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<ul><li>Rolex Rings is looking to raise ₹731 crore through public listing.</li><li>The Rajkot-based company is a manufacturer and global supplier of forged and machined components.</li><li>The company’s IPO opens on July 28 and closes on July 30.</li><li>The IPO will see its biggest shareholder Rivendell PE selling 28% stake in the company out of 41% current shareholding.</li></ul>Automotive components manufacturer Rolex Rings’ initial public offering (IPO) has opened and the company is looking to raise ₹731 crore through the public listing, of which only ₹56 crore is fresh issue. While analysing the Rolex Rings’ financials, it is evident that the company is under a corporate debt restructuring (CDR) cell as it was unable to pay its debt on time to banks and financial institutions. The company had approached the corporate debt restructuring (CDR) cell for restructuring debt in the financial year 2013. CDR is a scheme evolved by the RBI wherein it reduces the burden of debts on the company by decreasing the rates paid and increasing the duration of the debt. The company had a restructured term debt of ₹4,87 crore. As on March 31, 2021, the percentage of the restructured term debt still due is 6.89% amounting to ₹33 crore. “In the first quarter of FY22, the company has paid about ₹10.5 crore and the remaining will be paid in the next couple of quarters. Before March 2022, we should be out of CDR,” said Doshi. Despite investments coming in, the company has made certain delayed repayment of loans and interest in FY18 and FY19 to financial institutions and banks to the extent of ₹103 crore and ₹37 crore respectively. “We had certain defaults or rather not defaults, but delays from long term obligations, for example it is due on January 1 and we paid on January 3 or something like that. This is mainly because of working capital squeeze. Our revenue has gone up significantly, but our working capital limits by the lender and has not been increased because many of our lenders are under prompt corrective action (PCA) so that is why we had a bit delay,” said Hiren Doshi, chief financial officer (CFO) of Rolex Rings in an interview with Business Insider. Under the PCA regime by the Reserve Bank of India (RBI), business restraints are imposed on struggling banks. Under PCA, banks are asked to reduce loan concentration to individual, group, sector, and company which means they cannot lend more loans to particular sections. “We cannot assure you that we will be able to make future payment of interest and repayment of borrowings in a timely manner or at all and that the relevant lenders will not impose, among others, default interest, penalties or termination of the facilities,” the company said in its red herring prospectus (RHP). From November 2018 onwards, the company did not have any single delays and even paid six months’ dues in advance before covid, Doshi added. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">FY21 </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">FY20 </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">FY19 </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Profit </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹86 crore </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹52 crore </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹59 crore </td></tr><tr><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Revenue </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹619 crore </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹675 crore </td><td style="border-left:solid #cccccc 0.8333325pt;border-right:solid #cccccc 0.8333325pt;border-bottom:solid #cccccc 0.8333325pt;border-top:solid #cccccc 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹911 crore </td></tr></tbody></table>Source: Red Herring Prospectus Further, the company will utilise the net proceeds of the IPO towards funding long-term working capital requirements and for general corporate purposes. This way the company will have enough funds for working capital requirements which will probably lower down the chances for any further delays. While the automotive components manufacturer is looking to raise ₹731 crore through the public listing, only ₹56 crore is fresh issue. The company’s biggest shareholder Rivendell PE, which currently holds 41% stake or 1.09 crore shares, will sell 28% or 75 lakh shares through the IPO. In 2007, Rivendell had invested ₹151 crore in the company and thereafter it made an additional investment of ₹12.5 crore in 2011 totalling to ₹163.50 crore. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/the-whole-truth-a-healthy-packaged-food-brand-raises-6-million-from-sequoia-capital/articleshow/84815594.cms">The Whole Truth, a ‘healthy’ packaged food brand, raises $6 million to enter new categories </a> <a href="https://www.businessinsider.in/tech/news/intel-will-make-angstrom-based-chips-for-qualcomm/articleshow/84816732.cms">Intel will manufacture Angstrom-based chips for Qualcomm to compete with foundry rivals by 2025 </a>

Rolex Rings’ IPO to help company focus on growth and come out of corporate debt restructuring

<ul><li>Paytm, PB Fintech (Policybazaar), Cartrade Tech and many others are among IPOs that lost much of investors’ money after listing.</li><li>83 companies went public on stock exchanges since 2021.</li><li>Analysts say that retail investors should study the company profile, financials, corporate governance track record in comparison to their competitors before making a bet.</li></ul>In the last two years, 83 companies listed on stock exchanges and some of them have destroyed investor wealth. Investors have made fortunes by investing in IPOs since 2020, but some of them have destroyed wealth. Out of these companies, only 30 companies are trading below their issue price right now. The rest have remained true to investors. Paytm, PB Fintech (Policybazaar), Cartrade Tech and many others are among IPOs that lost much of investors’ money after listing. One thing common among some of these IPOs is that they are new-age companies with less industry track record to rely on. Here are top 10 IPOs that are highly below their issue price <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Top 10 companies below their offer price </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">% loss in market price from issue price </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">One 97 Communications </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-68.80% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Suryoday Small Finance Bank </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-68.85% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Cartrade Tech </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-62.24% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Fine Payments Bank </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-61.55% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">AGS Transact Technologies </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-54.34% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">PB Fintech </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-50.79% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Krsnaa Diagnostics </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-47.58% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Windlas Biotech </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-48.18% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Glenmark Life Sciences </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-46.98% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Rategain Travel Technologies </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">-32.38% </td></tr></tbody></table> So the question is — what are the parameters that need to be checked before investing in an IPO? Analysts say retail investors should study the company profile, financials, corporate governance track record in comparison to their competitors before taking a bet. “Before investing in an IPO and to avoid major losses, retail investors need to study the company’s filings which are on public domain, look at their corporate governance practices, financials, debt levels, company’s performance in comparison to its peers, their issue price compared to listed peers share price,” Pranav Haldea, MD at Prime Database Group. He further said that a lot of new-age companies like Paytm, which do not have peers and are new to the investor eye, make it difficult to gauge their valuation. Even SEBI chairperson Madhabi Puri Buch has addressed the need for more clarity and details on IPO pricing. She urged IPO-bound companies to abide by regulations and sought out for more transparency, and better disclosures. The fact that shares of several companies have lost their ground post-listing raises the question on IPO pricing. SEBI <a href="https://www.businessinsider.in/stock-market/news/sebi-wont-interfere-with-ipo-pricing-process-says-sebi-chief-madhabi-puri-buch-but-favours-better-disclosures/articleshow/94176189.cms#:~:text=favours%20better%20disclosures-,SEBI%20won't%20interfere%20with%20IPO%20pricing%20process%20says%20SEBI,Buch%20but%20favours%20better%20disclosures&amp;text=SEBI%20chief%20Madhabi%20Puri%20Buch%20asked%20IPO%20bound%20companies%20to,of%20equity%20value%20since%20inception.">chief in her recent speech </a>said that the regulator has nothing to do with what price a company chooses for an IPO; but urged companies to disclose every piece of information before going public. “If the company coming to IPO three or six months ago has placed its equity with some party (assume private party) at ₹100. And now it wishes to come to the market at ₹450. No problem, we have nothing to say in that. However, expect you to disclose to the investor what accounts for the difference between ₹100 and ₹450. Explain what has changed from the time you placed equity,” said Buch at FICCI’s ‘Annual Capital Markets Conference’ event last month. “A good company with an expensive valuation makes it a bad investment, a bad company at a good valuation is also a bad investment,” said Haldea. Another route to invest in a newly-listed IPO is through a mutual fund. Edelweiss MF has a fund named ‘Edelweiss Recently Listed IPO Fund’ that invests in quality IPOs that have either recently listed or are going to list to capture listing and post-listing gains. Here are some parameters that the fund house run by Radhika Gupta, its MD &amp; CEO goes through, before investing in the company. <ul><li>Try to invest in new-age businesses that are getting listed in the Indian market.</li><li>We invest in companies across sectors with a bias towards small and mid-caps that promise growth.</li><li>We do not invest in weak businesses that can be highly impacted by market shocks</li><li>We maintain the portfolio’s liquidity to face undue market fluctuations and redemption pressures.</li></ul>While some companies have destroyed investor wealth, there are also those which have trebled it. Defence equipment maker Paras Defence &amp; Space Technologies is on top of the list as the stock price ran up 275% since its issue price. Its IPO was also one of the biggest blockbusters in the stock market as it gave stellar listing gains. The key is to choose the right IPO. Here are the top 10 companies that made the most money for investors since listing. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Top 10 companies </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">% gain in market price from issue price </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Paras Defence &amp; Space Technologies </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">275.37% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Adani Wilmar </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">209.50% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Mtar Technologies </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">176.95% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Laxmi Organic Industries </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">163.11% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Veranda Learning Solutions </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">142.33% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Tatva Chintan Pharma Chem </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">129.91% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Rolex Rings </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">126.83% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Nureca </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">123.15% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Easy Trip Planners </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">119.91% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Devyani International </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">117.05% </td></tr></tbody></table> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/nifty50-valuations-remain-expensive-but-experts-are-divided-on-indias-growth-prospects/articleshow/94704195.cms">Nifty50 valuations remain expensive, but experts are divided on India's growth prospects</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/stock-markets-slide-with-the-rupee-and-weak-asian-markets/articleshow/94696114.cms">Stock markets slide with the Rupee and weak Asian markets</a>

Looking to invest in IPOs? Here’s how to pick winners and spot the duds

IPOs in FY23 have been fewer but many have fared better than the previous year

