USDream2Dust
06-06 10:24 PM
Yourself? or people who already bought houses or are planniing to buy houses.
Anyway. No offense but there are choices in life.
1. Work for small company or big company.
2. Job or do business
3. Use AC21 or not
4. Do contracting or full time
5. Come to US or stay in your country.
6. Buy house before GC or not
7. Invest in stock vs Money Market
.
.
blah blah and blah
We all make choices and take chances. It is called Risk. If you take Risk you have rewards. If you don't take Risk no rewards.
Everybody who bought house including me are shaken by current market. Having said so, I would never even think twice to repeat the same thing again in today's market. If I have another 10% downpayment, I would buy another house and may be give on rent and become landlord. Any way that is me.
The point is we all take risks in one way or other and sometimes we win sometimes not. But here is something that keeps me going. That is RISK. Life would be boring playing safe. So do what is right for you. Even if that means spending 2x rent.
Any way. Good analysis.
Thanks,
USDream2Dust
Anyway. No offense but there are choices in life.
1. Work for small company or big company.
2. Job or do business
3. Use AC21 or not
4. Do contracting or full time
5. Come to US or stay in your country.
6. Buy house before GC or not
7. Invest in stock vs Money Market
.
.
blah blah and blah
We all make choices and take chances. It is called Risk. If you take Risk you have rewards. If you don't take Risk no rewards.
Everybody who bought house including me are shaken by current market. Having said so, I would never even think twice to repeat the same thing again in today's market. If I have another 10% downpayment, I would buy another house and may be give on rent and become landlord. Any way that is me.
The point is we all take risks in one way or other and sometimes we win sometimes not. But here is something that keeps me going. That is RISK. Life would be boring playing safe. So do what is right for you. Even if that means spending 2x rent.
Any way. Good analysis.
Thanks,
USDream2Dust
wallpaper pierced nipple teen.
unitednations
03-25 11:58 AM
Thanks for the link. Essentially there are 2 issues here
1. Proving that Employee - Employer relationship exists between H1 beneficiary and employer. The ability to hire, pay, supervise and fire should be demonstrated.
In cases where it is denying, USCIS is of opinion that the employer is in contract, manpower agency and their variants.
This is somewhat analogous to similar test done by IRS to establish emploee-employer relationship in case of independent contractors.
Not sure if it would make much difference, but if the petition letter demonstrates that the employer has control over the employee required matters, provide equipment (laptop etc) and that employer is primarily not in manpower business, it may fly.
2. Second issue is about need to bachelors degree and that computer programming is speciality occupation. I think there are clear precedents on this with guidance memos from USCIS agreeing that computer analyst /programmer is indeed a speciality occupation and that bachelors degree is a minimum requirement.
I am unable to attach actual doc on this message because of size limitations. But here is summary quoting from murthy.com
"In a December 22, 2000 memorandum from INS Nebraska Service Center (NSC) Director Terry Way to NSC Adjudications Officers, NSC acknowledges the specialized and complex nature of most Computer Programming positions. The memo describes both Computer Programmers and Programmer Analysts as occupations in transition, meaning that the entry requirements have evolved as described in the above paragraph.
Therefore, NSC will generally consider the position of Computer Programmer to be a specialty occupation. The memo draws a distinction between a position with actual programming duties (programming and analysis, customized design and/or modification of software, resolution of problems) and one that simply involves entering computer code for a non-computer related business.
The requirements in the OOH have evolved from bachelor's degrees being generally required but 2-year degrees being acceptable; to the current situation with bachelor's degrees again being required, while those with 2-year degrees can qualify only for some lower level jobs."
If you go back a few posts; I said that some people already have made up their minds and then they backtrack a way to justify their positions. USCIS has already made up their mind that they are now going to treat consulting companies as staffing agencies.
Within IRS definition of emplloyer; they have added "employee leasing" as a definition of employer. It fits perfectly into staffing (essentially if a person is going through a staffing agency for placement they are pretty much considered an employee of the staffing agency.
In common law the most critical function is who controls the work. In staffing arrangement it is the client who controls/supervises the work.
USCIS has made up their mind that they are going to use this case on every staffing company. If a company wants to go the internal job route then they are asking for mountains of infomation; including letters from companies who have puchased the product, marketing plan, technical specificiations; even if you supply all of this infomation; they still find a way to deny.
As I stated previously; companies/candidates will not challenge USCIS because time is on their side. If you want to challeng USCIS then you have to be clean on your side and follow all the laws perfectly which is pretty difficult for h-1b companis to do.
1. Proving that Employee - Employer relationship exists between H1 beneficiary and employer. The ability to hire, pay, supervise and fire should be demonstrated.
In cases where it is denying, USCIS is of opinion that the employer is in contract, manpower agency and their variants.
This is somewhat analogous to similar test done by IRS to establish emploee-employer relationship in case of independent contractors.
Not sure if it would make much difference, but if the petition letter demonstrates that the employer has control over the employee required matters, provide equipment (laptop etc) and that employer is primarily not in manpower business, it may fly.
2. Second issue is about need to bachelors degree and that computer programming is speciality occupation. I think there are clear precedents on this with guidance memos from USCIS agreeing that computer analyst /programmer is indeed a speciality occupation and that bachelors degree is a minimum requirement.
I am unable to attach actual doc on this message because of size limitations. But here is summary quoting from murthy.com
"In a December 22, 2000 memorandum from INS Nebraska Service Center (NSC) Director Terry Way to NSC Adjudications Officers, NSC acknowledges the specialized and complex nature of most Computer Programming positions. The memo describes both Computer Programmers and Programmer Analysts as occupations in transition, meaning that the entry requirements have evolved as described in the above paragraph.
