Spectrum scam – Yechury’s letter to PM
Yesterday, the media ran non stop headlines on the cash-for-votes scam. Some bloggers including Offstumped covered it too. The only interesting thing about this toothpick of a scam is how the BJP hobnobbed with the CNN-IBN, literally begging them to do a sting.
The three stunning characteristics of the spectrum scam are :
1. Simplicity – underprice a government asset and sell to private profiteers, who will then resell for the actual price. If Indian ‘middle class‘ cannot understand this, then they surely cant understand scams involving complex financial instruments.
2. Cash – other scams are hard to size because they might involve financial instruments. In this one, it is crystal clear what the market price of the national resource was ( Rs 65k Cr) and what was sold to private players like Swan, Unitech ( Rs 9k Cr). The entire loss is plain cash.
3. Size – this scam is so big that it can pay the entire amount involved in the alleged Bofors scam as interest every week. That the BJP can keep mum on this while blaring away at Bofors is unbelievable.
The medias next assignment is this : Somehow run stories to divert attention from this scam. The minister A. Raja has clearly mentioned that he has full backing of the PM and former Finance Minister P. Chidambaram.
The CPM is the only party making a noise about this. For that Kudos !
From the CPI-M website.
In a letter to the prime minister on November 18, 2008, Yechury called for a probe by an appropriate independent agency to fix responsibility for “one of the biggest financial scams of all times in the country” — the total loss to the exchequer of giving away 2G spectrum in this way is over Rs 60,000 crore
Source : CPI-M (emphasis mine and I agree)
Some excerpts from his letter
There are also reports in the press of Turkcell, a leading Turkish telecom company and Europe’s third largest operator being in talks to buy 51 per cent stake in Datacom solutions.
For a number of these corporations, who were awarded the so-called ‘first come first served’ licenses, the promoters are either unknown or shadow companies. This further reinforces the doubts regarding the bona fides of these companies as also the intent of the policy.
Source : CPI-M
Great, now we have Turkcell > Datacom, Telenor > Unitech, Etisalat > Swan.
No issue is big enough to shake the Indian voter any more.