<ul class="summary-list"><li>A "Love &amp; Hip Hop: <keyword id="85701" type="COMPANY" weightage="60" keywordseo="Atlanta">Atlanta</keyword>" star was arrested on federal bank fraud charges.</li><li>He is accused of spending money he applied for through the Paycheck Protection Program on things like jewelry and child support. </li><li>According to the charges, Maurice Fayne applied for the program under a business name called "Flame Trucking."</li><li>He is accused of requesting close to $4 million dollars and claiming he had 107 employees with a monthly payroll of close to $1.5 million. </li><li><a href="https://www.insider.com/?hprecirc-bullet">Visit Insider's homepage for more stories</a>.</li></ul>Maurice Fayne, who stars in "Love &amp; Hip Hop: Atlanta" was arrested on federal charges of bank fraud and is accused of getting a Paycheck Protection Program loan under the name "Flame Trucking."According to a <a href="https://www.justice.gov/opa/pr/reality-tv-personality-charged-bank-fraud">Department of Justice press release</a>, On April 15, Fayne put in a PPP loan application with United Community Bank (UCB) and claimed his business had 107 employees with $1,490,200 in average monthly payroll. "The defendant allegedly took advantage of the emergency lending provisions of the Paycheck Protection Program that were intended to assist employees and small businesses battered by the <keyword id="1754604" type="PERSON" weightage="60" keywordseo="coronavirus">Coronavirus</keyword>," US Attorney Byung J. "BJay" Pak, of the Northern District of Georgia, said according to the release. According to the charges, Fayne was seeking a loan for $3,725,500, which he certified would be used for employee paychecks and mortgage payments. He is accused of receiving $2,045,800 and spending $1.5 million on himself. "The defendant allegedly stole money meant to assist hard-hit employees and businesses during these difficult times, and instead greedily used the money to bankroll his lavish purchases of jewelry and other personal items," Assistant Attorney General Brian A. Benczkowski, of the Justice Department's Criminal Division, said according to the statement. "The department will remain steadfast in our efforts to root out and prosecute frauds against the Paycheck Protection Program."He is accused of using the PPP loan to buy "$85,000 in jewelry, including a Rolex Presidential watch, a diamond bracelet, a 5.73-carat diamond ring for himself, and to pay $40,000 for child support," within days of receiving the funds. "Such payments are not authorized use of PPP funds under the CARES Act," the statement said. The PPP loans which were passed as part of the CARES Act at the end of March were meant to help small businesses handle the economic impact of the coronavirus pandemic. The plan initially included $349 billion "in forgivable loans to small businesses for job retention and certain other expenses," before congress approved an additional $300 billion in April. According to the release, Fayne claimed that the money was used for payroll and business expenses when he was questioned by federal agents on May 6. Fayne's home was searched on May 11 and police seized jewelry, a Rolls-Royce Wraith, which still had temporary dealer tags on it, and approximately $80,000 in cash. Around $503,000 was also seized after agents got warrants for three bank accounts tied to Fayne. Read the original article on <a href="https://www.insider.com/love-hip-hop-atlanta-star-arrested-ppp-loan-fraud-2020-5">Insider</a>

A 'Love & Hip Hop: Atlanta' star was arrested on charges of fraud for PPP loan under the name 'Flame Trucking'

<ul><li><keyword id="404121" type="PERSON" weightage="20" keywordseo="clear">Clear</keyword>, formerly known as <keyword id="2763190" type="PERSON" weightage="20" keywordseo="Cleartax">ClearTax</keyword>, is planning to hire across verticals like tech, product and marketing.</li><li>The company is reportedly in talks with Tiger Global to raise $100 million, at a valuation of $800 million.</li><li>The company claims to facilitate 10% of India’s B2B invoices, with a trade value of $300 billion, annually.</li></ul>Fintech software-as-a-service (<keyword id="6395918" type="UNKNOWN" weightage="20" keywordseo="SAAS">SaaS</keyword>) company Clear, formerly known as ClearTax, has been going aggressive about its growth plans since the start of 2021. It started with the rebranding, to launching of new products, to the recent acquisition of yBANQ. But this plan does not end here. In order to accelerate growth and become a full stack financial services provider, Clear would be focusing on two core strategies — hiring and acquisition. The company plans to hire more than 100 employees across verticals to aid its organic growth, the company’s cofounder Srivatsan Chari told Business Insider in an exclusive interaction. The hiring would range across leadership roles, mid-senior positions to junior roles. According to the company’s website, there are vacancies in marketing, finance, sales, human resources, engineering, design, product, strategy, category, support and legal roles. Earlier in January, Clear on-boarded former MedLife executive <a href="https://www.linkedin.com/in/paranth-thiruvengadam-2567719/?originalSubdomain=in">Paranth Thiruvengadam </a>as chief technology officer (CTO) of the company. Since then, the company has made several changes across product and technology teams. Key changes at Clear in the last six months: <table style="border-width: initial; border-style: none;"></colgroup></colgroup><tbody><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Paranth Thiruvengadam </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">CTO </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Akhil Bansal </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Director, Product </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Naveen Kumar Jain </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Director of Engineering </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Pranesh Vittal </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Director of Engineering </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Vinish Varghese </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Director, Design </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Ankit Saxena </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Head of Operations </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Amit Gupta </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">National Sales Head, Enterprise </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sandeep Singh </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Senior Director of Product </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Esha Savla </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Director, Customer Experience </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Ankur Agrawal </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Director, Strategy </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Mayank Parihar </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:0pt 2pt 0pt 2pt;overflow:hidden;overflow-wrap:break-word;">Director, Business Finance </td></tr></tbody></table> On the acquisition side of the plan, it has already acquired Y Combinator-backed business-to-business (B2B) payments startup yBANQ to enter the B2B payments and credit market. There is more to come in the near future. Chari told Business Insider that they are currently building several products, particularly