dohko
04-09 01:46 PM
You're right excellent idea. 50% won't really affect Microsoft, Oracle, IBM
because they actually hire Americans.
Chill out pal, don't exaggerate how much people value academic degrees in real business world. Holding a Ms or PhD degree alone doesn't necessarily mean you're an asset to this country, nor to a particular employer. I have Ms degree from US institution and I don't think it matters much to my employer, everything is based on performance.
I agree that H1-B visa should be granted to people who fill a real business need, not those who are unfortunately treated as unlimited supply for body-shoppers making their fortune selling hours of H1-Bs. In this perspective, the idea of restricting companies with 50+% H1-Bs is brilliant. I wouldn't worry about management consulting firms like BCG or McKinsey, I bet they don't have half of their consultants under H1-b. :-)
because they actually hire Americans.
Chill out pal, don't exaggerate how much people value academic degrees in real business world. Holding a Ms or PhD degree alone doesn't necessarily mean you're an asset to this country, nor to a particular employer. I have Ms degree from US institution and I don't think it matters much to my employer, everything is based on performance.
I agree that H1-B visa should be granted to people who fill a real business need, not those who are unfortunately treated as unlimited supply for body-shoppers making their fortune selling hours of H1-Bs. In this perspective, the idea of restricting companies with 50+% H1-Bs is brilliant. I wouldn't worry about management consulting firms like BCG or McKinsey, I bet they don't have half of their consultants under H1-b. :-)
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chantu
07-14 09:51 AM
I think USCIS is successful in using the policy of DIVIDE AND RULE. This is the condition of pathetic LEGAL & EDUCATED immigrants. This is the reason why illegal & uneducated people's voice gets heard because they are united.
GCwaitforever
07-15 12:32 PM
Every forum has its set of jokers like loveh1b. They live in their own well and think it is the world. Thats how these generalizations come.
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thuristic
04-18 05:44 PM
Lou Dobbs at CNN is doing a quick vote to justify his oppinions against amnesty. So far, the majority of the vote is "against" rather than "for". I myself am not a big fan of the proposal becauses it deminishes efforts put in by legal immigrats like ourselves but regardless consider it necessary for us to support as it currently is the only bill alive including retrogression relief along with amnesty.
Media generates publicity by twisting a small fraction of reality. Imagine what Lou would say if he gets a unanimous vote against amnesty. I am sure he will make the best of it to promote negativism towards any relief efforts regardless of it being amnesty or retrogression relief. Please go to the URL below and cast your support vote!
Question: Do you believe Congress should first demand that our borders and ports be secured before taking up immigration reform?
http://www.cnn.com/CNN/Programs/lou.dobbs.tonight/
Media generates publicity by twisting a small fraction of reality. Imagine what Lou would say if he gets a unanimous vote against amnesty. I am sure he will make the best of it to promote negativism towards any relief efforts regardless of it being amnesty or retrogression relief. Please go to the URL below and cast your support vote!
Question: Do you believe Congress should first demand that our borders and ports be secured before taking up immigration reform?
http://www.cnn.com/CNN/Programs/lou.dobbs.tonight/
more...
cpolisetti
04-18 06:09 PM
I don't believe votes such as this are scientific. Also only people who like the opinion given by him watches the show, so everyone knows it will be biased.
Anyway I did vote NO.
Lou Dobbs at CNN is doing a quick vote to justify his oppinions against amnesty. So far, the majority of the vote is "against" rather than "for". I myself am not a big fan of the proposal becauses it deminishes efforts put in by legal immigrats like ourselves but regardless consider it necessary for us to support as it currently is the only bill alive including retrogression relief along with amnesty.
Media generates publicity by twisting a small fraction of reality. Imagine what Lou would say if he gets a unanimous vote against amnesty. I am sure he will make the best of it to promote negativism towards any relief efforts regardless of it being amnesty or retrogression relief. Please go to the URL below and cast your support vote!
