Left Parties and Opposition together Prevented
Congress to Pass Banking ,Insurance and Pension
fund reforms in Parliament.
As a result companies like AIG, Citi Group,
Merrill lynch, Lehman Brothers, Bear Sterns,
Bank of America, Wachovia, RBS and many
others were restrained to acquire stakes in Indian
banks and Insurance Companies.
• If foreign banks had been allowed to take over 74
per cent interest in Indian banks, our banks would
• If pension funds had been privatized, crores of
employees would have been ruined.
• Similarly, if the insurance cap had gone up to 49 per
cent, the collapse of American Insurance Group
(AIG) would have made Tata-AIG far more
The companies had a combined value
of $247 billion at the time of the deal.
Today, the combined entity is worth a
mind numbingly low $58 billion.
At the time of the merger of Alcatel and
Lucent, the entity had a share price of
$15.4 (March 31, 2006).
July 24, 2008, the price is $6.09
Patricia Russo, CEO Alcatel-Lucent, has a
history of destroying shareholder wealth.
CEO Meg Whitman,
who ensured eBay
Also ensured eBay’s
price fell from close
$40 Sep 9, 2005
$25 Jul 24, 2008