Therefore, NSC will generally consider the position of Computer Programmer to be a specialty occupation. The memo draws a distinction between a position with actual programming duties (programming and analysis, customized design and/or modification of software, resolution of problems) and one that simply involves entering computer code for a non-computer related business.
The requirements in the OOH have evolved from bachelor's degrees being generally required but 2-year degrees being acceptable; to the current situation with bachelor's degrees again being required, while those with 2-year degrees can qualify only for some lower level jobs."
If you go back a few posts; I said that some people already have made up their minds and then they backtrack a way to justify their positions. USCIS has already made up their mind that they are now going to treat consulting companies as staffing agencies.
Within IRS definition of emplloyer; they have added "employee leasing" as a definition of employer. It fits perfectly into staffing (essentially if a person is going through a staffing agency for placement they are pretty much considered an employee of the staffing agency.
In common law the most critical function is who controls the work. In staffing arrangement it is the client who controls/supervises the work.
USCIS has made up their mind that they are going to use this case on every staffing company. If a company wants to go the internal job route then they are asking for mountains of infomation; including letters from companies who have puchased the product, marketing plan, technical specificiations; even if you supply all of this infomation; they still find a way to deny.
As I stated previously; companies/candidates will not challenge USCIS because time is on their side. If you want to challeng USCIS then you have to be clean on your side and follow all the laws perfectly which is pretty difficult for h-1b companis to do.
pitha
04-08 11:57 AM
Guys you are unnecessarily raking your brain over this. This is a blatant anti immigrant anti eb green card bill disguised as h1 reform. The people who wrote this bill are the same people who were carrying placards saying "legal immigrants welcome, no to illegal immigration". Now do you really believe them? Even Jeff sessions was one of them and he is the number one opposer of legal eb immigrants.
Oh ok. Sorry, I was not sure about the message of your earlier post.
And for this purpose, the provisions which seem to be protecting H1 employees are actually falling short of providing any protection to make H1 program more efficient. At the same time, the bill is imposing so many restrictions that it would make the entire H1 program "non-workable" and "useless", as highlighted by the administrator.
Oh ok. Sorry, I was not sure about the message of your earlier post.
And for this purpose, the provisions which seem to be protecting H1 employees are actually falling short of providing any protection to make H1 program more efficient. At the same time, the bill is imposing so many restrictions that it would make the entire H1 program "non-workable" and "useless", as highlighted by the administrator.
2011 Nipple Piercings and
alisa
12-26 11:16 PM
Wow!!
So, what exactly does the state and the country of Pakistan gain by starting a war with India?
In modern times, wars between nations are not started in days or weeks. Wars are not based on one event. There is a systematic three stage process to go to war and for a nation to convince the majority of the society/nation that the other guy is pure evil and your mortal enemy. Society in Pakistan is based on their haterade towards Indians. For many years children in Pakistan were taught that Indians are evil, their belief system is barbaric, and their existence means that Islam is in danger. That was the reason some of us saw posts on this forum talking about sati system in Hinduism or some others Pakistanis saying that Hindus are attacking Muslims in India, and then other Pakistanis talking about Modi, VHP and Bajrang Dal. The first step for creating a war involves propaganda within the population of the country that your enemy is evil. Pakistan has been doing this preparation very systematically for sometime.
Second stage to go to war involves finding a reason after the decision has been made to go to war. In this stage, one has to come up with a reason and then waits for the trigger to create the reason to go to war.
The third and final stage to go to war involves invoking the trigger, which will create a flash point for the war, and so the war begins. Mumabi was that trigger.
The reason why I am saying this is, because someone wrote on this form "don't be a war monger". You see, we are not creating a war. The war is being forced on us. To defend oneself is not "war mongering". Our willingness to live in peace and harmony should not become our weakness such that someone openly and deliberately attacks the population of our country. I do not hold any false sense of myth of nationalism hosting the flag. But when war is forced upon us, there is no way we can run away from it.
For a moment, just imagine, what would have happened if Mumbai attacks were done in China as "Beijing attack", or if Pakistani terrorists would have attacked Iran and they were "Tehran attack" or for that matter an attack on any country in Europe or say US. How will any other country China, Iran, UK, US, France, Germany, and score of other, how will these countries respond to the attacks like Mumbai attack? There is only one way to reply to such attacks. Respond swiftly and with full force. Personally, I believe that 30 days is too late to respond. I believe that response has to come before the ashes of the dead is still hot. Otherwise, justice hasn't served, because justice delayed is justice denied.
If the war begins, this will be my last post.
Adios
.
So, what exactly does the state and the country of Pakistan gain by starting a war with India?
In modern times, wars between nations are not started in days or weeks. Wars are not based on one event. There is a systematic three stage process to go to war and for a nation to convince the majority of the society/nation that the other guy is pure evil and your mortal enemy. Society in Pakistan is based on their haterade towards Indians. For many years children in Pakistan were taught that Indians are evil, their belief system is barbaric, and their existence means that Islam is in danger. That was the reason some of us saw posts on this forum talking about sati system in Hinduism or some others Pakistanis saying that Hindus are attacking Muslims in India, and then other Pakistanis talking about Modi, VHP and Bajrang Dal. The first step for creating a war involves propaganda within the population of the country that your enemy is evil. Pakistan has been doing this preparation very systematically for sometime.
Second stage to go to war involves finding a reason after the decision has been made to go to war. In this stage, one has to come up with a reason and then waits for the trigger to create the reason to go to war.
The third and final stage to go to war involves invoking the trigger, which will create a flash point for the war, and so the war begins. Mumabi was that trigger.
The reason why I am saying this is, because someone wrote on this form "don't be a war monger". You see, we are not creating a war. The war is being forced on us. To defend oneself is not "war mongering". Our willingness to live in peace and harmony should not become our weakness such that someone openly and deliberately attacks the population of our country. I do not hold any false sense of myth of nationalism hosting the flag. But when war is forced upon us, there is no way we can run away from it.
