Saturday, July 9, 2011

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  • buehler
    07-18 07:09 AM
    hi Guys,
    I was thinking over this for quite some time. Why dont we hire one or two immigration attorneys on a full time basis. And lets start am immigration office where we can have all our immigration works (doubtful) but the future immigrant works ata marginally cheaper rates with high quality of service. If we keep a no profit no loss mantra, it would be helpful to everyone and also it will make this organization very strong.
    Lets discuss its relevance? What does the Core think about this.?

    reddiv,

    I know how happy you when you came up with this idea, but do you really have to cross post it in so many different threads and forums? In what way is it relevant in this particular thread?





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  • NKR
    03-28 05:10 PM
    the bubble that we saw and are seeing is once in a life time event - it will never happen in USA for a long long time (in most places). it will happen more in places like bombay (2 bubbles in last 2 decade)..

    With what you say, there is no guarantee for a long long time. So that means there is no guarantee till the kids become big and have their own kids, so should one live in an apartment for years and years?.

    You say that renting gives you more mobility, why shouldn�t a person whose job is long term and who loves his job and who is not required to travel buy a house close by his office?

    A house comes with its own baggage. Of course if someone decides to buy a house he would have already known what he is getting into. He would definitely factor in all the fees, taxes, insurance etc. Even considering all of these, if he/she thinks it is good for him and his family to buy a house, why should not having a GC prevent him from not buying?.

    Dude, it will cost you less then 50$ for the paint. I and my wife painted our living room together by ourselves, when one is making a decision to buy a house costing hundreds and thousands of dollars do you think he will worry about kids painting the wall?.

    The only rational point I see in your post is that it might not be a good idea to buy a house now and it probably makes more sense to wait and watch.





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  • sledge_hammer
    03-24 03:49 PM
    No, they figured out that it is consulting companies that are exploiting loopholes. Tell me what proof you have that ALL consulting companies are complying with H-1B requriements.

    Is benching that happens in consulting legal? Is paying salary according to prevailing wages in Maine and sending the contractor to work in Manhattan legal? Please tell me how these practises by desi consulting firms are legal.

    And you're telling me I am ignorant! You're funny :D

    All your assumptions about H1B is only for full time jobs is flawed. USCIS has not said that. There is no law that says that.

    BTW why do you think LCA requirements are meant only for consulting companies ? It is applicable to all H1B candidates. That has been the law for a long time. Nothing new here for you to be happy about.

    Your posts are driven by your ignorance than any legal base. You need to educate yourself in immigration perspective.

    Why USCIS audits are focused on consulting companies ?
    It is not because consulting is not allowed on H1B. It is because they figured out that H1B violation are more prominent among small companies.





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  • Macaca
    12-30 06:24 PM
    3. The status of Tibetans in India proves that India is meddling in China�s internal affairs

    If, for China, resolving the Tibet issue has to come at the price of demanding unreasonable concessions from India, it would be an unfair situation to present to India. India�s position on Tibet has evolved over the years. India has demonstrated a fine balance on Tibet as a humanitarian concern (with Tibetans settled in India) and the risks of using Tibet as some sort of a political trump card. The latter largely remains an insinuation against India � at least over the last quarter century, and has failed to be reflected in China�s foreign policy towards India. Today the tail seems to be wagging the dog since China suspects India of covertly using Tibet and the Dalai Lama for furtherance of some political goal.

    Such misperception is in contrast to China�s relatively muted antipathy to those countries that issue a visa to or host Rebiya Kadeer in exile (Virginia, USA), or where the Tibetans are better organized (USA, Australia and several parts of Europe). In any case China would be aware that India has refrained from seeking alliances in the Southeast and East Asian region. Likewise, it is counter productive for elements in the Indian strategic community or media to play-up the �Tibet card� (whatever that means) or indulge in political gimmickry that reflects insensitivity towards the core concerns of either side.

    Policy Focus: India has to maintain a balance between �justice� and �fairness� on the issue of Tibetans living in India, and the risks of political opportunism that could be associated with insensitivity towards China�s concerns. This principle when applied to India�s own core concerns vis-�-vis China could lead to better diplomacy based on the principle of reciprocity.

