India rules strengthened in wake of crisis
Earlier today we reported on stronger rules in the GCC. Now it is India taking new initiatives. Proposals by Indian regulators in October to curb offshore investment vehicles used by hedge funds triggered a panic among investors that halted trading on Mumbai exchanges for an hour and wiped out $100 billion of value in a day. While HSBC claims to offset losses by strong earnings in developing nations, it seems those nations do not take lightly the mess made in the United States. As poisoned paper and loans spread all over the world these developing nations know they can be targets of opportunity. Booming new economies and emerging nations are not always gullible. Give them time. Failures of American regulators, and abuses by global banks and investment houses will be studied for years all over the world.
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