Wednesday, June 10, 2009

Global cues for Indian Babus: Retired Korean bureaucrats clinch high paying bank jobs

RETIRED bureaucrats with a fair amount of financial exposure are the most sought after candidates to fill up top jobs in Korean banks, a South Korean media report has said. Among 13 commercial banks in the country, eight employ FSS (Financial Supervisory Service) retirees as their standing auditors. The FSS is a quasi-governmental organization that monitors the country's financial organizations. Also, bureaucrats with experiences in a pure government arm, Board of Audit and Inspection (BAI), are also considered for high paying banking jobs in the country, a report published in Korean Times has said. Critics have, however, claimed that the banks’ strategy to woo former bureaucrats for top auditors’ posts is mainly to lobby the iron-fisted government financial bodies there.

Babu Blogger’s Take: In India, retired bureaucrats are in demand in infrastructure sector though the most high profile instance of a retired IAS clinching a plum private sector post is of former industry and finance secretary Ashok Jha’s joining as President of Hyundai India last year with an annual pay package of about Rs 1.8 cr. Maths, Stats & Maya From the time Uttar Pradesh chief minister Ms Mayawati’s political maths went grossly wrong during the last Parliamentary polls, she has been just punishing the bureaucrats by randomly transferring them, and at times demoting them too. Here are Maya’s vital stats, as was published in a national daily. When she became chief minister for the first time for 14 days in 1995, around 578 bureaucrats were transferred. In 1997, when she became the CM again for six months, she transferred 777 babus. The third — one year three months 26 days stint in 2002 — claimed 970 civil servants. From May 2007 till date, UP chief minister has reshuffled more than 1,000 officials, including IAS, IPS and PCS officers. In UP, it’s all about illusion --- Maya.

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