    4. China engages in doublespeak � political statements of intent differ from actions

    The recent row over the arrest of Chinese fishermen in Senkaku/Diaoyutai islands, and the detainment of the captain of the Chinese fishing boat, raised concerns about whether such pin-pricking was part of China�s national strategy. Similar pin-pricking happens on the Line of Actual Control (LOAC) on the India-China border where alleged incursions by PLA soldiers are often amplified in the Indian media. With imperfect information on these matters, one can assume that Beijing would have spelt out a policy direction to go �hard� or �soft� on fishing, for instance, in contested waters (Senkaku/Diaoyutai dispute), but China�s coastal marine and fishing administration may have decided to err on the
    side of caution.

    The same reasoning may, for all we know, apply when the ilitary on either side of the LOAC patrol the disputed boundary. Beijing may have a policy line on �border vigilance�, which division level PLA officers implement by opting to err on the side of caution by �proactive border patrolling�. While the benefit of doubt could be extended for occasional misunderstandings on any front, it is really up to Beijing to clarify whether pin-pricking as a manifest behaviour results from overzealous implementation on the ground or is a real instrument of policy, which is what is suspected by some Chinawatchers in India. If China feels it has been misunderstood in all these instances, one should extend the benefit of doubt to the leadership in China.

    This could apply to the issue of stapled visas to Indians from Jammu and Kashmir (J&K) as well. That the visa issue was �administrative,� as Premier Wen Jiabao has clarified, makes China�s political stand reasonably clear. Then it is for China to reconcile. Accumulating such irritants over time undermines security since most people would only read the direct military and administrative challenge posed to India through such acts. It would be na�ve to assume that such incidents would be consequence free and that in the long run public dividends from the salience of an India-China partnership would remain unaffected.

    Policy Focus: India should not draw itself into diplomatic situations that make it appear uncompromising. Hence, more institutional channels could be opened up between ministerial counterparts (water, power, trade and commerce, border, education, foreign affairs i.e. multilateral negotiations, and other areas) and even between political parties in order to propose more pluralistic options on areas of contention or interest for both countries.

    5. China has not addressed India�s concerns on Pakistan

    While several elements in the China-Pakistan relationship remain antithetical to India�s core concerns, it is futile to forever assess the relationship climate of China and Pakistan as impinging excessively on the health of India-China relations. Such a pursuit does not leave enough room for upgrading the India-China relationship. The classic case is that of the US-Pakistan relationship which for most of the Cold War years and even subsequently did not hinder a drastic upgradation in India-US relations in this decade, when the ground was favourable for the United States to recalibrate its foreign policy on South Asia. Similar room for upgradation of the India-China relationship is essential.

    More importantly, what should be expected from a Head of State/Government visit? Was there any resolution on matters relating to currency revaluation, or environment or human rights during Obama�s visit to China in 2009? Did the November 2010 Joint Statement of Prime Minister Manmohan Singh and President Obama affirm the status of Jammu and Kashmir, or even mention Kashmir in the entire text? When it comes to the Indian state of Jammu & Kashmir, India is confident of not involving the United States as a party to the resolution of the Kashmir issue. Obama�s offer to �delegate� regional policing in South Asia to China in 2009 was rebuffed by India, and China has only distanced itself from that issue. The question of seeking clarification from China on its neutrality on Kashmir is one thing. However, since when did seeking China�s affirmations on the status of Jammu and Kashmir become imperative for a Joint Statement?

    The China-Pakistan relationship does not thrive on what is casually assumed to be a singular anti-India agenda. China�s relationship with Pakistan as a window to the Islamic world often receives muted attention. Since 2009 foreign policy challenges for China arising from condemnation and criticism from Turkey, Iran and Indonesia, in particular, and the Organization of the Islamic Conference (OIC) over the handling of the Uighurs in Xinjiang region have become acute. While liberal democratic sympathies from the West for Uighurs exists, the prospect of pan-Islamic support for the Uighur cause (on the lines of threats
    issued by militant preachers such as Abu Yahya al-Libi) is not something China would want to see in its troubled West. From a utilitarian perspective, Pakistan (with a majority Sunni population) serves perfectly fine as a window to the Islamic world, which China could use to placate concerns or grievances against the Chinese state being anti-Muslim in its handling of Xinjiang (most Uighurs practice a moderate form of Sunni Islam).