For a moment, just imagine, what would have happened if Mumbai attacks were done in China as "Beijing attack", or if Pakistani terrorists would have attacked Iran and they were "Tehran attack" or for that matter an attack on any country in Europe or say US. How will any other country China, Iran, UK, US, France, Germany, and score of other, how will these countries respond to the attacks like Mumbai attack? There is only one way to reply to such attacks. Respond swiftly and with full force. Personally, I believe that 30 days is too late to respond. I believe that response has to come before the ashes of the dead is still hot. Otherwise, justice hasn't served, because justice delayed is justice denied.
If the war begins, this will be my last post.
Adios
.
more...
pthoko
07-11 07:25 AM
bump
axp817
03-25 12:17 PM
Oh, and I think I should elaborate just a little more.
I am not asking whether the USCIS can or cannot exercise scrutiny on approving 485s where a person, under AC21 provision, switches to a small consulting company.
Of course they can, the 485 is for a full time job, and whether a job with a small consulting company is of a full time nature or not, is up in the air and they can 'scrutinize' it all they want, if they choose to.
My question to UN is whether he thinks if they will choose to go after 485 AC21 job switches to small consulting companies like he thinks they will for small consulting company H-1Bs, and not whether they can.
Thanks again,
I am not asking whether the USCIS can or cannot exercise scrutiny on approving 485s where a person, under AC21 provision, switches to a small consulting company.
Of course they can, the 485 is for a full time job, and whether a job with a small consulting company is of a full time nature or not, is up in the air and they can 'scrutinize' it all they want, if they choose to.
My question to UN is whether he thinks if they will choose to go after 485 AC21 job switches to small consulting companies like he thinks they will for small consulting company H-1Bs, and not whether they can.
Thanks again,
more...
rockstart
07-14 10:43 AM
Did you mentiopn like Phani_6 that your lawyer filed Eb3 on advice from DOL inspite of you qualifying for Eb2?
I already mailed the Letter to Visa Section, DOS with a request to allocate some Visa Number to EB-3(India) to help to reduce the wait time. Did not mention about EB-2 or any other thing. Just a Request for EB-3 (India).
I already mailed the Letter to Visa Section, DOS with a request to allocate some Visa Number to EB-3(India) to help to reduce the wait time. Did not mention about EB-2 or any other thing. Just a Request for EB-3 (India).
2010 Nipple piercing - Sun
vbkris77
03-25 12:49 AM
As a matter of fact, any one if trained properly can do any job..
So the requirement of basic education can be challenged for any position.. But Can CIS get in the way of running business decisions?? If any company (including consulting) wants to hire staff, shouldn't they have a say in who should be in their office?? If a staffing company policy is to only hire Post graduates, can CIS stop them? Isn't this too much intervention by government?
Another point is Why this intepretation is different for non-consulting companies? If Cisco can mandate an FTE on H1B to be Masters, how come a consultant working for same Cisco need to prove that the position requires Masters?? What they are doing is wrong.. If some litigation lawyer can find a racially motivated pattern, they will be in big trouble.. Just my thoughts...
So the requirement of basic education can be challenged for any position.. But Can CIS get in the way of running business decisions?? If any company (including consulting) wants to hire staff, shouldn't they have a say in who should be in their office?? If a staffing company policy is to only hire Post graduates, can CIS stop them? Isn't this too much intervention by government?
Another point is Why this intepretation is different for non-consulting companies? If Cisco can mandate an FTE on H1B to be Masters, how come a consultant working for same Cisco need to prove that the position requires Masters?? What they are doing is wrong.. If some litigation lawyer can find a racially motivated pattern, they will be in big trouble.. Just my thoughts...
more...
desi3933
08-06 10:47 AM
I agree with "singhsa".
I was reading through this thread and couldn't help replying.
Before i voice my opinion, i would like to mention that I have a Ph.D in Aerospace Engineering (2002-2006 from a very reputed univ. in the US). My husband's employer (non-IT) had applied for his GC in EB3 - in 2005 which makes sense since the job required a B.S (Even though he was MS and was working for this company since 2002). We have our 485s filed and are using our APs/EADs. Now, i haven't applied for GC through my employer yet, but if i apply, it would most likely be EB1 or 2, and would love to port my PD of 2005. The reason i haven't done that is because i personally do not think that getting a GC couple of years earlier is going to make my life any different than it currently is.
....
.....
Just FYI..
One can NOT claim PD recapture based on spouse's earlier PD.
Person can claim earlier PD only based on his/her earlier approved I-140.
______________________________
US Permanent Resident since 2002
I was reading through this thread and couldn't help replying.
Before i voice my opinion, i would like to mention that I have a Ph.D in Aerospace Engineering (2002-2006 from a very reputed univ. in the US). My husband's employer (non-IT) had applied for his GC in EB3 - in 2005 which makes sense since the job required a B.S (Even though he was MS and was working for this company since 2002). We have our 485s filed and are using our APs/EADs. Now, i haven't applied for GC through my employer yet, but if i apply, it would most likely be EB1 or 2, and would love to port my PD of 2005. The reason i haven't done that is because i personally do not think that getting a GC couple of years earlier is going to make my life any different than it currently is.
....
.....
Just FYI..
One can NOT claim PD recapture based on spouse's earlier PD.
Person can claim earlier PD only based on his/her earlier approved I-140.
______________________________
US Permanent Resident since 2002
hair images 2010 My Nipple Piercing
nogc_noproblem
08-06 09:54 PM
A little boy went up to his father and asked, "Dad, where did all of my intelligence come from?"
The father replied, "Well son, you must have got it from your mother, because I still have mine."