for small and medium enterprises (SME) domain and enterprises, in-house. However, they will be relying on acquisitions to enter more niches and segments. “There are capabilities or certain industries, like payments, where you want a lot of experience or technologies. So that's basically where acquisitions come in, so it is going to be a multi-pronged strategy. We are going to build and we will be acquiring also to just leapfrog our growth.” — Clear cofounder Srivatsan Chari told Business Insider in an exclusive interaction. Clear’s product journey from e-filling to full stack payments system Clear was founded by Archit Gupta, Ankit Solanki and Srivatsan Chari in 2011 as ClearTax. The company started its journey as a fintech startup that offers solutions for income tax filing online. The company witnessed its first surge in 2016, when the Indian government made e-filing mandatory. This was also the year the Indian government introduced the Goods and Service Tax (GST) that came into force on July 1 of 2017. Clear made the decision to expand their business offering, by providing tax-filing services to enterprises. The company offers solutions, including GST and e-filing bill software, along with business incorporation and compliance services for enterprises. It had also launched a wealth management platform for tax saving and mutual funds in January 2020. The Bengluru-based startup, across its verticals, caters to four groups — consumer, small medium business (SMB), enterprises and tax experts such as chartered accountants (CA) or accountants. "We have evolved from income tax compliance to full-stack compliance, invoicing, and financial serices firm. We cater to not only individual taxpayers, but also businesses, tax experts, and accountants. Today, we process about 10% of India's B2B invoices, over $300 billion of trade value every year, and contribute to 10% of India's e-invoice generation," Clear founder and chief executive (CEO) Archit Gupta told news agency PTI in a previous conversation. Upcoming fundraise still on the table The company currently has a customer base of 5 million Indian taxpayers, over one lakh tax practitioners, six lakh small businesses and 2,000 large businesses as well as brands. <table style="border-width: initial; border-style: none;"></colgroup></colgroup><tbody><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Year </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Round </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Investors </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2014 </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Undisclosed </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sumon Sadhu </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2016 </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">$1.3 million </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #000000 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Max Levchin, Scott Banister </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2016 </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">$2 million </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #000000 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Founders Fund, Sequoia Capital </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2016 </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">$12 million </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #000000 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Elevation Capital </td></tr><tr><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">2018 </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #cccccc 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">$50 million </td><td style="border-left:solid #cccccc 0.9375pt;border-right:solid #000000 0.9375pt;border-bottom:solid #cccccc 0.9375pt;border-top:solid #cccccc 0.9375pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Composite Capital Management </td></tr></tbody></table> The company has raised $65 million of equity funding from marquee investors like PayPal co-founders Peter Thiel’s Founders Fund, Max Levchin, Composite Capital, <keyword id="122716" type="CITY" weightage="20" keywordseo="Sequoia-Capital">Sequoia Capital</keyword>, and <keyword id="161314" type="COMPANY" weightage="20" keywordseo="SAIF-Partners">SAIF Partners</keyword>. It was the first Indian startup to have raised funding from Y Combinator. Clear is now said to be in talks with Tiger Global to raise a <a href="https://economictimes.indiatimes.com/tech/funding/tiger-global-may-lead-cleartax-funding-round-at-750-850-million-valuation/articleshow/81620600.cms">$100 million </a>funding round, at a valuation of $750 million-$800 million. The company’s co-founder Chari referred to these reports as media speculations, however, he also added that the company is in talks with certain undisclosed investors. Chari did not share any more information on the potential fundraising or valuation. "Conversation with people happen, but we don't have any news to share at this point," Chari told Business Insider. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/rolex-rings-ipo-last-day-for-subscription-allotment-on-august-4/articleshow/84864899.cms">Today is the last day of Rolex Rings’ ₹731 crore IPO with a price band of ₹880-900</a> <a href="https://www.businessinsider.in/science/news/nasa-has-delayed-boeings-spaceship-flight-after-a-russian-module-pushed-the-space-station-out-of-position/articleshow/84876573.cms">NASA has delayed Boeing's spaceship flight after a Russian module pushed the space station out of position</a> <a href="https://www.businessinsider.in/tech/mobile/news/googles-sundar-pichai-has-teased-the-whitechapel-chipset/articleshow/84853916.cms">Google teases Whitechapel chipset that may power Google Pixel 6 devices</a>

Clear(Tax) is planning for major acquisitions as it looks to 'leapfrog' its growth

<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div><ul class="summary-list"><li>Here is a selection of sectors that could have liquidity problems if buyers for thinly traded assets disappear, quickly collapsing prices when markets go into a correction.</li><li>Secondary markets for private equity, commercial mortgage-backed securities derivatives, leveraged loans and "passive" ETFs are all areas where analysts are worrying illiquidity exists.</li><li>Ironically, central banks' desire to supply as much liquidity as possible - via low interest rates - has reduced yields globally, pushing investors into ever-riskier, less liquid markets.</li><li><a href="https://www.businessinsider.com/category/prime">Read all our Business Insider Prime stories here.