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The PMC Bank fraud exposes the limits of capitalism
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India, Oct. 18 -- The Enforcement Directorate (ED) has attached the vast properties of Rakesh Wadhawan and his son Sarang. These include their Rolls Royce, Audi, Bentley and Bolero cars, Ferretti yacht and Falcon 2000 private plane. These are just some of the assets that the promoters of the Housing Development and Infrastructure Limited (HDIL), the bankrupt real estate firm, had to give up to the ED to put on the block to repay the loans owed by them to the Punjab and Maharashtra Co-operative Bank (PMC).
I don't know about you, but I found myself somewhat repulsed reading about the enormous wealth that the Wadhawan family has been sitting on. Look, I am no Marxist and, like all capitalists, believe that wealth-creation is a perfectly le...
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