    Policy focus: China and India interaction, particularly in the academic arena, are fewer than the number of Indians and Chinese in conference-circulation in the United States and Europe. This observation is more intuitive, than empirical, but doesn�t seem inaccurate. Greater discussion and engagement to develop a wider and pluralistic understanding of contentious issues would go a long way in understanding each others� concerns. A �semester abroad� programme for researchers or faculty in academic and research institutions from both sides could go a long way in building civic networks.

    Conclusion

    Both India and China have new avenues to pick up the threads, as it were. Even on the issue of India�s claim for a UNSC permanent seat, the Joint Communiqu� this time reads: �China attaches great importance to India�s status in international affairs as a large developing country, understands and supports India�s aspiration to play a greater role in the United Nations, including in the Security Council� (emphasis added).

    Prime Minister Manmohan Singh, and Premier Wen Jiabao have affirmed the idea of
    �there being enough space to accommodate the growth of China and India, and for both to cooperate.� This space needs to be nurtured further and the coming year, the Year of China-India Exchange, should be a starting point to engage with China in the shaping of institutional norms for mutual growth and development.



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  • Rayyan
    01-07 11:07 AM
    Pathetic!!!!!!!!!!

    --------------------------------------------------------------------------------

    For all the people on this forum rather on this topic, who think that they are human , professionals, broad-minded ,highly educated .
    I just have on word for all you
    PATHETIC!!!!!!!!!!
    Now before you all start hammering me , I don't belong to any religion, I am a HUMAN BEing unlike you all (inculding new_refugee)
    __________________





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  • validIV
    06-05 05:24 PM
    My properties are in Woodside and Kew Gardens both in Queens, NYC. I have been fortunate as NYC is one of the best areas that kept its home value. I am certain this is not the case in 90% of the country but so far in NYC, the housing and renting market have only dropped slightly or remained stagnant in most areas here. In fact, some places are picking up again.

    I will admit that one unit (3 bedroom) that I was formerly renting out for 1900 had to be dropped to 1700 to compensate for the recession. But the house that the unit was located in (2 family house) appreciated in equity by 30,000 in 1.5 years (also in February 2009) amidst the economic downturn.

    As for generalizing, yes I understand that buying and owning is not for everyone, especially if your situation is temporary and you have no plans to stay in that area for long. But you are in America for God's sake. Take advantage of the system and don't be afraid of it. Why are you applying for your green card here if you dont plan to make it your home or long term? That just doesn't make sense to me. I know in the Philippines we cannot leverage as well as we can here with this system. I'm sure its the same in India? Correct me if I'm wrong.

    As for the housing bubble, it was bound to happen because banks were lending to people living beyond their means. That doesnt apply to us. Most immigrants are smart and don't buy a house unless they've done the math—even if the bank says we can afford it when we know we cannot.

    Renting, in my opinion, is a stepping stone. You rent only when you are saving to buy a home. You CANNOT rent your whole life, that is just a waste and like I said before, not smart. But smart people stop renting early and pay off their homes by their late 40s. At least that is what I am aiming for. Renting out my properties allow me to do that.

    With those rent/price ratio - it makes no sense indeed to rent.

    If I may ask you for a huge favor - could you please PM me more details about where specifically in Queens you have those kind of rent/price ratios?

    Since the market prices got so inflated - my experience is that the rent/price ratios are still wayy off historical trends. My impression (based on a few examples I have seen) is that in most of the situations - the rent would not cover the interest + property tax + maintenance, which would mean throwing away money if you buy.

    If indeed there are rent to buy ratios like the ones you have mentioned - then renting would be foolishness.



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  • gc28262
    12-22 03:08 PM
    See me standing there in the video!
    http://www.dailypioneer.com/DisplayContent.aspx?ContentID=145268&URLName=Indian-Americans-ask-UN-to-declare-Pak-a-terrorist-state
    and
    http://atlasshrugs2000.typepad.com/atlas_shrugs/2008/12/india-free-men.html
    ****
    Indian Americans ask UN to declare Pak a terrorist state


    ************************

    SunnySurya,
    Weren't you the one who said India should gift kashmir to pakistan to solve all terrorrist activities and war ?

    How come you became a patriot and started caring about india all of a sudden ?

    Do you have any consistent opinion ?





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  • gcisadawg
    12-27 12:04 AM
    Don't you think Pakistan already knows that?

