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Seems like the Justice department is reaching for and trying to grasp straws. This is nothing more than trying to poke Modi in the eye on the way out. I do not want my tax dollars spent this way.
I am not a fan of Adani (there are better Indian businesses) and I do not hold any GQG funds, but the current Democratic Party establishment is making sure they never win the US Presidency again. Their foreign policy sucks. Immediately after they came to power they started meddling in the affairs of other countries, including India, and bullied democratically elected heads of Governments of some of these countries, including orchestrating change of duly elected democratic governments before their terms were over. When immigrants from non-European countries were a small percentage of the US population, a lot of US foreign policy shenanigans were kept out of sight of US population but now these immigrants are a sizable population and the Biden Administration chose to continue the traditional paternalistic approach. Unfortunately, not all meddling was done with a view to benefit the US, even if it were misguided. In some cases the Biden Administration was simply played like a flute (or a fool). And Democrat Party establishment likes to repeat that Trump falls easily for flattery. These guys have no self reflection.
The hyper (in)competent Biden Justice department spent four years and could not even bring a single case against Trump to trial. In hindsight, denying Garland S Ct appointment turned out to be the right decision, though unfortunately it resulted in a partisan Court. On their way out this Justice department (with Garland abdicating his responsibilities) is trying to score moral victories for the party base and of course, gain plumper appointments in the next Democrat administration. Childish stuff. With their current play book, there will not be a next. Voters are not stupid.
Many of the 20 somethings I speak with do not want our Govt meddling in other countries’ internal affairs; it does not matter whether the powers in those countries are aligned with the US political Party in power.
P.S.: My India investments are whatever is in FSEAX, currently my only international fund.
Well, night and day. We see the world utterly differently. More's the pity. I'm no Dem. They seem not only inept to me, they have some crazy Woke agendas, too. Yet the Repugnants did not become repugnant to me for no reason: no soul. No rudder. No ethics. They will do anything at all, allow anything at all, for filthy, sweaty money. No longer a Party, the Repugs are a subversive organization. The Dems are inept. The Repugs are destructive. I dread the next 4 years. I could move to Ireland tomorrow. The weather here in Polynesia keeps me tied to this place. And by the way, the Dems have our 50th State locked-up for themselves. Which is to say that nothing gets done under budget, or on time--- if it EVER gets done. Same story, out here in the middle of the Pacific.
Unfortunately, the divide between the Parties has expanded, and the quest for support within each Party has resulting in a disproportionate voice for vocal fringe groups within each Party. The centrists of each group are inhibited from finding common ground. As a result, we have governance by the loudest (and often, most self-serving).
On DOJ news, Adani Group related shares in India are down 20% again - the last time was a couple of years ago on Hindenberg hit, but nothing came out of that and the shares recovered. Now the DOJ news on Adani pulled Adani stocks down sharply, and the Indian market down by about 0.5%; Adani group companies are in both major Indian indexes Sensex and Nifty.
I will watch how the tiny currency-hedged etf INDH trades today (only a few thousand shares trade/day) & may pick up some via limit-order. Adani is only a minor holding in INDH. The other India ETFs and CEFs aren't currency-hedged and Indian rupee has been losing value steadily relative to dollars for years.
Background:
1. Fingers have been pointed at Adani in India and elsewhere because he is among the 2 closest businessmen to Prime Minister Modi (the other is Ambani). Both Ambani and Adani have far flung operations and are on global billionaire lists.
2. One may wonder what the US DOJ has to do with all this? Adani is in India, his businesses are in India and elsewhere (but not in the US). So, why?
The SEC and DOJ are using 2 things to claim jurisdiction. First, Adani group had ties/dealing with Indian Azure Power that had a US IPO in 2016 as AZRE and got delisted in 2023 and is now on the US Pink Sheets/OTC as AZREF. Second, Adani group issued bonds in the US; on this DOJ news, it cancelled another upcoming bond issue in the US. So, the SEC and DOJ are claiming that whatever happens in India cannot remain in India when the US investors are involved.
I think that this will serve as warning for Indian companied trying to tap the US capital markets. In fact, many are already doing the fund raising via the UK.
3. It could just be part of the extradition game that countries play. At any time, the US and India want people extradited. But by targeting Adani, a very close friend of Modi, the US has raised stakes in the extradition game.