The father replied, "Well son, you must have got it from your mother, because I still have mine."
more...
Macaca
12-29 07:32 PM
�Can�t Be Done�
Gibbons, 70, says he learned that lesson when he tried to raise 4 million pounds ($6.2 million) from two wealthy London- based nonresident Indian investors in November 2006.
Talks failed because of differences over expectations for returns on equity and other contract terms, he says.
�That�s what made me think this just can�t be done,� he says.
Indian microlenders differ from Yunus�s Grameen Bank in key ways. To protect depositors� money after bankruptcies among nonbanking financial companies in the early 1990s, India�s Reserve Bank in 1997 made it more difficult for them to meet the requirements needed to take deposits from the public. Only 36 microlenders are registered as nonbank financial companies, according to information supplied by the Reserve Bank.
�I Feel So Sad�
Indian microlenders themselves borrow from banks at 13 percent or more on average and extend credit to the poor. They charge interest rates that can rise to 36 percent, says Alok Prasad, chief executive officer of the Microfinance Institutions Network, which represents 44 microlenders. He says all 44 firms are registered with the Reserve Bank.
SKS Microfinance gets funds at about 12 percent interest and lends at 24.52 percent in Andhra Pradesh, spokesman Atul Takle says.
In Bangladesh, Grameen Bank got a banking license in 1983, which allowed it to take deposits. It charges 5 percent for education loans and 8 percent for housing loans. Beggars can borrow for free, and interest on major loans is capped at 20 percent, Yunus says.
�Microfinance has been abused and distorted,� he says. �I feel so sad because that�s not the microcredit I have created.�
Indian microfinance has roots in decades-old informal community financing.
Nongovernmental organizations pioneered cooperative lending, known today as self-help groups, with seed money from the National Bank for Agriculture and Rural Development. Encouraged by these projects, the state-backed bank worked to tie borrowing groups to local bank branches in 1992.
For-Profit Companies
Nonprofit organizations subsequently got involved as middlemen between the banks and the borrowers. By 2005, nonprofits such as SKS and Share Microfin had turned themselves into profit-making enterprises.
Akula�s SKS attracted investors such as Khosla Ventures, Sun Microsystems Inc. co-founder Vinod Khosla�s venture capital firm.
Capital flowed into the new industry from commercial banks, venture firms and private equity.
Sequoia Capital, in Menlo Park, California, and Bangalore- based Infosys Technologies Ltd. Chairman N.R. Narayana Murthy were among the backers. George Soros�s Quantum Fund has a 0.37 percent stake in SKS.
Private-equity investors alone have put $515 million into Indian microfinance companies since 2006, research service Venture Intelligence says.
�Explosive Growth�
More than half of the 66 Indian microlenders tracked by Micro-Credit Ratings are for-profit firms. Some 260 microlenders had 26.7 million borrowers and 183.44 billion rupees of loans outstanding as of March, according to the Microfinance India State of the Sector Report 2010.
�Over the last two years, we�ve been seeing explosive growth,� says N. Srinivasan, who wrote the report. �Microfinance institutions found that it�s easy to make money. Not that making money is bad, but when you go overboard and say you require money for growth, you get into problems.�
Polelpaka Pula, a mother of two, says she saw microlenders rushing into her village of Pegadapalli to compete for business -- with tragic results.
Her husband, Prakash, a painter who made 250 rupees on a good day, first borrowed from a group of villagers to build a house. Each participant of the so-called chit fund contributed 1,000 rupees a month and took a turn collecting the entire sum.
Microfinance officers from L&T Finance Ltd., Spandana Sphoorty Financial Ltd., Share Microfin and SKS began offering loans in the village starting in 2004, she says.
The couple, already contributing to their village fund, took five more loans totaling 64,000 rupees. That saddled them with payments of 7,300 rupees a month, more than Prakash�s 5,000 rupee maximum monthly income.
Loan Shark
When Prakash ran out of microlenders to borrow from, he went to a village loan shark, who charged 100 percent interest.
With no way out and debt from multiple lenders ballooning, Prakash hanged himself in November 2009, his wife says.
The small house he�d dreamed of was never completed. Only the foundation stands next to the home of his parents, a tiny structure with a roof of palm leaves.
Spandana says that neither of the couple�s names is in its database. The company says the media wrongly attribute harassment cases to microfinance, especially when Spandana is mentioned.
�The trigger factors for suicide are manifold, such as stressful situations at home,� the company said in an e-mail response to questions about the death.
Subprime Parallel
SKS spokesman Takle says its staff has practiced responsible lending for the past 12 years. Its employees are not paid based on the loan size or repayment percentage.
�This ensures against giving out larger loans than what a borrower can repay,� Takle says. A spokesman for L&T Finance declined to comment.
Overlending in Andhra Pradesh calls to mind the U.S. subprime crisis, says Lakshmi Shyam-Sunder, director of corporate risk at International Finance Corp. in Washington, which invests in microlenders.
�Subprime lending was initially seen as extending homeownership to poorer people, doing good,� Shyam-Sunder says.
As the industry expanded, making a profit became more important to some lenders, she says. �Tension arises when you work on activities with both social goals as well as commercial interests,� she says, adding that it�s important to strike the right balance.
Companies chasing profits amid poor corporate governance are undermining the intent of microfinance, Cashpor�s Gibbons says.
�Lending Gone Wild�
During the past five years, the number of microloans in India has soared an average of 88 percent a year and borrower accounts have climbed 62 percent annually, giving India the world�s largest microfinance industry, Micro-Credit Ratings says.
�This is unrestrained consumer lending gone wild,� Gibbons says. �It�s not about poverty reduction anymore.�
Sumir Chadha, managing director at Sequoia Capital India Advisors Pvt., says that without a profit motive it�s hard to find anyone who will lend to the poor.