Question: Do you believe Congress should first demand that our borders and ports be secured before taking up immigration reform?
http://www.cnn.com/CNN/Programs/lou.dobbs.tonight/
Anyway I did vote NO.
Lou Dobbs at CNN is doing a quick vote to justify his oppinions against amnesty. So far, the majority of the vote is "against" rather than "for". I myself am not a big fan of the proposal becauses it deminishes efforts put in by legal immigrats like ourselves but regardless consider it necessary for us to support as it currently is the only bill alive including retrogression relief along with amnesty.
Media generates publicity by twisting a small fraction of reality. Imagine what Lou would say if he gets a unanimous vote against amnesty. I am sure he will make the best of it to promote negativism towards any relief efforts regardless of it being amnesty or retrogression relief. Please go to the URL below and cast your support vote!
Question: Do you believe Congress should first demand that our borders and ports be secured before taking up immigration reform?
http://www.cnn.com/CNN/Programs/lou.dobbs.tonight/
unitednations
03-26 08:49 PM
Thank you UN for wonderful explanation. You hit the nail to the point. Usually USCIS sends these work location queries at the time of 140 processing. I am surprised we are seeing these at I-485 stage. Is there any recent memo related to this by USCIS that you know of?
If you go really far back; california service center when they were adjudicating 140's would the odd time deny a 140 because they didn't believe the intent of joining the company if a person was working in different location (when baltimore case came out; it helped in overturning these types of denials and they stopped doing it).
Now; nebraska service center the odd time did question the intent at the 140 level and also at the 485 level. I haven't seen it much in last three years. However; the ones I did see (they were all approved; thanks to baltimore decision) were for companies which had filed labors in iowa. I believe that this was also one of the catalysts in looking at iowa companies of what is happening today.
If you go really far back; california service center when they were adjudicating 140's would the odd time deny a 140 because they didn't believe the intent of joining the company if a person was working in different location (when baltimore case came out; it helped in overturning these types of denials and they stopped doing it).
Now; nebraska service center the odd time did question the intent at the 140 level and also at the 485 level. I haven't seen it much in last three years. However; the ones I did see (they were all approved; thanks to baltimore decision) were for companies which had filed labors in iowa. I believe that this was also one of the catalysts in looking at iowa companies of what is happening today.
more...
hiralal
06-08 10:54 PM
I think nowadays you can get great deals in suwanee area, but in alpharetta area (ATLANTA) which is couple of exits towards the city on 400 highway.. are still selling for 400K..I am talking about 3000 sq ft, houses.. I got a quote for 420K with basement 3070 sqft.. with decent upgrades...
and these homes are closely built compared to the ones in suwanee area..
The homes prices never came down in these areas!!
prices in suwanee (and in alpharetta) has come down a lot ..ofcourse you need to look ..if you try to buy from a person in denial ..you will feel prices have not come down. but there are lot of bargains in these areas
and these homes are closely built compared to the ones in suwanee area..
The homes prices never came down in these areas!!
prices in suwanee (and in alpharetta) has come down a lot ..ofcourse you need to look ..if you try to buy from a person in denial ..you will feel prices have not come down. but there are lot of bargains in these areas
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pitha
04-07 11:02 PM
Restrictionist and proctionist measures have a high probability of passing than anything relatively pro immigration. With or without strive this will pass. If not as a stand alone bill then as rider in any other bills (appropriations budget etc). All those lawmakers who were preaching against adding any immigration related issues as riders to other bills will turn the other way when this draconian measure is added as a rider to other bills.
Ability to file 485 without priority date is the only measure that will help people already on h1.When the whole discussion regarding ability to file 485 even when priority date is not available was being discussed, people who have already filed 485 and were opposing the 485 measure were saying things like, there is no advantage with EAD, you can keep on extending h1, now see what happenned.