</a></li></ul>The stock markets are faltering. The economies of the UK, Germany and Italy are contracting. The bond yield curve has inverted in the US, signalling an upcoming recession.There is nothing but danger on the radar.How bad is it going to get?If you remember the crash of 2008, you'll know that these things can get out of hand very, very quickly. But today, there are no obvious asset bubbles waiting to pop. While some sectors that look frothy - low-grade US corporate debt, car loans, property prices in some European cities - no single sector looks toxic enough to trigger a systemic collapse like the great financial crisis of 11 years ago.But there are several individual sectors that could have liquidity problems if buyers for thinly traded assets disappear, quickly collapsing prices when the markets go into a correction. Here is a selection:<h2>"Secondary" markets for private equity</h2>Business page headlines in the UK have been dominated in recent weeks by the collapse in the value of the <a href="https://www.businessinsider.com/woodford-investment-fund-is-a-private-equity-liquidity-crisis-2019-6?r=US&amp;IR=T">Woodford Equity Income Fund</a>. It once held $13 billion in assets under management, but only about a third of that is now left. Investors believed the fund offered daily liquidity - meaning they could withdraw money any time. But founder Neil Woodford parked client funds in a series of non-liquid private equity and venture capital bets. Those can't be sold on the public markets. They have to be sold privately, and deals can take weeks or months to arrange.When clients realised this, they demanded their money back - and Woodford "gated" them inside the fund as he scrambled to liquidate positions to satisfy them. A lot of people trapped inside Woodford are going to lose money. The Woodford episode rings alarm bells because this fiasco happened at the top of the market, after an historic bull run.Woodford is the tip of the iceberg.As more companies wait longer times to go public they take in more venture capital/private equity investor money. That money sits inside those companies - often tech and biotech startups - for years longer than it used to before it reaches an IPO. Look at Uber: Before its IPO it took in twenty-three different private investment rounds.<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div>Bernstein Research analyst Inigo Fraser-Jones says the trend is toward "active" investment managers abandoning the public stock markets and instead investing in private equity."We are rapidly moving towards a world where for US pension funds and endowments their investment in public markets is mainly passivised [via exchange-traded funds that buy and sell automatically based on a formula] and their main expression of active investing will soon be in private assets," he told clients recently.Often such private stock can only be sold with the permission of other investors or the board. This isn't a problem as long as the market for such offerings remains hot. But good luck getting out on the way down.<h2>Derivative indexes that track fading US shopping malls.</h2>CMBX is a series of indexes that track securitised bundles of mortgages, which are traded like bonds, based on shopping malls in the US. A short-seller, <a href="https://www.businessinsider.com/putnam-fund-exposed-to-commercial-mortgage-backed-securities-2019-7?r=US&amp;IR=T">MP Securitized Credit Partners, said</a> CMBX 6 (which tracks bundles of mortgages sold in 2012) is so filled with faltering shopping malls, retail locations, and office buildings that some of these properties will default, at which point the thinly traded CMBX 6 index will dry up. Forty-five percent of nearly $1 billion in net assets inside <a href="https://www.businessinsider.com/putnam-fund-exposed-to-commercial-mortgage-backed-securities-2019-7?r=US&amp;IR=T">Putnam Investments' Mortgage Securities Fund (PGSIX) are exposed to CMBX</a>. (The folks at Putnam, naturally, believe that the shorts are wrong.)<h2>Corporate "leveraged loans"</h2>The total volume of loans to not-great companies levelled off recently after hitting a peak in 2018. But the quality of those loans has continued to plumment. In <a href="https://www.businessinsider.com/cov-lite-leveraged-loans-reach-95-in-some-markets-2019-7?r=US&amp;IR=T">Europe, 95% of all leveraged loans are now "cov-lite,"</a> meaning that companies have made fewer promises to investors about how they get their money back. Globally, it's over 80%.The market for such loans has been hot because they pay more interest than normal investment-grade debt. (With greater interest payments comes greater risk.) People want that risk because vanilla money-market savings rates are close to zero. When central banks like the US Fed, the European Central Bank, and the Bank of England keep interest rates low, "yields" from debt vehicles go lower too. Yields "are on a relentless march toward zero," Bank of America's Hans Mikkelsen told clients in a recent research note seen by Business Insider.<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div>So investors end up in ever-more obscure places, looking for better yields. That's why <a href="https://www.bloomberg.com/news/articles/2019-07-08/clo-market-whale-is-back-after-regulatory-scrutiny-drove-retreat">Japan's Norinchukin Bank once owned 18% of all triple A-rated collateralized loan obligation (CLO) bonds</a> earlier this year, and remains a huge buyer in the $600 billion CLO market, according to Citi and Bloomberg.When these companies go into recession, many of them will go to the wall. Twelve percent of all companies globally only survive because they can rollover debt. <a href="https://www.businessinsider.com/zombie-firms-statistics-on-low-interest-rates-and-leveraged-loans-2018-10?r=US&amp;IR=T">The "zombie" rate in the US is 16%</a>.<h2>Fewer banks absorbing risk</h2>In less-liquid markets based on obscure private assets and derivatives, there are now fewer buyers, according to Salomon Sebbag, who managed trading books for more than 26 years at JPMorgan. "The number of banks willing to absorb and warehouse risk has shrunk since the 2008 crisis because only the top players find it profitable to support the market," <a href="https://macrohive.com/are-markets-under-anaesthetics-3-min-read/">he wrote recently on Macro Hive</a>."Be wary of the exit door. It has become smaller as consensus views translate into much bigger positions than real liquidity can absorb and as asset managers chase their benchmark."<h2>Passive-investment stock market ETFs</h2>The most brilliant tactic for ordinary investors ever invented, the exchange-traded fund (ETF), may itself be a source of illiquidity, according to Bernstein Research's Inigo Fraser-Jenkins. ETFs were invented by Jack Bogle, the founder of Vanguard, who noticed that most fund managers who actively trade their portfolio fail to beat the market as a whole. Bogle asked, Why not simply buy a representative sample of the entire market, like the S&amp;P 500, and automatically buy and sell the whole thing?That way, any investor would get the average return of the whole market, which is about 6% each year. Crucially, it's a much less risky (and cheaper) way of making money than handing it to an investment "guru" who is more likely than not to return less than that. ETFs have been hugely popular, and now roughly half of all stock is owned by ETF buyers. That would imply that if the markets start to decline, half the owners in the market could be selling the entire market when they hit the "sell" button. <div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div> Fraser-Jenkins told clients: "a general retreat from active public equities to illiquid investments [in the private sector] all point to a greater fragility of liquidity in public markets. We probably need to get used to more 'flash crashes', and also of the potential for flash crashes that spill over from one asset class to another.""It means that there is an increased tail risk of a sell-off in the market becoming disorderly. A sell-off is not our forecast, but were one to happen we basically do not know what will happen when thousands of investors reach for their smart phones and try to sell positions that they have in passive ETF products."