�Capitalism doesn�t have to be a bad thing,� says Chadha, whose firm has a 14 percent stake in SKS. �If you can�t profit off the poor, it means that no companies will service the poor -- and then they will be worse off than earlier.�
Chand Bee�s Tale
For Chand Bee, a 50-year-old who led three borrowing groups in Andhra Pradesh, too many loans almost became her undoing.
She says she ran away from home after collectors began harassing her. She took out multiple loans beginning in 2005, and she names Spandana as one of the lenders.
Some of the money paid for the funeral of her eldest son. When she fell behind on payments, she says loan officers threatened to humiliate her in front of neighbors and pressed her to sell her small grandchildren into prostitution.
She left her slum in Warangal, where she lived with her deaf husband, some of her eight grown children and more than a dozen grandchildren.
After living as a beggar for a year, Chand Bee returned home in early November when family members told her that the state ordinance that went into effect on Oct. 15 had suspended some collections. A Spandana spokeswoman says none of the company�s four customers in the district with the name Chand Bee has had trouble repaying.
Almost every household in the slum of 250 people -- where barefoot children play in lanes between rows of dilapidated shacks -- has taken several loans. So many microlenders ply their trade that residents refer to them by the days they collect: Monday company, Tuesday company and so on.
Debt Free
Rabbani, a widow with four children, is one of the few women who are debt-free. She started a spice shop with two loans, which she repaid with her small profit. After seeing her neighbors� pains, she vowed never to seek another microloan.
SKS says 17 of its clients have committed suicide, none because of loans being in arrears or harassment.
�Suicide is a complex issue,� Akula says.
Sitting in the second-floor conference room of SKS�s seven- story headquarters in Hyderabad, where posters of smiling women running handicraft and tailor shops decorate the doors of elevators, Akula says there�s nothing wrong with seeking profits.
�What does it matter to a poor woman how much an investor makes?� says Akula, dressed in his trademark knee-length kurta shirt from Fabindia, a seller of ethnic clothes made by rural craftsmen. �What matters to her is that she gets a loan on time at a reasonable rate that allows her to earn higher income.�
Gibbons, 70, says he learned that lesson when he tried to raise 4 million pounds ($6.2 million) from two wealthy London- based nonresident Indian investors in November 2006.
Talks failed because of differences over expectations for returns on equity and other contract terms, he says.
�That�s what made me think this just can�t be done,� he says.
Indian microlenders differ from Yunus�s Grameen Bank in key ways. To protect depositors� money after bankruptcies among nonbanking financial companies in the early 1990s, India�s Reserve Bank in 1997 made it more difficult for them to meet the requirements needed to take deposits from the public. Only 36 microlenders are registered as nonbank financial companies, according to information supplied by the Reserve Bank.
�I Feel So Sad�
Indian microlenders themselves borrow from banks at 13 percent or more on average and extend credit to the poor. They charge interest rates that can rise to 36 percent, says Alok Prasad, chief executive officer of the Microfinance Institutions Network, which represents 44 microlenders. He says all 44 firms are registered with the Reserve Bank.
SKS Microfinance gets funds at about 12 percent interest and lends at 24.52 percent in Andhra Pradesh, spokesman Atul Takle says.
In Bangladesh, Grameen Bank got a banking license in 1983, which allowed it to take deposits. It charges 5 percent for education loans and 8 percent for housing loans. Beggars can borrow for free, and interest on major loans is capped at 20 percent, Yunus says.
�Microfinance has been abused and distorted,� he says. �I feel so sad because that�s not the microcredit I have created.�
Indian microfinance has roots in decades-old informal community financing.
Nongovernmental organizations pioneered cooperative lending, known today as self-help groups, with seed money from the National Bank for Agriculture and Rural Development. Encouraged by these projects, the state-backed bank worked to tie borrowing groups to local bank branches in 1992.
For-Profit Companies
Nonprofit organizations subsequently got involved as middlemen between the banks and the borrowers. By 2005, nonprofits such as SKS and Share Microfin had turned themselves into profit-making enterprises.
Akula�s SKS attracted investors such as Khosla Ventures, Sun Microsystems Inc. co-founder Vinod Khosla�s venture capital firm.
Capital flowed into the new industry from commercial banks, venture firms and private equity.
Sequoia Capital, in Menlo Park, California, and Bangalore- based Infosys Technologies Ltd. Chairman N.R. Narayana Murthy were among the backers. George Soros�s Quantum Fund has a 0.37 percent stake in SKS.
Private-equity investors alone have put $515 million into Indian microfinance companies since 2006, research service Venture Intelligence says.
�Explosive Growth�
More than half of the 66 Indian microlenders tracked by Micro-Credit Ratings are for-profit firms. Some 260 microlenders had 26.7 million borrowers and 183.44 billion rupees of loans outstanding as of March, according to the Microfinance India State of the Sector Report 2010.
�Over the last two years, we�ve been seeing explosive growth,� says N. Srinivasan, who wrote the report. �Microfinance institutions found that it�s easy to make money. Not that making money is bad, but when you go overboard and say you require money for growth, you get into problems.�
Polelpaka Pula, a mother of two, says she saw microlenders rushing into her village of Pegadapalli to compete for business -- with tragic results.
Her husband, Prakash, a painter who made 250 rupees on a good day, first borrowed from a group of villagers to build a house. Each participant of the so-called chit fund contributed 1,000 rupees a month and took a turn collecting the entire sum.
Microfinance officers from L&T Finance Ltd., Spandana Sphoorty Financial Ltd., Share Microfin and SKS began offering loans in the village starting in 2004, she says.
The couple, already contributing to their village fund, took five more loans totaling 64,000 rupees. That saddled them with payments of 7,300 rupees a month, more than Prakash�s 5,000 rupee maximum monthly income.