Their foreign policy sucks. Immediately after they came to power they started meddling in the affairs of other countries, including India, and bullied democratically elected heads of Governments of some of these countries, including orchestrating change of duly elected democratic governments before their terms were over.
--- One needs examples; especially the 'duly elected democratic governments'.
Many of the 20 somethings I speak with do not want our Govt meddling in other countries’ internal affairs; it does not matter whether the powers in those countries are aligned with the US political Party in power.
--- One must know the world history background achievements of the '20 somethings' and their knowledge of world history; let us choose, since 1900. A short period in terms of global history.
To the above, no reference exists for the quoted words.
Although most of us are busy with 'everything'; I had hoped that BaluBalu would have provided a bit of background for the '20 somethings' he speaks with to know about their 'scholarship' of learning. This age group could have a 'master's degree' in world history, world affairs and global politics. I'm of the age to be their grandfather, so it is likely that their understanding and mine will have gaps based on 'our knowledge and experiences'. Many others here would also have their 'experiences and knowledge' to provide other insights. Filling the gaps is a part of finding common ground and learning for all.
Comments
paidfor the favorI am not a fan of Adani (there are better Indian businesses) and I do not hold any GQG funds, but the current Democratic Party establishment is making sure they never win the US Presidency again. Their foreign policy sucks. Immediately after they came to power they started meddling in the affairs of other countries, including India, and bullied democratically elected heads of Governments of some of these countries, including orchestrating change of duly elected democratic governments before their terms were over. When immigrants from non-European countries were a small percentage of the US population, a lot of US foreign policy shenanigans were kept out of sight of US population but now these immigrants are a sizable population and the Biden Administration chose to continue the traditional paternalistic approach. Unfortunately, not all meddling was done with a view to benefit the US, even if it were misguided. In some cases the Biden Administration was simply played like a flute (or a fool). And Democrat Party establishment likes to repeat that Trump falls easily for flattery. These guys have no self reflection.
The hyper (in)competent Biden Justice department spent four years and could not even bring a single case against Trump to trial. In hindsight, denying Garland S Ct appointment turned out to be the right decision, though unfortunately it resulted in a partisan Court. On their way out this Justice department (with Garland abdicating his responsibilities) is trying to score moral victories for the party base and of course, gain plumper appointments in the next Democrat administration. Childish stuff. With their current play book, there will not be a next. Voters are not stupid.
Many of the 20 somethings I speak with do not want our Govt meddling in other countries’ internal affairs; it does not matter whether the powers in those countries are aligned with the US political Party in power.
P.S.: My India investments are whatever is in FSEAX, currently my only international fund.
If nothing, as a starting point, we should expect the ruling class to be more transparent and less paternalistic.
I will watch how the tiny currency-hedged etf INDH trades today (only a few thousand shares trade/day) & may pick up some via limit-order. Adani is only a minor holding in INDH. The other India ETFs and CEFs aren't currency-hedged and Indian rupee has been losing value steadily relative to dollars for years.
Background:
1. Fingers have been pointed at Adani in India and elsewhere because he is among the 2 closest businessmen to Prime Minister Modi (the other is Ambani). Both Ambani and Adani have far flung operations and are on global billionaire lists.
2. One may wonder what the US DOJ has to do with all this? Adani is in India, his businesses are in India and elsewhere (but not in the US). So, why?
The SEC and DOJ are using 2 things to claim jurisdiction. First, Adani group had ties/dealing with Indian Azure Power that had a US IPO in 2016 as AZRE and got delisted in 2023 and is now on the US Pink Sheets/OTC as AZREF. Second, Adani group issued bonds in the US; on this DOJ news, it cancelled another upcoming bond issue in the US. So, the SEC and DOJ are claiming that whatever happens in India cannot remain in India when the US investors are involved.
I think that this will serve as warning for Indian companied trying to tap the US capital markets. In fact, many are already doing the fund raising via the UK.
3. It could just be part of the extradition game that countries play. At any time, the US and India want people extradited. But by targeting Adani, a very close friend of Modi, the US has raised stakes in the extradition game.
Adani in Wiki https://en.wikipedia.org/wiki/Adani_Group
Adani Businesses https://www.adani.com/businesses
INDH https://www.morningstar.com/etfs/xnas/indh/quote
To the above, no reference exists for the quoted words.
Yes, OT would be the likely area, at this point.