    Yes, you are right. Pakistan knows that. But our audience is not pakistan. It is US and other countries. Who comes to india when pak does nuclear sabre-rattling? It is US. We need to send that message clearly and forcibly to the world. The Clear message is " Nukes dont impact our options. The decision to go to war or not is not impacted by the presence or absence of nukes"

    Do you mean to say that the state and the government of Pakistan did this?

    As to your second question, you never know. To be honest, I dont know...Musharraf started Kargil and they did not acknowledge even dead Pakistan soldiers. Sharif went to US and pleaded Clinton to stop the war.

    I do believe ISI's footprint is there. ISI is built on the image of CIA during cold war. They are a pretty powerful bunch with one complete victory ( against Soviets) and two successful (atleast so far) distruptive operations in Afghanistan and Kashmir. Without the big brother ISI watching, these jihadists can not move around. But I do give the benefit of doubt to Zardari's govt. The poor guy has just lost his wife. He might not have signed off on this ops.



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  • gomirage
    06-07 01:05 PM
    I don't know where you can find 5% interest p.a. investment today but for the sake of argument that I found one, I think I can't get the $60k at the end of 10th yr.

    The are plenty of no load mutual funds returning consistently above 5% annually return. If you want a zero risk investment you can get at least 3% (sometimes more than 5%) with ING direct, HSBC direct, and many more direct saving accounts. Last year HSBC offered 6% to compete with ING's 5%, while on the other side house prices were nose diving.

    So my point is even at 3%, zero risk it's a good deal compared with gambling on a house that may never come back to original purchase price, in our life time.

    Remember, this is not a one time event. This crisis has changed the world for ever. There will never ever be banks giving loans for more than 3 or 4 times income. So for prices to come back again, you are really banking on disposal income levels going up, which is not a safe bet, with the Indias and Chinas of the world proving very competitive offshore services.

    This whole chaos was created in the first place by inflating the economy to find a solution to the dot com bust.

    Again, we are not recommending against buying a house, which everyone should do at a point in our lives, but it's unsafe to bank on it, as a sound investment.





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  • suavesandeep
    06-26 04:25 PM
    Sorry hpandey wasn't intentional :),

    My data is restricted to bay area. You are definitely looking at least at 600k for a decent home in bay area. This is taking into account the 20% correction as of today.

    But i would still think the thumb rule (Total Interest ~ Total Principal) would hold in your example too:
    Loan Amount: 410K
    Total Interest: 383K


    Good figure to make 600K loan .. that must mean people are buying at least a 650,000 house across the whole of US . You are talking about prices going down across economy you should take the average home value also across US which is definately not 600K or else most of people will never be able to buy a house.

    I am taking about a home of an average 450K ( even that is more than the US average ) and at least 10 % down.

    I don't think even anyone here would buy a 600K house in this economy to say the least !

    Lets stick to real world calculations.



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  • NKR
    04-14 02:53 PM
    what is your point duuude when you say "Let�s say you have a small kid and you are living in an apartment, after 10 years you save enough money to buy a big house and you then eventually you buy it. Then you ask the your kid �do you like the house?�. He will reply �it�s very nice dad, but can you give you give my childhood now?.�
    do you mean to say all those who are renting will buy after 10 years or do you mean to say that children who grow up in rented house or appt ..don't have a childhood ?? as it was mentioned in earlier posts ..there is a greater chance that your son / daughter will find a likeminded play friend in a good apartment complex then in a subdivision of houses.

    You will never learn. Anyways, if you read my earlier posts you would know that I have said that people who most people who live in apartments would be having valid reasons. I have also said that if I were in CA. I would be living in an apartment too. I am never against renting or living in an apartment, but I am against renting when it makes perfect sense to buy and when the time is right (which of course is NOT NOW).

    My counter arguments are for people who were scaring people into not buying a house when things are conducive for them. Note, when I say conducive it means all things considered as in the time is right, they have a good job, have found a very good deal in a location having a very good school and they have found something which has an extra room when their elderly parents visit them.





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  • 485Mbe4001
    08-06 01:41 PM
    Lets petition USCIS to scrap EB3 and send them home. Rolling_flood needs his GC real bad... We are unavailable today and will be U in 2010. you can have our 3k visa for your category.

    Have you never jumped a line in your life, i bet you have.

