Global Geopolitics Net Sites / IPS
Thursday, October 23, 2008
All rights reserved, IPS – Inter Press Service, 2008.
Analysis by Praful Bidwai
NEW DELHI, Oct 23 (IPS) – Tata Motors’ decision to shift the production site of its ultra-cheap, iconic Nano car from communist-ruled West Bengal state to Gujarat — scene of the 2002 anti-Muslim pogrom — has caused consternation and dismay among liberals and secular-minded people all over India.
The decision was personally taken by Ratan Tata, the company’s chairman, and one of India’s best-known and -regarded industrialists. Tata Motors hit world headlines in June when it acquired the British luxury automobile manufacturer Jaguar Cars and Land Rover.
Six years ago, Gujarat witnessed independent India’s worst massacre of a religious minority, conducted with alleged state complicity and collusion.
Over 2,000 Muslims were burned, speared or chopped to death and many more were raped in an orgy of violence in several cities in Gujarat, organised purportedly to avenge the death of 59 Hindu activists in a fire on a railway coach at Godhra in central Gujarat at the end of February, 2002.
[Read more...]

ECONOMY-US: From the Guys Who Brought You Enron…
Global Geopolitics Net Sites / IPS
Thursday, October 23, 2008
All rights reserved, IPS – Inter Press Service, 2008.
Adrianne Appel
BOSTON, Oct 23 (IPS) – The global credit agencies Moody’s, Standard and Poor’s and Fitch propelled the financial meltdown by giving high marks to failing financial companies and their risky, sub-prime investments, lawmakers said Wednesday.
”The story of the credit rating agencies is a story of colossal failure,” said Rep. Henry Waxman, chairman of the House Oversight and Government Affairs Committee.
”Millions of investors rely on them for independent, objective assessments. The rating agencies broke this bond of trust, and federal regulators ignored the warning signs and did nothing to protect the public,” Waxman said.
Credit agencies began in the early 1900s and have grown to rate a vast array of institutions, businesses, individual investments and even cities, states and nations, as to their credit worthiness. The credit rating agencies have been criticised in the past for the power they yield over nations that have entered the global bond market in search of cash. Any downgrade in ratings can wreak havoc for a nation seeking cash.
[Read more...]