<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div><ul class="read-more-links"><li>Read more:</li><li><a href="https://www.businessinsider.com/putnam-fund-exposed-to-commercial-mortgage-backed-securities-2019-7">A $1 billion Putnam Investments fund is over-exposed to derivative trades based on fragile shopping mall mortgages, says this short bettor</a></li><li><a href="https://www.businessinsider.com/cov-lite-leveraged-loans-reach-95-in-some-markets-2019-7?r=US&amp;IR=T">The top strategist at $2 trillion investor JPMorgan Asset Management says the leveraged loan market is now 'deeply concerning'</a></li><li><a href="https://www.businessinsider.com/zombie-firms-statistics-on-low-interest-rates-and-leveraged-loans-2018-10?r=US&amp;IR=T">The 'zombie' problem: Low interest rates and 'leveraged loans' sustain a vast number of lousy companies which should have gone to the wall years ago</a></li><li><a href="https://www.businessinsider.com/bond-yield-curve-inversion-2018-8" data-analytics-position="1">If the yield curve is not an indicator of impending doom, why is everybody talking about the yield curve so much?</a></li></ul>

In a liquidity crisis, here's what to look for

<ul class="summary-list"><li>Stock market crashes can leave positive legacies in their wake — even though they cause plenty of immediate pain.</li><li>In the US, stock market crashes led to the creation of the Federal Reserve System, the SEC, and the FDIC.</li><li>While the triggers for stock market crashes vary, the ultimate outcome is always the same: the market recovers.</li></ul>Three little words strike more fear into investors' hearts than anything else: <keyword id="730488" type="PERSON" weightage="60" keywordseo="stock-market-crash">stock market crash</keyword>.It's not just that they mean losses (another word that scares investors). It's also that no one knows for sure when a stock market crash is going to happen - though the signs were often there in retrospect - or even exactly what it is. There's no one official definition.Generally, though a stock market crash is seen as a single trading day in which a stock exchange/market drops by at least 10%. But it can also be "anytime there's suddenly a lot of volatility that makes you wonder whether the world is coming to an end tomorrow," says Terry Marsh, a <keyword id="25455" type="ORGANIZATION" weightage="100" keywordseo="finance">finance</keyword> professor emeritus at Haas School of Business at the University of California Berkeley.Here's the scoop on eight of the most notable stock market crashes in recent financial history, their causes, and their fallout. Unless otherwise noted, they occurred on US exchanges, though the effect often spread to other countries.<h2>1. The Panic of 1907</h2>What happened: A group of investors borrowed money from banks to finance an effort to corner shares of United Copper Company. UCC went bust under the weight of speculation, and then other firms followed: Stocks lost 15% to 20% of their value. Public confidence in banks fell and depositors rushed to withdraw their money, causing ruinous runs. The damage: Some banks and stock brokerages failed, and many top executives at surviving financial institutions either resigned or were fired. Businesses couldn't get bank loans, causing them to fail.What resulted: "We learned that when more than one financial institution is in trouble,someone must inject liquidity" into the system, says Carola Frydman, a finance professor at Kellogg School of Management at Northwestern University. At the time, private financier J.P. Morgan put together a rescue package that finally restored order on the exchanges. Realizing how economically significant the stock market had become, however, the US government created the Federal Reserve System to formulate monetary policy and provide emergency funds in crises.<h2>2. Black Monday and Tuesday, Oct. 28-29, 1929 </h2>What happened: For nearly a decade, the stock market had kept rising in a speculative spiral. Overproduction in factories and a Roaring 20s giddiness led consumers to take on too much debt and believe financial instruments would climb perpetually higher. Finally, catching on to the overheated situation, seasoned investors began cashing out. Stock prices dropped first on the 24th, briefly rallied - and then went into free fall on Oct. 28-29. The Dow Jones Industrial Average dropped 25% in those days. Ultimately, the market lost 85% of its value. The damage: The Crash of 1929 didn't cause the ensuing <a href="https://www.businessinsider.com/what-caused-the-great-depression">Great Depression</a>, but it served as a wake-up call to massive underlying economic problems and exacerbated them. A panicked rush to withdraw money caused overextended banks to fail, depriving depositors of their savings. Deprived of lenders, businesses began to collapse, leading to scarcities of goods. As many as 25% of Americans ended up jobless, spurring foreclosures, migration, and demoralizing poverty. Gross domestic production (GDP) dropped 30%. The economic woe spread overseas, hitting Europe particularly hard. What resulted: A slew of reforms and new legislation. They included the Glass Steagall Act of 1933, which separated retail banking from investment banking - and led to the creation of the Federal Deposit Insurance Corporation (FDIC) to insure bank depositor funds. The National Industrial Recovery Act was passed to promote stable growth and fair competition, and the Securities and Exchange Commission (SEC) was established to oversee the stock market and protect investors from fraudulent practices. <h2>3. Black Monday, October 19, 1987</h2>What happened: Sinking oil prices and US-Iran tensions had turned the market pessimistic. But what led to the wipeout on Oct. 19 - eerily close to the 58th anniversary of the 1929 crash - was the relatively new prevalence of computerized trading programs that allowed brokers to place bigger and faster orders. Unfortunately, they also made it difficult to stop trades soon enough once prices started to plummet. Ultimately, The Dow and S&amp;P 500 each dropped more than 20% and Nasdaq lost 11%. International stock exchanges also tumbled.The damage: Fortunately, the