    We see it all the time, people will find ways to move ahead and so will you..nothing wrong with that. What is wrong is demeaning or ridiculing a group for you selfish needs...good luck with the law suit.. the least it will do is highlight problem our to a greater audience (Y).



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  • akred
    08-06 01:26 PM
    Seems to me that the problem as usual is that too many people qualify for EB2 thus slowing down "genuine" cases.

    The solution to this is in the hands of the DOL. DOL can reduce the number of people qualifying for EB2 by simply doing away with the "business necessity" exception.

    In other words without this exception, people will qualify for EB2 only if their field requires an advanced degree due to law (e.g. doctors) or if an advanced degree is customary in the profession (e.g. academia). This will reduce the flow to EB2 by disqualifying the large number of professions where an advanced degree is merely discretionary and not mandatory (e.g. MS, MBA)

    But this is a very draconian measure and hopefully does not come into play.





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  • ssa
    06-23 05:32 PM
    I am shocked to see the HOA cost in CA, Why is HOA so high there, Obviously CA does not get snow like East coast for 4-6 months, so snow mowing and salt sprinkling(which is expensive) is ruled out.
    Just to mow lawn, gardening and keeping tab on overall resident development you pay $400/month..Thats ridiculously high...BTW,I am not from CA, excuse my ignorance.

    Ironically it is not you who is ignorant but people who actually leave in CA (I'm one of them) and pay these steep prices. In CA and especially in silicon valley all prices related to real estate got de-linked from reality/any actual cost basis during the housing boom. The only reason HOAs or house prices are so high is because they could charge them and could still find buyers. Now CA has lowest credit rating of all 50 states and bay area has one of the highest unemployment rate. I could be wrong but to me it seems like house of cards...



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  • delax
    07-14 08:48 AM
    fine, then why are we working so hard to remove the per country limit? That was set by law too!!!

    We can't pick only those options that would favor us. Sometimes changes bring hard-luck.

    Sure sometimes change can bring hard-luck, but remember that if you want to change your luck at my expense purely based on your length of wait and regardless of skill level as established by law, then DON'T expect me to not push back. Another letter countering the position can always be written in an individual if not collective capacity.

    I also wonder where was all this thought about change and hard-luck when EB2-I was shafted last year and numbers spilt over to EB3ROW.





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  • skd
    12-31 12:32 PM
    Only for Hindi speaking people...This Quote from Ramdhari Dinkar's Poem
    ...
    Kshama shobhti us bhujang ko
    Jiske paas garal hai
    Uska kya jo dantheen
    Vishrahit vineet saral hai
    ....

    Which means.....Pardon(forgiveness) looks nice if you are Strong and forgiving a weak...It will funny if a weak person says that he is forgiving a strong opponent.

    For reading whole poem goto this link (top is in English script /and Translation in English and scroll down to read it in Hindi)
    http://poems2remember.blogspot.com/2007/01/shakti-aur-kshama-strength-and-mercy.html



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  • Macaca
    05-11 05:28 PM
    The 'Education' Mantra (http://www.realclearpolitics.com/articles/2011/05/10/the_education_mantra_109799.html) By Thomas Sowell | Investor's Business Daily

    One of the sad and dangerous signs of our times is how many people are enthralled by words, without bothering to look at the realities behind those words.

    One of those words that many people seldom look behind is "education." But education can cover anything from courses on nuclear physics to courses on baton twirling.

    Unfortunately, an increasing proportion of American education, whether in the schools or in the colleges and universities, is closer to the baton twirling end of the spectrum than toward the nuclear physics end. Even reputable colleges are increasingly teaching things that students should have learned in high school.

    We don't have a backlog of serious students trying to take serious courses. If you look at the fields in which American students specialize in colleges and universities, those fields are heavily weighted toward the soft end of the spectrum.

    When it comes to postgraduate study in tough fields like math and science, you often find foreign students at American universities receiving more of such degrees than do Americans.

    A recent headline in the Chronicle of Higher Education said: "Master's in English: Will Mow Lawns." It featured a man with that degree who has gone into the landscaping business because there is no great demand for people with Master's degrees in English.

    Too many of the people coming out of even our most prestigious academic institutions graduate with neither the skills to be economically productive nor the intellectual development to make them discerning citizens and voters.

    Students can graduate from some of the most prestigious institutions in the country, without ever learning anything about science, mathematics, economics or anything else that would make them either a productive contributor to the economy or an informed voter who can see through political rhetoric.