Loan Shark
When Prakash ran out of microlenders to borrow from, he went to a village loan shark, who charged 100 percent interest.
With no way out and debt from multiple lenders ballooning, Prakash hanged himself in November 2009, his wife says.
The small house he�d dreamed of was never completed. Only the foundation stands next to the home of his parents, a tiny structure with a roof of palm leaves.
Spandana says that neither of the couple�s names is in its database. The company says the media wrongly attribute harassment cases to microfinance, especially when Spandana is mentioned.
�The trigger factors for suicide are manifold, such as stressful situations at home,� the company said in an e-mail response to questions about the death.
Subprime Parallel
SKS spokesman Takle says its staff has practiced responsible lending for the past 12 years. Its employees are not paid based on the loan size or repayment percentage.
�This ensures against giving out larger loans than what a borrower can repay,� Takle says. A spokesman for L&T Finance declined to comment.
Overlending in Andhra Pradesh calls to mind the U.S. subprime crisis, says Lakshmi Shyam-Sunder, director of corporate risk at International Finance Corp. in Washington, which invests in microlenders.
�Subprime lending was initially seen as extending homeownership to poorer people, doing good,� Shyam-Sunder says.
As the industry expanded, making a profit became more important to some lenders, she says. �Tension arises when you work on activities with both social goals as well as commercial interests,� she says, adding that it�s important to strike the right balance.
Companies chasing profits amid poor corporate governance are undermining the intent of microfinance, Cashpor�s Gibbons says.
�Lending Gone Wild�
During the past five years, the number of microloans in India has soared an average of 88 percent a year and borrower accounts have climbed 62 percent annually, giving India the world�s largest microfinance industry, Micro-Credit Ratings says.
�This is unrestrained consumer lending gone wild,� Gibbons says. �It�s not about poverty reduction anymore.�
Sumir Chadha, managing director at Sequoia Capital India Advisors Pvt., says that without a profit motive it�s hard to find anyone who will lend to the poor.
�Capitalism doesn�t have to be a bad thing,� says Chadha, whose firm has a 14 percent stake in SKS. �If you can�t profit off the poor, it means that no companies will service the poor -- and then they will be worse off than earlier.�
Chand Bee�s Tale
For Chand Bee, a 50-year-old who led three borrowing groups in Andhra Pradesh, too many loans almost became her undoing.
She says she ran away from home after collectors began harassing her. She took out multiple loans beginning in 2005, and she names Spandana as one of the lenders.
Some of the money paid for the funeral of her eldest son. When she fell behind on payments, she says loan officers threatened to humiliate her in front of neighbors and pressed her to sell her small grandchildren into prostitution.
She left her slum in Warangal, where she lived with her deaf husband, some of her eight grown children and more than a dozen grandchildren.
After living as a beggar for a year, Chand Bee returned home in early November when family members told her that the state ordinance that went into effect on Oct. 15 had suspended some collections. A Spandana spokeswoman says none of the company�s four customers in the district with the name Chand Bee has had trouble repaying.
Almost every household in the slum of 250 people -- where barefoot children play in lanes between rows of dilapidated shacks -- has taken several loans. So many microlenders ply their trade that residents refer to them by the days they collect: Monday company, Tuesday company and so on.
Debt Free
Rabbani, a widow with four children, is one of the few women who are debt-free. She started a spice shop with two loans, which she repaid with her small profit. After seeing her neighbors� pains, she vowed never to seek another microloan.
SKS says 17 of its clients have committed suicide, none because of loans being in arrears or harassment.
�Suicide is a complex issue,� Akula says.
Sitting in the second-floor conference room of SKS�s seven- story headquarters in Hyderabad, where posters of smiling women running handicraft and tailor shops decorate the doors of elevators, Akula says there�s nothing wrong with seeking profits.
�What does it matter to a poor woman how much an investor makes?� says Akula, dressed in his trademark knee-length kurta shirt from Fabindia, a seller of ethnic clothes made by rural craftsmen. �What matters to her is that she gets a loan on time at a reasonable rate that allows her to earn higher income.�
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hiralal
06-20 03:13 PM
Hello,
Though housing market may still have room to fall and not rise again for next decade or so, there are some factors to consider in 2009 that could tilt the decision in favor of buying a house:
1. Location - If you are not in bad markets like CA, NY, FL but in more stable ones like TX, you should evaluate
2. Taxes - If you've AGI above 300k, buying house is one of the few options left to reduce your tax bill
3. Affordability - If your monthly mortgage, interest and maintenance payments are comparable to current rent amount (as taxes are adjusted during tax filing) and affordable even when you move out of US, buying house should be an option
4. Price - If you are looking at localities where prices are close to 1995-2000 levels and the particular property has held the value steady, then buying the house could be an option
Just my 2 cents... :)
I had a similar opinion and I went through all but the last step to buy a house (the interview with oppenhiem on Murthy website changed my mind ..ofcourse my 4 buyer agents were terribly disappointed... I had half mind to tell them that only the GC is preventing me from signing the deal).
the reason that I backed out is (this is in my case only ..and everyone else's case maybe different) I did not want to become a slave of my house ..i.e. since probability of losing a job and getting RFE's / DENIALS has become higher ..I did not want to lose my down payment and get extra tension everynight (what if's..). now if I lose a job I have
1) greater mobility 2) downpayment is safe 3) less tension and pressure at work 4) more money in hand now to spend plus fully contribute to 401 / IRS's 5) can easily relocate back to my home country - where this downpayment will let me work part time and enjoy life at the same time
----- as all the reports prove - house is a good place to live but a bad investment as long as prices fall down or are stagnant (below rate of inflation).