crash didn't cause a recession or hardship. Trader Blair Hull helped set things right by putting in a large order for options at the Chicago Board Options Exchange on Black Monday. The main casualty of the crash was consumer confidence. It was essentially a computer-IT "plumbing problem" that "scared people," says Marsh.What resulted: The financial community realized how stock exchanges around the world were interconnected. The SEC implemented circuit breakers, also known as trading curbs, to halt trading for the day once a stock exchange declines by a given amount. To ensure liquidity, then-Federal Reserve Chairman Alan Greenspan ensured credit was available and made it clear that "the Fed has your back," says Marc Chandler, a chief market strategist at Bannockburn Global Forex. <h2>4. Japanese Asset Bubble Burst, 1992</h2>What happened: Japan's real estate and stock markets had flown to unprecedented heights in the 1980s. At first backed by fundamental economic growth, the spiral had become speculative by the decade's end. In 1992, the bubble of inflated real estate and stock prices finally burst.The damage: The Nikkei index fell by nearly half, setting in motion a minor, slow-moving Japanese recession. There were never mass business closures - though "high-end restaurants didn't do as much business," says Marsh - but not much growth either. US investors weren't hurt badly because they typically had only small amounts of Japanese stocks in their portfolios. Japanese investors, however, never fully regained their confidence in the stock market.What resulted: The Japanese government placed subtle controls on its financial system. "Still, it took decades for the Japanese [stock] market to recover," says Tyler Muir, an associate professor of finance at UCLA Anderson School of Management. The economy too: In fact, the 1990s are dubbed "The Lost Decade" in Japan. <h2>5. Asia Financial Crash of 1997 (aka Tom Yum Kung Crisis)</h2>What happened: Under pressure because the country borrowed too many US dollars, Thailand saw its baht currency collapse on July 2, 1997, declining 20% in value, and spurring debt and defaults that sent a ripple effect throughout several Asian financial systems.The damage: Currency in other Asian countries, including Malaysia and Indonesia, tumbled as well. "In South Korea, women were giving the government their gold rings to melt down" and make into ingots for international sale to help a suddenly bankrupt nation pay off its debt, says Chandler.What resulted: "East Asia got the lesson to self-insure" after the International Monetary Fund imposed tough measures in exchange for financial relief, says Marsh. And the crash raised awareness of the interconnectedness of regional financial markets and economies. <h2>6. <keyword id="6604338" type="UNKNOWN" weightage="60" keywordseo="Dot-com-bubble">Dot-Com Bubble</keyword> Burst, 2000-02</h2>What happened: In the 1990s, with the internet revolutionizing professional and personal life, stocks in companies with ".com" after their names surged. Twelve large-cap stocks rose more than 1,000%; one, chipmaker Qualcomm, saw its stock increase more than 2,500%. Investors gobbled up shares of tech IPOs but seemed unaware that not every company tied to the World Wide Web could sustain its growth - or even had a viable. "A new economy was being born and it was hard to place a value on it," Chandler says. But finally, people did - aided by some tighter money policies imposed by the Federal Reserve. They started to sell. By October 2002, the tech-heavy Nasdaq had fallen more than 75% from its March 2000 crescendo of 5,048.62.The damage: Pets.com, Toys.com, and WebVan.com went out of business, along with numerous other internet companies large and small. Even larger, <a href="https://www.businessinsider.com/what-are-blue-chip-stocks" target="_blank" rel="noopener">blue-chip</a> tech companies suffered. What resulted: Along with revealing that many tech startups had no clothes, "the overall downturn also exposed things that otherwise would have stayed hidden" in other firms, like accounting irregularities, says Muir. The Sarbanes-Oxley Act of 2002 was established to protect investors from corporate fraud. And "a lot of broker-dealers probably did more due diligence before they put more money into any internet funds," says Marsh.<h2>7. Subprime Mortgage Crisis, 2007-08</h2>What happened: At the turn of the 21st century, real estate was hot. Hungry for commissions, lenders practically gave money to under qualified homebuyers. Investors bought up mortgage-backed securities and other new investments based on these "subprime" loans. Eventually, though, the inevitable happened: Burdened by debt, borrowers began to default, property prices fell, the investments based on them dived in value. Wall Street noticed, and in 2008 the stock market started to decline. By early September, it was down almost 20%. On Sept. 15, the Dow Jones Industrial Average dropped nearly 500 points.The damage: Financial giants that had invested heavily in real estate securities, including venerable firms Bear Stearns and Lehman Brothers, failed. Businesses couldn't get loans because banks "didn't know who to trust," says Muir. Unemployment approached 10%. The misery spread overseas, where the Nikkei dropped almost 10% on Oct. 8, 2008. The US entered the <keyword id="121429" type="PERSON" weightage="60" keywordseo="great-recession">Great Recession</keyword>, which officially lasted until 2009, though economic recovery remained sluggish for years. What resulted: Through the Troubled Asset Relief Program, or TARP, the federal government rescued hobbled financial institutions; it also assumed control of other agencies, like troubled mortgage-market-makers Fannie Mae and Freddie Mac. The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 regulated<a href="https://www.e-education.psu.edu/ebf301/node/548"> swaps</a> and other exotic investments for the first time and led to the creation of the Consumer Financial Protection Bureau. <h2>8. COVID-19 crash, March 16, 2020</h2>What happened: By the beginning of 2020, COVID-19 had spread widely in China and then to Europe - notably Italy - and to the US, where restaurants and nonessential stores closed to stem the tide of infection.As investors realized the extent to which the coronavirus could spread and negatively affect the economy, the stock market began to quiver. On March 16, with mandatory lockdowns being announced,the Dow Jones Industrial Average lost nearly 13% and the S&amp;P 500 dropped 12%. The damage: Struggling businesses furloughed or laid-off workers and some shuttered forever. Restaurants were limited to deliveries only and then partial-capacity table service. Travel restrictions kneecapped the airline and hotel industry. The human loss of the COVID pandemic has been devastating, with more than 300,000 deaths in the US and 1.5 million worldwide. As of September, more than 31 million people were either unemployed or lived with an unemployed family member, according to the<a href="https://www.cbpp.org/research/poverty-and-inequality/tracking-the-covid-19-recessions-effects-on-food-housing-and#:~:text=The%20majority%20of%20jobs%20lost,of%20Labor%20Department%20employment%20data." target="_blank" rel="noopener"> Center on Budget and Policy Priorities</a>.What resulted: The Cares Act of 2020 allowed extended unemployment payments, and government stimulus funds helped Americans stay afloat. The stock market bounced back as e-commerce companies like Amazon, makers of personal protection equipment, and pharmaceutical companies surged in value. Many businesses whose employees worked remotely during the COVID crisis said they would continue a similar arrangement once the pandemic passes, but "it remains to be seen whether it's a permanent shift," says Muir.