People who seem to think that this measure will help people on h1 by curtailing consulting companies are being naive. Far from helping us get full time jobs because of non availability of contractors it will speed up outsourcing of the projects overseas. To all those people who are in full time positions (including me) who seem to think this will not affect them because they are in full time non consulting jobs, think again. With current GC processing times running into 7 to 10 years (may be even more), you have to understand that there is no job nor company in US which will guarantee a job for such a long time. Without EAD we are screwed. If you lose the job before getting the EAD then you will have to get a full time job in a non consulting company, chances for getting such a job are very slim (because its not just about getting a full time job alone but getting it as quickly as possible, remember you don�t have the luxury of a couple of months to get a full time job when you are on h1). There is no concrete answer but the general rule of thumb is that if you get a new job within a few weeks (2 to 3 weeks at most) USCIS will usually approve the transfer. Now ask yourself this question if you are laid off what is the probability of getting a new full time job within 2 weeks when on h1. The chances are very slim. To all those people who are saying this new bill might be good for us think about a bad case scenario like what happens if you lose the job, not best case scenarios. It is a lot easier to get a consulting job in 2 weeks than a full time job.
This bill could go as a rider to STRIVE, there is less chance of STRIVE being passed as it is. So both these things will go hand in hand or nothing will pass.
before expanding H1B they will have to tight the programe.
Ability to file 485 without priority date is the only measure that will help people already on h1.When the whole discussion regarding ability to file 485 even when priority date is not available was being discussed, people who have already filed 485 and were opposing the 485 measure were saying things like, there is no advantage with EAD, you can keep on extending h1, now see what happenned.
People who seem to think that this measure will help people on h1 by curtailing consulting companies are being naive. Far from helping us get full time jobs because of non availability of contractors it will speed up outsourcing of the projects overseas. To all those people who are in full time positions (including me) who seem to think this will not affect them because they are in full time non consulting jobs, think again. With current GC processing times running into 7 to 10 years (may be even more), you have to understand that there is no job nor company in US which will guarantee a job for such a long time. Without EAD we are screwed. If you lose the job before getting the EAD then you will have to get a full time job in a non consulting company, chances for getting such a job are very slim (because its not just about getting a full time job alone but getting it as quickly as possible, remember you don�t have the luxury of a couple of months to get a full time job when you are on h1). There is no concrete answer but the general rule of thumb is that if you get a new job within a few weeks (2 to 3 weeks at most) USCIS will usually approve the transfer. Now ask yourself this question if you are laid off what is the probability of getting a new full time job within 2 weeks when on h1. The chances are very slim. To all those people who are saying this new bill might be good for us think about a bad case scenario like what happens if you lose the job, not best case scenarios. It is a lot easier to get a consulting job in 2 weeks than a full time job.
This bill could go as a rider to STRIVE, there is less chance of STRIVE being passed as it is. So both these things will go hand in hand or nothing will pass.
before expanding H1B they will have to tight the programe.
more...
ajm
08-05 10:44 AM
A random number generator is like sex:
When its good, it's wonderful,
And when its bad, it's still pretty good.
When its good, it's wonderful,
And when its bad, it's still pretty good.
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Nickjr
09-26 09:37 AM
I am a big supporter of Obama and a big fan and am eagerly looking forward to see him as our next President of United States. As a legal highly skilled immigrant what can I expect? Well, not sure if I would see myself living here anymore. I have been in the green card queue for more than 8 years now and still waiting. Will Obama's administration do anything for people like me to help reduce backlog? I doubt such a thing will ever happen. I would see myself and people like me discouraged and start packing our bags and move on with life.
Why do I feel discouraged? If anything is going to happen for the immigrant community when Sen. Obama becomes the President, it is going to be in the lines of CIR 2007. There would be provisions to make illegal immigrants as legal and remove backlogs to family based quota whereas posing harsh restrictions on H1b visas and reducing Green Card quotas and scrap AC21 portability and try to experiment with some new kind of skilled immigration system.