    On the contrary, people with such "education" are often more susceptible to demagoguery than the population at large. Nor is this a situation peculiar to America. In countries around the world, people with degrees in soft subjects have been sources of political unrest, instability and even mass violence.

    Nor is this a new phenomenon. A scholarly history of 19th century Prague referred to "the well-educated but underemployed" Czech young men who promoted ethnic polarization there-- a polarization that not only continued, but escalated, in the 20th century to produce bitter tragedies for both Czechs and Germans.

    In other central European countries, between the two World Wars a rising class of newly educated young people bitterly resented having to compete with better qualified Jews in the universities and with Jews already established in business and the professions. Anti-Semitic policies and violence were the result.

    It was much the same story in Asia, where successful minorities like the Chinese in Malaysia were resented by newly educated Malays without either the educational or business skills to compete with them. These Malaysians demanded-- and got-- heavily discriminatory laws and policies against the Chinese.

    Similar situations developed at various times in Nigeria, Romania, Sri Lanka, Hungary and India, among other places.

    Many Third World countries have turned out so many people with diplomas, but without meaningful skills, that "the educated unemployed" became a cliche among people who study such countries. This has not only become a personal problem for those individuals who have been educated, or half-educated, without acquiring any ability to fulfill their rising expectations, it has become a major economic and political problem for these countries.

    Such people have proven to be ideal targets for demagogues promoting polarization and strife. We in the United States are still in the early stages of that process. But you need only visit campuses where whole departments feature soft courses preaching a sense of victimhood and resentment, and see the consequences in racial and ethnic polarization on campus.

    There are too many other soft courses that allow students to spend years in college without becoming educated in any real sense.

    We don't need more government "investment" to produce more of such "education." Lofty words like "investment" should not blind us to the ugly reality of political porkbarrel spending.


    Tiger Mom: Here's how to reshape U.S. education (http://www.usatoday.com/news/opinion/forum/2011-05-10-Reshape-US-education_n.htm) By Amy Chua | USA Today
    The American Idea: An Open Letter To College Graduates (http://www.forbes.com/2011/05/09/american-idea-college-graduates.html) By Carl Schramm | Forbes
    The Myth of American Exceptionalism (http://www.realclearpolitics.com/articles/2011/05/10/taking_exceptionalism_109795.html) By Richard Cohen | Washington Post
    The Role of Economics in an Imperfect World (http://economix.blogs.nytimes.com/2011/05/10/the-role-of-economics-in-an-imperfect-world/) By EDWARD L. GLAESER | New York Times
    Where the Jobs Were Lost (http://economix.blogs.nytimes.com/2011/05/11/where-the-jobs-were-lost/) By CASEY B. MULLIGAN | New York Times
    No, We Are Not a Nation of Hamburger Flippers (http://www.foxbusiness.com/markets/2011/05/09/nation-hamburger-flippers/) By Elizabeth MacDonald | Fox Business
    Multinationals Dump U.S. Workers for Foreign Labor (http://www.thefiscaltimes.com/Columns/2011/05/09/Multinationals-Dump-US-Workers-for-Foreign-Labor.aspx) By JAMES C. COOPER | The Fiscal Times
    California Economy Gets a Jolt From Tech Hiring (http://online.wsj.com/article/SB10001424052748703864204576311373667322428.html) By JIM CARLTON | Wall Street Journal





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  • Macaca
    05-27 06:05 PM
    The Audacity of Chinese Frauds (http://www.nytimes.com/2011/05/27/business/27norris.html) By FLOYD NORRIS | The New York Times

    To pull off a fraud that humiliates the cream of the global financial elite, you need to have some friends. And where better to have them than at the local bank?

    The fraud at Longtop Financial Technologies, a Chinese financial software company, was exposed this week in an amazing letter from its auditors, Deloitte Touche Tohmatsu. It appears to be a tale of corrupt bankers and their threats to auditors who had learned of the lies.

    Deloitte, which had given clean audit opinions to Longtop for six consecutive years, apparently was well on its way to providing a seventh, for the fiscal year that ended March 31. But for some reason � Deloitte did not say why �the auditor went back to Longtop�s banks last week to again seek confirmation of cash balances.

    It appears Deloitte sought confirmations from bank headquarters, rather than the local branches that had previously verified that Longtop�s cash really was on deposit. And that set off panic at the software firm.

