t have gotten so stinking rich without George Bush, George Bush Jr., Ronald Reagan, even El Presidente Obama, none of them have the cajones to stand up to all the big money that wants to keep this stuff illegal. From the bottom of my heart, I want to say, Gracias amigos, I owe my whole empire to you.”
-Joaquin “El Chapo” Guzman Loera reported head of the Sinaloa cartel in Mexico, ranked 701st on Forbes’ yearly report of the wealthiest men alive, and worth an estimated $1 billion, officially thanked United States politicians for making sure that drugs remain illegal.
Some stuff I am reading today morning:
Arcelor Mittal sees India plans stuck for years (IndianExpress)
SEZs as gated communities (BusinessLine)
RBI Watch:Little room to cut rates (WSJ)
Vikas WSP:Operators continue to play their games (SuchetaDalal)
India driving away telecom operators (Bloomberg)
Twitter will be more valuable than Facebook (Telegraph)
The subpriming of commodities (Alphaville)
Jeff Gundlach’s big presentation on debt, deficits and the economy (BusinessInsider)
Many investors thought that by deferring GAAR by a year, the finance minister Pranab Mukherjee has “blinked”.
But in his speech to Parliament today, he said the following:
GAAR I had agreed to defer one year not because of any fear or apprehension. I may be a very small man, very little man but one thing I can assure and I can tell the distinguished members of Parliament that I am not afraid of any consequences.
The last point, which was referred to by Shri Advaniji, is about the operation against black money. My whole argument on the Vodafone was on that point. It is because my point is very simple. I would like to be guided either by the Double Taxation Avoidance Agreement or tax. There cannot be a situation where somebody will make money on an asset located in India and will not pay tax either to India or to the country of its origin by making some arrangements to certain tax haven areas, to certain tax haven locations through a complicated setting up of a series of subsidiaries, and having huge capital gains on the assets located in India.