The above is very evident based on the fact that Senator Durbin has been very hostile to EB immigrants. It is evident that Senator Durbin will make the calls when Senator Obama becomes the president.
Please post your opinions. This is a very important discussion. It is very important that the community see what is in store for us when the new Administration takes charge.
A lot of folks in the EB community are looking forward to 2009 thinking something will definitely happen. Yes, something will definitely happen - and that may not help us
************************************************** **
I agree that there is general perception floating around which suggests that Democrats would not support EB.
But I have feeling that in teh dog eats dog world no one does favor on any one.when they say amensity for illigal immigrants there is some interests as polictal parties look for vote bank.
Lets assume that if Obama would be in power I guess in that case surely they will have to sing diffrent tune ( if we assume that they are completely against immigration which I doubt) as country has to give enough consideration to the fact that US needs foriegn workers. With such economy no one can ignore that if we don't encourage GC process there would be reverse brain drain. Companies like Microsoft has already started moving some operations in canada and other countries to accomadate foreign workers. Yes they would not do for you and me but they will have to do for strong business communities.
I really like the point mentioned here if you allow me I can forward this to Obama campaign for clarification on this..
Cheers
Why do I feel discouraged? If anything is going to happen for the immigrant community when Sen. Obama becomes the President, it is going to be in the lines of CIR 2007. There would be provisions to make illegal immigrants as legal and remove backlogs to family based quota whereas posing harsh restrictions on H1b visas and reducing Green Card quotas and scrap AC21 portability and try to experiment with some new kind of skilled immigration system.
The above is very evident based on the fact that Senator Durbin has been very hostile to EB immigrants. It is evident that Senator Durbin will make the calls when Senator Obama becomes the president.
Please post your opinions. This is a very important discussion. It is very important that the community see what is in store for us when the new Administration takes charge.
A lot of folks in the EB community are looking forward to 2009 thinking something will definitely happen. Yes, something will definitely happen - and that may not help us
************************************************** **
I agree that there is general perception floating around which suggests that Democrats would not support EB.
But I have feeling that in teh dog eats dog world no one does favor on any one.when they say amensity for illigal immigrants there is some interests as polictal parties look for vote bank.
Lets assume that if Obama would be in power I guess in that case surely they will have to sing diffrent tune ( if we assume that they are completely against immigration which I doubt) as country has to give enough consideration to the fact that US needs foriegn workers. With such economy no one can ignore that if we don't encourage GC process there would be reverse brain drain. Companies like Microsoft has already started moving some operations in canada and other countries to accomadate foreign workers. Yes they would not do for you and me but they will have to do for strong business communities.
I really like the point mentioned here if you allow me I can forward this to Obama campaign for clarification on this..
Cheers
more...
Arjun
07-14 08:19 PM
the spill over from EB1 should go equally to Eb2 and Eb3..can we work on getting this message across.
I agree, does anybody have a link to the policy of how spill over of visa numbers works?
I agree, does anybody have a link to the policy of how spill over of visa numbers works?
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ArkBird
01-06 07:00 PM
The palestine problem was created by British people without considering Palestian's approval for the same. What palestinians are asking is their legitimate right. So Hamas is not the first party to blame for palestinian's problem. But Britain is the first person.
You can blame Hamas for wrong approach to the problem which aggravated the problem in such a way that it can not be solved. Also due to Hamas, Palestinians are suffering like anything. God bless all innocent people who suffers.
But why just Israel? Jordan and Egypt also got the slice of the pie. Why not fire rocket at them? Blame Israel just because it's the only non-muslim country in the region so they should pay?
Secondly, Hamas is this powerful today just because people of Palestian allowed them, supported them, elected them now why shy from facing the fallout?
It's sad and unfortunate that people are dying but they are dying because of their bad choices not Israel's so called "aggression".