    �Within hours� of beginning the new round of confirmations on May 17, the confirmation process was stopped, Deloitte stated in its letter of resignation, the result of �intervention by the company�s officials including the chief operating officer, the confirmation process was stopped.�

    The company told banks that Deloitte was not really the auditor. It seized documents, Deloitte wrote, and made �threats to stop our staff leaving the company premises unless they allowed the company to retain our audit files.�

    Despite the company�s efforts, Deloitte learned Longtop did not have the cash it claimed and that there were �significant bank borrowings� not reflected in the company�s books.

    A few days later, Deloitte said, Longtop�s chairman, Jia Xiao Gong, told a Deloitte partner that there was �fake cash recorded on the books� because there had been �fake revenue in the past.�

    The stock has not traded since that confrontation. The final trade on the New York Stock Exchange was for $18.93, a price that valued the company at $1.1 billion. At its peak in November, it had a market capitalization of $2.4 billion.

    It now seems likely that the stock is worthless. It is a real company, but its revenue and profits probably were a small fraction of the amounts reported. The existence of the �significant� debt means that whatever assets are left are likely to be owned by the banks, not the investors.

    Deloitte may have decided to check the numbers again because it knew a growing group of bears on the stock had been challenging the Longtop story as too good to be true, questioning both its financial statements and the claims it made for its software. A month earlier, Deloitte resigned as the auditor of another Chinese company, China MediaExpress, in part because of questions about bank confirmations.

    It is never good for an auditor to have certified a fraud, but Deloitte seems to have acted properly. It got bank confirmations, and it got them directly from the banks rather than relying on the company to provide them, as PricewaterhouseCoopers had done when it failed to notice a huge fraud at Satyam, an Indian technology company.

    But the confirmations were lies.

    �This means the Chinese banks were in on the fraud, at least at branch level,� says John Hempton, the chief investment officer of Bronte Capital, an Australian hedge fund. He was one of the bears who questioned Longtop�s claims and now stands to profit from the stock�s collapse.

    �This is no longer a story about Longtop, and it is not a story about Deloitte,� he added. �Given the centrality of Chinese banks to the global economy, it�s a story much bigger than Deloitte or Longtop.�

    The Securities and Exchange Commission has started an investigation, and no doubt more details will emerge, including the names of the banks involved. Just what, if anything, Chinese officials choose to do could provide an indication about whether defrauding foreign investors is deemed to be a serious crime in China.

    Fraud in Chinese stocks is not new. But it had seemed that the worst problems were in small companies without Wall Street pedigrees. Many of the fraudulent companies went public in the United States by the reverse-merger shell route, a course long favored by shady stock promoters. That route allowed companies to start trading without going though a formal underwriting process or having its prospectus reviewed by the S.E.C. And many used tiny audit firms based in the United States that seemingly did little if any work.

    What is stunning about Longtop and some other recent disasters is the list of smart people who were fooled.

    Longtop did not go public through a reverse merger. Its initial public offering, in 2007, was underwritten by Goldman Sachs and Deutsche Bank. Morgan Stanley was a lead manager in a 2009 offering of more shares. Major owners of the stock included hedge funds run by people known as �tiger cubs� because they got their start at Julian Robertson�s Tiger Fund.

    On May 4, only a couple of weeks before the fateful struggle at Longtop offices, an analyst for Morgan Stanley, Carol Wang, wrote:

    �Longtop�s stock price has been very volatile in recent days amid fraud allegations that management has denied. Our analysis of margins and cash flow gives us confidence in its accounting methods. We believe market misconceptions provide a good entry point for long-term investors.�

    By then, Longtop officials had begun to scramble. According to its last audited balance sheet, cash accounted for more than half of Longtop�s $606 million in assets. Bears were asking why the company needed all that cash and were questioning whether it existed.

