For about a week after the Dubai crisis broke, international financial markets chose to ignore it. Stock-markets climbed, commodity prices rose and the dollar continued to be beaten down. It is not too difficult to explain this initial indifference. For one, the magnitude of the Dubai crisis appeared piffling, at first glance, compared to the “subprime” crisis or the meltdown following “Lehman’s bust”. When global banks had run up losses...

The Anderson saga is one more reminder that the powerful can always count on official help.  In the fall of 2002, Greenpeace campaigner Casey Harell paid a surprise visit to the New York State private estate of Warren Anderson, and found him living a “life of luxury”. Nothing odd about the discovery except that in the eyes of the law Mr. Anderson was untraceable, and had been so since 1992...

Eleven months after B. Ramalinga Raju, the former chairman of Hyderabad-based Satyam Computer Services, confessed to masterminding a $1.2 billion fraud at Indias fourth largest I.T. outsourcing company, the dirt is still tumbling out. On Nov. 24, the country's Central Bureau of Investigation (CBI) released findings that show the alleged fraudulent accounting and embezzlement was far larger than originally thought. Raju and nine accomplices skimmed some $2.5 billion from the...

TWENTY-ONE judges of the Supreme Court, including the Chief Justice of India (CJI), posted the details of their assets on the court’s website. The details of assets of one judge, Justice H.S. Bedi, have not yet been provided. Justice B.N. Agrawal, who retired recently, also provided the details of his assets on the website on special request. (The details are available at http:// www.supremecourtofindia.nic.in/assets.htm.) The court has claimed that the...

The Centre plans to bring a "state-of-the-art" legislation in the Winter session of Parliament to deal with complaints of corruption against judges and ensure accountability in higher judiciary. The Judges Standards and Accountability Bill will cover the "entire judiciary" and would not be a "one sided affair". It would also provide appropriate protection to the judges so that "it will not be misused," says Law and Justice Minister M Veerappa...