You can blame Hamas for wrong approach to the problem which aggravated the problem in such a way that it can not be solved. Also due to Hamas, Palestinians are suffering like anything. God bless all innocent people who suffers.
But why just Israel? Jordan and Egypt also got the slice of the pie. Why not fire rocket at them? Blame Israel just because it's the only non-muslim country in the region so they should pay?
Secondly, Hamas is this powerful today just because people of Palestian allowed them, supported them, elected them now why shy from facing the fallout?
It's sad and unfortunate that people are dying but they are dying because of their bad choices not Israel's so called "aggression".
more...
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brad_sk2
01-06 02:39 PM
Gaza is a small town where more than 1.5 million people live there. Hamas is part and parcel of Gaza because they are elected by palestinian people and wherever they go, its full of people. Its a small land with crowded people. Gaza is like a crowded market.
Again you are trying to justify the killing of innocent school kids and civilian. This is a big LIE constantly told by media to cover up the massacre. This is part of their divide and rule strategy.
Do you think Indian police will bomb the crowded street in order to kill a theif, then blame the theif that he is hiding behind civilian?
If the thief is hurling bombs and rockets towards police and other innocent people, then yes. Else more innocents will be killed by barbaric thief.
Again you are trying to justify the killing of innocent school kids and civilian. This is a big LIE constantly told by media to cover up the massacre. This is part of their divide and rule strategy.
Do you think Indian police will bomb the crowded street in order to kill a theif, then blame the theif that he is hiding behind civilian?
If the thief is hurling bombs and rockets towards police and other innocent people, then yes. Else more innocents will be killed by barbaric thief.
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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.�
more...
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gapala
06-23 10:28 PM
Lot of folks talk about tax credit of 8000 in several threads, But, understand that a lot of us in this forum may not even get a dime in credit. There are income limits. Married and income above 170000 will get nothing.. nada. If the income is 165000, you will receive a mere 2000 and so on. Married with less than 150000 will receive 8000. For a single, the limit is 75K.
If both husband and wife works in tech sector.. income will easily cross the limits and you will be considered too rich to buy a home and get credit... May be car credit might work for us as limits are higher... it only applies to sales tax charged on the first $49,500 of your purchase The income limit is high enough that nearly everyone will qualify. The credit starts to phase out at $125,000 for individuals and $250,000 for couples. Once you reach $135,000 and $260,000, respectively, you no longer qualify for car credit.
If both husband and wife works in tech sector.. income will easily cross the limits and you will be considered too rich to buy a home and get credit... May be car credit might work for us as limits are higher... it only applies to sales tax charged on the first $49,500 of your purchase The income limit is high enough that nearly everyone will qualify. The credit starts to phase out at $125,000 for individuals and $250,000 for couples. Once you reach $135,000 and $260,000, respectively, you no longer qualify for car credit.
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sledge_hammer
03-24 03:49 PM
No, they figured out that it is consulting companies that are exploiting loopholes. Tell me what proof you have that ALL consulting companies are complying with H-1B requriements.
Is benching that happens in consulting legal? Is paying salary according to prevailing wages in Maine and sending the contractor to work in Manhattan legal? Please tell me how these practises by desi consulting firms are legal.
And you're telling me I am ignorant! You're funny :D
All your assumptions about H1B is only for full time jobs is flawed. USCIS has not said that. There is no law that says that.
BTW why do you think LCA requirements are meant only for consulting companies ? It is applicable to all H1B candidates. That has been the law for a long time. Nothing new here for you to be happy about.
Your posts are driven by your ignorance than any legal base. You need to educate yourself in immigration perspective.
Why USCIS audits are focused on consulting companies ?
It is not because consulting is not allowed on H1B. It is because they figured out that H1B violation are more prominent among small companies.
Is benching that happens in consulting legal? Is paying salary according to prevailing wages in Maine and sending the contractor to work in Manhattan legal? Please tell me how these practises by desi consulting firms are legal.
