Monday, January 19, 2009

Since middle of 90's we have seen ups and downs in the business field. There was a time when IT sector claimed the world economy under its control. Then we witnessed collossal collapse of IT sector which is still continuing. What created all such problems? Human greed.. There was a time when you will get venture capital funding if you can present a business plan summary in a toilet paper!!! Capital was available to whoever wanted it, investments happened, IPO's happened in record level, Executives who used to earn in 5 and 6 figure salaries started to earn in 7, 8 and 9 figure salaries for the same job and eventually we witnessed the evil face that prosperity in 1998, 1999 and 2000 and even in 2001. During and after this time we witnessed CEO's and other executives disappeared with golden handshake, share market collapsed, ordinary people lost millions in stock market, some became bankrupt, and the result of such criminal acts continues even today. Think about a company called "nortel' which was once' the largest employer in the world with share price of $1100. or more which is nothing but skelton of its past now with share price in pennies, working at loss for so many years and now filed for bankruptcy. Since 2000, we have seen accounting irregularities, fraud, theft and cheating in big corportaions and now since 2008, we witness the financial crisis in the world created by scandelous US sub-prime initiatives, failure of banks and other financial institutions like AIG and others. Recently we heard about an individual who cheated his clients/friends with $50 billion in investments. The problems created by the capitalist seconomic system in the west is affecting the entire world especially the developing economies. I am an advocate for genuine capitalist society where nobody is prevented to make money. Even though I like capitalism and support the benefits of capitalism, I must say, the current economic problems are the result of the same capitalism which is controlled by human greed. Whether it's the late 90's IT collapse or early 2000 Financial accountaing malpractices or the current financial crisis, one thing is common, "Human Greed'. This is not what God wanted us to become. He asked us to use our talents to multiply but not be greedy. I heard some body talking, if there is God, he should have known all these issues are coming and have stopped all thsese problems to avoid people's sufferings. My answer is no, man should be responsible for his actions and people on both sides are responsible for this mess..