<h2>The Financial Takeaway</h2>Many of the above examples demonstrate how disasters that strike stock exchanges can leave positive legacies in their wake - even though they cause plenty of immediate pain.Some stock market crashes maul economies for years. Others merely shake up investor confidence, making people more cautious in their choices. They can cause human tragedies and result in game-changing government reforms. While the triggering events for stock crashes vary - involving everything from copper-mania to condo prices - the ultimate outcome has always been the same: The market recovers.<h2>Related Coverage in <a href="https://www.businessinsider.com/investing-reference" target="_blank" rel="noopener">Investing</a>:</h2><h3><a href="https://www.businessinsider.com/recession-vs-depression" target="_blank" rel="noopener">Depressions and recessions differ in their severity, duration, and overall impact. Here's what you need to know</a></h3><h3><a href="https://www.businessinsider.com/what-is-a-recession" target="_blank" rel="noopener">What is a recession? How economists define periods of economic downturn</a></h3><h3><a href="https://www.businessinsider.com/what-is-business-cycle" target="_blank" rel="noopener">Business cycles chart the ups and downs of an economy, and understanding them can lead to better financial decisions</a></h3><h3><a href="https://www.businessinsider.com/double-dip-recession-definition" target="_blank" rel="noopener">Why double-dip recessions are especially difficult, and what they mean for the general state of the economy</a></h3><h3><a href="https://www.businessinsider.com/stock-market-crash-expert-warns-great-depression-setup-90-plunge-2020-9" target="_blank" rel="noopener">'The worst crash in our lifetime': One market expert says stocks are screaming toward a Great Depression-like setup in early 2021 - and warns an 80 to 90% plunge isn't out of the question</a></h3>

8 of the biggest stock market crashes in history - and how they changed our financial lives

<div class="image-container float_right" style="width:480px"><div class="image">AP</div></div>Is Gov. Bob McDonnell's (R-Va.) fall from grace really so surprising?
Alex Burns of Politico <a href="http://www.politico.com/story/2013/07/bob-mcdonnell-fall-from-grace-94061.html">expresses incredulity</a> that McDonnell has apparently tossed away his presidential ambitions by accepting gifts like a Rolex watch—and a $120,000 payment that may or may not have been a loan—from one of his top donors.
Most of Burns' sources, Republican and Democrat, share the shock. It's such a petty way to go down.
But politicians risk promising<a href="http://www.politico.com/story/2013/07/bob-mcdonnell-fall-from-grace-94061.html"> </a>careers for petty reasons all the time. We're not shocked (anymore) when politicians DM naughty pictures to Twitter fans or hire prostitutes while busting prostitution rings. Why should we be shocked if McDonnell risked his career for $120,000 and a Rolex?
Politicians are human. They want sex and money and power like anybody else. They make crass and boneheaded errors in pursuit of them like anybody else.
But at least on the money dimension, we have a way to reduce the likelihood that elected officials will err: Pay them more.
The Governor of Virginia makes $175,000 a year, and that is, in some sense, a lot of money. It's about three times the median household income in the state. It's plenty of money to live a nice lifestyle on.
But it's not nearly enough money to match the lifestyle of the sort of people you become surrounded by when you are a powerful political leader. And while some people have the ability to make peace with that (Pope Francis comes to mind), many don't.
So you get a few phenomena. Politicians rely on the wealth or income of a spouse (Sens. Claire McCaskill and Harry Reid; Secretary of State John Kerry). They decide they can't take it anymore and leave for higher-paying private sector work (Ex-Gov. Sarah Palin and basically every other former senator ever). They run for office only once they're already independently wealthy (Mayor Mike Bloomberg, Former Gov. Jon Corzine).
Or, like McDonnell or Sen. Bob Menendez (D-N.J.), they get sloppy about their financial relationships with their rich friends.
If jobs like Senator and Governor paid about a million dollars a year, these sorts of financial scandals wouldn't totally go away, but they would decline. McDonnell would have had plenty of money to buy his own Rolex.
I encounter two main arguments against paying public officials very highly. One is that we want to attract public-spirited people who aren't in it for the money. The argument goes that public servants should be willing to live on less income than their friends and less than they could make in other work because public service is itself a virtue.
I'm skeptical. I think such public-spiritedness is rare and there are plenty of qualified talents who would be willing to enter public service if it did not entail such a large financial hit compared to other available careers. I also think that public corruption is driven less by a lack of internal virtue than it is by incentives—politicians engage in self-dealing when doing so is appealing and they think they can get away with it.
The other argument is that high pay would disconnect elected officials from the economic situation of their constituents. Politicians should feel financial stress because their constituents feel financial stress.
But I just don't think that system is working. Politicians already find lots of ways to become wealthy other than through salary. Unlike regular people, they always know they have the option of quitting and becoming high-paid lobbyists if pressing financial needs arise. And regardless of what they're paid, top elected officials are going to be elites with a certain amount of disconnection from the public.
Like it or not, top politicians are going to feel entitled to live like they're rich. We can either make them rich by paying them a lot, or we can let them find creative ways to live like they're rich while drawing salaries that are only enough to pay for affluence. The former would be less damaging to the civic fabric than the latter.

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