    In mid-March, just after the fraud at China MediaExpress was exposed, Longtop announced plans to put some of the cash to use by spending up to $50 million to repurchase its own shares. On April 28, the company tried to assure analysts that the fraud claims were bogus. Derek Palaschuk, a Canadian accountant who served as the company�s chief financial officer, wrapped himself in Deloitte�s prestige, saying that those who questioned Longtop were �criticizing the integrity of one of the top accounting firms in the world.�

    �For me,� he said, �the most important relations I have other than with my family, my C.E.O., and then the next on the list is Deloitte as our auditor, because their trust and support is extremely important.�

    Mr. Palaschuk had an explanation for why the company had not repurchased any shares. It had some very good news that it had not yet released, and �we were advised by our securities counsel that we should not be in the market purchasing our own shares in the event that this would be considered insider trading.�

    Longtop is not the only Chinese fraud that caught prominent Americans. Starr International, an investment company run by Hank Greenberg, the former chairman of American International Group, invested $43.5 million in China MediaExpress and had a representative on the company�s board. Starr has filed suit in Delaware against the company and Deloitte.

    Goldman Sachs was not the underwriter of ShengdaTech, a Chinese chemical company traded on Nasdaq, but its investment arm, Goldman Sachs Investment Management, had accumulated a 7.6 percent stake in the company before its auditor, KPMG, refused to sign off on the company�s 2010 annual report and then resigned in late April. KPMG cited �serious discrepancies� regarding bank balances and �discrepancies between KPMG�s direct calls to customers and confirmations returned by mail.� Just as at Longtop, it appeared that auditors had been given false confirmation letters.

    In each of those three cases � Longtop, China MediaExpress and ShengdaTech � the auditors discovered discrepancies, but only after signing off on financial statements. That was not the case in this year�s other � and perhaps most embarrassing � resignation by a Big Four auditing firm.





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  • satishku_2000
    01-29 03:18 PM
    You should have asked your coworker , why he did not leave when the demand was low for tech workers (from 2001 to 2003 ) ...............:)





    jkays94
    06-01 01:13 PM
    I'm confused in the first place, How a public telivision channel like CNN allows to air this show.

    The problem is most often the information and numbers given on this show are not actual facts and often exaggerated and misleading. The info looks most likely derived from FAIR or NumbersUSA or Heritage foundation or one of their associates.

    The reasons can be summed up simply as ratings and the revenue defined from high ratings. CNN is taking a beating from Fox and has decided to adopt an ultra conservative agenda. At the end of the day if being pro-immigrant would improve ratings for CNN such that it would beat Fox News ratings, I am willing to bet that CNN would make a turn around and sing praises in honor of immigrants. See my next post for how low CNN is willing to go in associating with anti-immigrant groups to the extent of propagating myths.





    NKR
    12-24 10:58 AM
    but if a muslim rebels in lack of justice and equality�


    Thought I will stay out of this debate, but I couldn�t especially when innocents are getting killed�

    In India, Muslims have their own justice system according to their beliefs. Government sponsors Haj pilgrimage to poor muslims. We treat Taj Mahal as our symbol of love, fair enough.

    Abdul Kalam was the president of India, he is widely respected and all his lectures go full house even now.

    According to forbes, Wipro�s CEO Azim Premji was rated the richest person in the country from 1999 to 2005. He is the richest Muslim enterpreneur of the world. Many Hindus are working in Wipro and are proud of it.

    The three Khans in Bollywood are adored in India, Amir Khan�s Lagaan was India�s official entry for Oscars and now his �Taare Zameen Par� is this year�s official entry. We all will be happy if it wins.

    Azharuddin was the captain of Indian cricket team, though he was associated with match fixing and selling his country�s pride in cricket, he still roams scotfree.

    So where is the lack of justice and equality?. All the above chose to use the system wisely and prospered. They did not chose to lag behind and then rebel against the system.

    Now, If you think whoever is sponsoring terrorism are doing it in Islam�s favor, you are dead wrong, they are doing it so that they can lead a lavish life in their fortified mansions, they continue to sponsor terrorism, drug trafficking, money laundering and what not�all at the expense of poor brainwashed people who are mere cannon fodders.

    A poor person from Pakistan comes all over to Mumbai to carry terrorist activities and I do no understand how you can say that he is rebelling against lack of justice and equality in India. For one there is no lack of equality as mentioned above, second, who gave them authorization even if you all think there was one. That is our internal problem for crying out loud.

    Even after showing proof that the captured terrorist was from Pakistan, they are back to their old lying game telling that the person�s name is not in their official records. What next, will they give that person�s dad to India to carry out DNA test?.. hell no, they will ask for DNA sample from India and say it did not match. Seems like the trait of lying and misleading the world is in their DNA.



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