The rejoinder to an article on the gas supply dispute published on July 13 should not surprise researchers on issues of corporate governance. My research studies on the global meltdown and on corporate governance have highlighted the fact that the top functionaries of the fallen giants in the financial sector have had a close association with US policy makers. The very people who had contributed significantly to the subprime crisis, that culminated in the meltdown, also constitute President Obama’s team for rehabilitation of banks and other financial entities. In the process of research, I stumbled on the informal consensus reached among top policy advisors, that the best way to become an efficient policy-maker was to be associated actively with an investment bank before joining the government. Top CEOs have been given tough jail sentences, but no one questions senior government functionaries, including former Federal Treasury Secretaries, on their previous associations with financial giants accused of fraud in 2008.
Prof K S Ramachandran, Gurgaon
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