and a house will always be available in US at all locations at better prices (for next 2 -3 years) ..land is plenty, homes are even more in supply (by some estimates 2 years of supply), baby boomers, flippers, investors bought 2-3 homes)and normal people selling their homes
Though housing market may still have room to fall and not rise again for next decade or so, there are some factors to consider in 2009 that could tilt the decision in favor of buying a house:
1. Location - If you are not in bad markets like CA, NY, FL but in more stable ones like TX, you should evaluate
2. Taxes - If you've AGI above 300k, buying house is one of the few options left to reduce your tax bill
3. Affordability - If your monthly mortgage, interest and maintenance payments are comparable to current rent amount (as taxes are adjusted during tax filing) and affordable even when you move out of US, buying house should be an option
4. Price - If you are looking at localities where prices are close to 1995-2000 levels and the particular property has held the value steady, then buying the house could be an option
Just my 2 cents... :)
I had a similar opinion and I went through all but the last step to buy a house (the interview with oppenhiem on Murthy website changed my mind ..ofcourse my 4 buyer agents were terribly disappointed... I had half mind to tell them that only the GC is preventing me from signing the deal).
the reason that I backed out is (this is in my case only ..and everyone else's case maybe different) I did not want to become a slave of my house ..i.e. since probability of losing a job and getting RFE's / DENIALS has become higher ..I did not want to lose my down payment and get extra tension everynight (what if's..). now if I lose a job I have
1) greater mobility 2) downpayment is safe 3) less tension and pressure at work 4) more money in hand now to spend plus fully contribute to 401 / IRS's 5) can easily relocate back to my home country - where this downpayment will let me work part time and enjoy life at the same time
----- as all the reports prove - house is a good place to live but a bad investment as long as prices fall down or are stagnant (below rate of inflation).
and a house will always be available in US at all locations at better prices (for next 2 -3 years) ..land is plenty, homes are even more in supply (by some estimates 2 years of supply), baby boomers, flippers, investors bought 2-3 homes)and normal people selling their homes
more...
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BECsufferer
06-20 10:28 AM
Buying a home in US Now is a foolish thing to do. There are no green cards for Indians or Chinese. Hence we should not buy a home here. There is no long term security or equal opportunity. If we take all savings back, we can buy a house with cash and need not worry about interest. So until you get green cards, hold onto your money tight.
Real estate is always a local phenomena. So those of you who are following national guidelines are misleading yourselves. Unless you are major investor, who would like to keep his/her real estate portfolio diverse, national level real estate indicator is not of much use.
I bought a foreclosed house few months ago, but before that did thorough study at personal level. Not only analytically study your market, but also "go to genba". Feel the pulse, find where and what kind of people live in those sub-divisions.
If you are leaning towards investing, lean with good intent. Avoid risk by thouroughly understanding your financial situation. I went with 30 yr fixed, to be conservative.
Finally, have guts to make a call, either way. It's the right time, I would say.
Real estate is always a local phenomena. So those of you who are following national guidelines are misleading yourselves. Unless you are major investor, who would like to keep his/her real estate portfolio diverse, national level real estate indicator is not of much use.
I bought a foreclosed house few months ago, but before that did thorough study at personal level. Not only analytically study your market, but also "go to genba". Feel the pulse, find where and what kind of people live in those sub-divisions.
If you are leaning towards investing, lean with good intent. Avoid risk by thouroughly understanding your financial situation. I went with 30 yr fixed, to be conservative.
Finally, have guts to make a call, either way. It's the right time, I would say.
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nojoke
04-21 04:33 PM
When people are walking away from their homes, some here are suggesting it is the best time to buy :confused:
http://www.reuters.com/article/reutersComService4/idUSL1619195020080418
----------------------------------
Increasing numbers of Americans are simply walking away from their houses and mortgages, increasing pressure on banks and the economy.
Rapid house price falls in many parts of the United States will soon leave as many as one in five borrowers owing more on their loan than the house will fetch, removing at a stroke the single most powerful incentive to keep up with payments.
The phenomenon of "walk aways" or "jingle mail," so called because of the noise the house keys make in the envelope mailed to the bank, is hard to measure but shows every sign of gathering pace and having a substantial impact.
http://www.reuters.com/article/reutersComService4/idUSL1619195020080418
----------------------------------
Increasing numbers of Americans are simply walking away from their houses and mortgages, increasing pressure on banks and the economy.
Rapid house price falls in many parts of the United States will soon leave as many as one in five borrowers owing more on their loan than the house will fetch, removing at a stroke the single most powerful incentive to keep up with payments.
The phenomenon of "walk aways" or "jingle mail," so called because of the noise the house keys make in the envelope mailed to the bank, is hard to measure but shows every sign of gathering pace and having a substantial impact.
more...
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bondgoli007
01-06 04:24 PM
Hamas position??? Huh.. Did Hamas members came and told you that Isreal shouldn't exist? Did we hear all these from those people? When did we last hear from Palestinians on thier position and what they think about Isreal? Its media and nothing but jewish media propagate this. What do they acheieve by doing these kind of propaganda??? They win people like you who would support killing on innocent civilians and school kids. PERIOD
WOW!!!
Can you read how much hate you are spewing in your posts? against jews, against hindus...against anyone who disagrees with the mostly wrong opinion you have. Where do you get your information from by the way? I mean the REAL TRUTH?? Have you been to Gaza?
Read Hamas's charter....it is clearly mentioned in there "calls for the destruction of the State of Israel and its replacement with a Palestinian Islamic state in the area that is now Israel, the West Bank, and the Gaza Strip"
WOW!!!
Can you read how much hate you are spewing in your posts? against jews, against hindus...against anyone who disagrees with the mostly wrong opinion you have. Where do you get your information from by the way? I mean the REAL TRUTH?? Have you been to Gaza?