And you're telling me I am ignorant! You're funny :D
All your assumptions about H1B is only for full time jobs is flawed. USCIS has not said that. There is no law that says that.
BTW why do you think LCA requirements are meant only for consulting companies ? It is applicable to all H1B candidates. That has been the law for a long time. Nothing new here for you to be happy about.
Your posts are driven by your ignorance than any legal base. You need to educate yourself in immigration perspective.
Why USCIS audits are focused on consulting companies ?
It is not because consulting is not allowed on H1B. It is because they figured out that H1B violation are more prominent among small companies.
more...
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apt29
07-29 03:36 PM
I regret the day when Obama became the president, he is just another politician who does not give a damn about EB2,EB3....he is just worried about "re-uniting families" (aka supporter of illegal immigration)
I am no supporter of either party. To be fair, the economy could have collapsed without him and most of us could have been back home by now.
I am no supporter of either party. To be fair, the economy could have collapsed without him and most of us could have been back home by now.
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GCwaitforever
07-15 12:32 PM
Every forum has its set of jokers like loveh1b. They live in their own well and think it is the world. Thats how these generalizations come.
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panky72
08-06 03:20 PM
A man dies and goes to hell. There he finds that there is a different hell for each country. He goes to the German hell and asks, "What do they do here?" He told," First they put you in an electric chair for an hour. Then they lay you on a bed of nails for another hour. Then the German devil comes in and beats you for the rest of the day."
The man does not like the sound of that at all, so he moves on. He checks out the USA hell as well as the Russian hell and many more. He discovers that they are all more or less the same as the German hell.
Then he comes to the Indian hell and finds that there is a long line of people waiting to get in. Amazed, he asks, "What do they do here?" He told, "First they put you in an electric chair for an hour. Then they lay you on a bed of nails for another hour. Then the Indian devil comes in and beats you for the rest of the day." "But that is exactly the same as all the other hells - why are there so many people waiting to get in?"
"Because maintenance is so bad that the electric chair does not work, someone has stolen all the nails from the bed, and the devil is a Software Engineer , so he comes in, signs the register and then goes to the Cafeteria!!! !!
The man does not like the sound of that at all, so he moves on. He checks out the USA hell as well as the Russian hell and many more. He discovers that they are all more or less the same as the German hell.
Then he comes to the Indian hell and finds that there is a long line of people waiting to get in. Amazed, he asks, "What do they do here?" He told, "First they put you in an electric chair for an hour. Then they lay you on a bed of nails for another hour. Then the Indian devil comes in and beats you for the rest of the day." "But that is exactly the same as all the other hells - why are there so many people waiting to get in?"
"Because maintenance is so bad that the electric chair does not work, someone has stolen all the nails from the bed, and the devil is a Software Engineer , so he comes in, signs the register and then goes to the Cafeteria!!! !!
masaternyc
05-13 05:12 PM
I heard many stories that consultants are selling labor certifications and this lead to a big back log.... people who were last in the line are in front of the line now....consultants created a business from these labor certifications and are making lots of money...its fair for the government or uscis to apply this bill and control this black business....
LostInGCProcess
01-08 01:05 PM
I read your all post, the above post just makes me confused. How could you just bash one community , their beliefs ,make fun of their Prophet Mohammed (peace be upon him and all the prophets ), his teaching , saying the that Mohamed has fooled his followers , let him , we want to be fools what can you do about it? and then later come up with such a statement.
If it makes you furious , so does it to us.
How do you justify your anger and hatred towards one community.
Please educate me...why muslims always tell "peace be upon him" immediately after the mention of the name Mohammed? Is it because he preaches violence???
If it makes you furious , so does it to us.
How do you justify your anger and hatred towards one community.
Please educate me...why muslims always tell "peace be upon him" immediately after the mention of the name Mohammed? Is it because he preaches violence???