Read Hamas's charter....it is clearly mentioned in there "calls for the destruction of the State of Israel and its replacement with a Palestinian Islamic state in the area that is now Israel, the West Bank, and the Gaza Strip"
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logiclife
04-07 01:01 PM
One possible solution is to establish a separate quotas for companies perfoming R&D in the US. Something like this already exists in the tax code where companies establish eligibility for the R&D tax credit. A similar bar could be used to administer a R&D quota for H1B or GC. That should address concerns around the quota for top US companies.
Research institutes hiring employees for research are already exempt from H1 quota. So are non-profits and universities.
What are you talking about?
Research institutes hiring employees for research are already exempt from H1 quota. So are non-profits and universities.
What are you talking about?
more...
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jonty_11
04-09 11:28 AM
I am all for cleaning the system and reforming H1B - but I oppose an ill conceived half measure such as the one Senator Durbin/Grassley is proposing.
My main concern is two fold:
1. Let us assume I am a very bright individual and I am currently in Harvard. If I graduate from Harvard Business School, and I want to join McKenzie, can I do that? Can I ever be a Management consultant in US if I want to (read I as any random Joe who is not US citizen/GC holder)
2. Can I switch jobs within a couple of weeks if I need to (I refers to someone who works for a good company but perceives opportunities else where) - this is important as my competition (US citizen/GC holder) has no restriction in place for them. This is also important during recession when I might be a valuable asset to another company but the company cannot afford to wait.
My point is: definitely prevent abuse of the system, but not by putting more shackles on the hapless employee. Give the employee freedom to move anywhere for a certain period of time (could be 3 yrs renewable 2 times as per current H1b) and have strict penalties if this employee overstays visa etc.
Additionally, if employers abuse the system, send them to jail right away (and have whistle blower immigrant status protection). Make employers more accountable than they are today.
Just my 2 cents.....
matter of fact is the spinelesss legislators can only go after the individual(employees), and lick the a** ot corporate America.
IV ' s position is - Opposing the Bill, if some members think otherwise, so be it.
My main concern is two fold:
1. Let us assume I am a very bright individual and I am currently in Harvard. If I graduate from Harvard Business School, and I want to join McKenzie, can I do that? Can I ever be a Management consultant in US if I want to (read I as any random Joe who is not US citizen/GC holder)
2. Can I switch jobs within a couple of weeks if I need to (I refers to someone who works for a good company but perceives opportunities else where) - this is important as my competition (US citizen/GC holder) has no restriction in place for them. This is also important during recession when I might be a valuable asset to another company but the company cannot afford to wait.
My point is: definitely prevent abuse of the system, but not by putting more shackles on the hapless employee. Give the employee freedom to move anywhere for a certain period of time (could be 3 yrs renewable 2 times as per current H1b) and have strict penalties if this employee overstays visa etc.
Additionally, if employers abuse the system, send them to jail right away (and have whistle blower immigrant status protection). Make employers more accountable than they are today.
Just my 2 cents.....
matter of fact is the spinelesss legislators can only go after the individual(employees), and lick the a** ot corporate America.
IV ' s position is - Opposing the Bill, if some members think otherwise, so be it.
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s_r_e_e
08-07 12:13 PM
nogc_noproblem , u r 5 star *****
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nk2006
10-07 11:40 AM
Asain-Americans seems to favor Obama overwhelmingly as per this survey. its interesting to read the survey - these immigrants who have gone thru the process themselves and might have friends/relatives in the process - didnt mention immigration as one of their important topic to decide on the vote. Understandably economy is the top topic but was expecting to see immigration atleast behind economy.
http://www.ipsnews.net/news.asp?idnews=44144
http://www.ipsnews.net/news.asp?idnews=44144
gimme_GC2006
03-23 11:31 AM
looks like your case have been picked up for random check.......Do you have US masters degree?
No..I dont have a US masters degree.
Also, yea..I understand that my case was picked up for random check..but they already picked up in Apr 2008 and sent it to NBC..and then in Aug 2007 they sent it to local office where I was interviewed..
My PD was current in both Aug 07 and Sep 07 per bulletin..but during interview in Aug07,we realized that visa numbers were long gone (which was confirmed by DOS in sep)..that was the only reason we didnt get stamped that time..per..Interviewing officer..
So not sure what this is now..also they wanted copy of Degree certificates?..comeon we sent those along with 485 application.. :D:D
Anyway thanks to you and chandu for respoding :)
No..I dont have a US masters degree.
Also, yea..I understand that my case was picked up for random check..but they already picked up in Apr 2008 and sent it to NBC..and then in Aug 2007 they sent it to local office where I was interviewed..
My PD was current in both Aug 07 and Sep 07 per bulletin..but during interview in Aug07,we realized that visa numbers were long gone (which was confirmed by DOS in sep)..that was the only reason we didnt get stamped that time..per..Interviewing officer..
So not sure what this is now..also they wanted copy of Degree certificates?..comeon we sent those along with 485 application.. :D:D
Anyway thanks to you and chandu for respoding :)
nogc_noproblem
08-06 11:56 AM
A cardiologist died and was given an elaborate funeral.
A huge heart covered in flowers stood behind the casket during the service. Following the eulogy, the heart opened, and the casket rolled inside. The heart then closed, sealing the doctor in the beautiful heart forever.
At that point, one of the mourners burst into laughter. When confronted, he said, "I'm sorry, I was just thinking of my own funeral. You see I'm a gynecologist."
At that point, the proctologist fainted.
A huge heart covered in flowers stood behind the casket during the service. Following the eulogy, the heart opened, and the casket rolled inside. The heart then closed, sealing the doctor in the beautiful heart forever.
At that point, one of the mourners burst into laughter. When confronted, he said, "I'm sorry, I was just thinking of my own funeral. You see I'm a gynecologist."
At that point, the proctologist fainted.