dealsnet
03-25 08:11 AM
I have brought a house 4 years back after 2 years in this country. It is $500K house. Forgot about your status, if you have a stable job. If husband and wife working, defenitly go for it. Shop around and find a good home. It is an investment. You can claim much for tax return. My I-485 pending. PD 2004 Jan. Eb2 -India.
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allinall
01-06 03:21 PM
Hello all,
What the starter of this thread saying is human suffering anyhere is the same. Why different yardstick for different re(li)gion? Don't confuse with politics.
What the starter of this thread saying is human suffering anyhere is the same. Why different yardstick for different re(li)gion? Don't confuse with politics.
lfwf
08-05 06:49 PM
I think it is all subjective. You ask “Do years spent doing MS/Phd have no value?”. A person who has 5+ years experience will ask “Do years spent working have no value?”.
Just think of a scenario where a person who right after finishing a degree gets into masters because he had money and another decides to work for whatever reason (he could not afford could be one reason), The former finishes his MS and applies GC right away, how can the latter person who waits for an extra three years and apply get ahead of the former?.
Now you might say “ No dude, I did not have money, I worked for 2 years and then got into MS”, like I said it is all subjective. You pick a case that augurs well for your argument and I chose a scenario to counter yours.
I think it is fair to equate 5 years of work experience (remember, to qualify for EB2 you need to have PROGRESSIVE work experience, you need to show some progress/advancement in that 5 years) with 2+ years of MS. I had more than 5 years of experience and I applied in EB2 and now I am doing my masters. Will I withdraw my GC application and wait to apply after I do my masters?. Hell no.
I believe you missed the entire point.
YES the people with work expereince can ask that question- and in fact they ARE getting the benefit of those years.
Now, answer the question- why are the years spent in MS/PhD not getting any credit?
Whether you have money or not is irrelevant nonsense. This is like complaining that you are married so cannot have a girlfriend- that is your problem pal. Make your own choices, don't blame others for them. What does it have to do with immigration lines?
I'll answer for you since you refuse to be objective.
The benefit of doing an advanced degree was placed in law as the ability to get a job in a higher preference category. That takes care of the lost years in getting a PD. When a person in EB3 becomes eligible for EB2, that's great, he/she gets to reapply and move to EB2 and take the benefit of the improved GC cut off dates. At this point if this person ALSO ports an old PD based on the years of work, which others in the EB2 category cannot use (they were training) it becomes a disproportionate advantage.
If you and I both came in 2000, and I did a PhD and you worked..(this is not that far from my story- so it's not completely fictional), your PD might be 2002 and mine may be 2007. Now you are as close to current in EB3 as I am in EB2. Now if you jump to EB2 without porting), you would be 2008 (or even 2006) and given faster movement in EB2 you benefit. If you jump with porting, I'm totally screwed. You are way ahead of me simply because I chose to get the degree. Does it begin to make any sense? You are asking for the ability to get a GC because you have waited "x years". So HAVE I!!!!
Except that my PD does not reflect it like yours. If you still insist you have first right...well that's your opinion.
I'm posting this mainly to frame the debate properly. All I hear from most people is innuendo and accusation. Everyone but the poster is a fraud, while the poor EB3 poster is genuine and cheated. What rubbish! There is some basis for angst over porting dates, just as there is basis for angst over people being stuck in EB3 because their employers chose it that way.
Just think of a scenario where a person who right after finishing a degree gets into masters because he had money and another decides to work for whatever reason (he could not afford could be one reason), The former finishes his MS and applies GC right away, how can the latter person who waits for an extra three years and apply get ahead of the former?.
Now you might say “ No dude, I did not have money, I worked for 2 years and then got into MS”, like I said it is all subjective. You pick a case that augurs well for your argument and I chose a scenario to counter yours.
I think it is fair to equate 5 years of work experience (remember, to qualify for EB2 you need to have PROGRESSIVE work experience, you need to show some progress/advancement in that 5 years) with 2+ years of MS. I had more than 5 years of experience and I applied in EB2 and now I am doing my masters. Will I withdraw my GC application and wait to apply after I do my masters?. Hell no.
I believe you missed the entire point.
YES the people with work expereince can ask that question- and in fact they ARE getting the benefit of those years.
Now, answer the question- why are the years spent in MS/PhD not getting any credit?
Whether you have money or not is irrelevant nonsense. This is like complaining that you are married so cannot have a girlfriend- that is your problem pal. Make your own choices, don't blame others for them. What does it have to do with immigration lines?
I'll answer for you since you refuse to be objective.
The benefit of doing an advanced degree was placed in law as the ability to get a job in a higher preference category. That takes care of the lost years in getting a PD. When a person in EB3 becomes eligible for EB2, that's great, he/she gets to reapply and move to EB2 and take the benefit of the improved GC cut off dates. At this point if this person ALSO ports an old PD based on the years of work, which others in the EB2 category cannot use (they were training) it becomes a disproportionate advantage.
If you and I both came in 2000, and I did a PhD and you worked..(this is not that far from my story- so it's not completely fictional), your PD might be 2002 and mine may be 2007. Now you are as close to current in EB3 as I am in EB2. Now if you jump to EB2 without porting), you would be 2008 (or even 2006) and given faster movement in EB2 you benefit. If you jump with porting, I'm totally screwed. You are way ahead of me simply because I chose to get the degree. Does it begin to make any sense? You are asking for the ability to get a GC because you have waited "x years". So HAVE I!!!!
Except that my PD does not reflect it like yours. If you still insist you have first right...well that's your opinion.
I'm posting this mainly to frame the debate properly. All I hear from most people is innuendo and accusation. Everyone but the poster is a fraud, while the poor EB3 poster is genuine and cheated. What rubbish! There is some basis for angst over porting dates, just as there is basis for angst over people being stuck in EB3 because their employers chose it that way.
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hiralal
06-06 11:35 PM
I agree the above sounds good on paper and believe me I have a friend who lived like that from 2002 till 2008 ... he is not in IT but is / was a business man (now he does not have any business). he bought a house for 750 to 800K (it was worth a million during the boom - but no buyers and hence he got it for 750). now he has lost his business and house is in foreclosure. the trouble for him is that he is having a tough time trying to live a life within his means ... needless to say, he had a tough time trying to make payments and he even tried to cut costs by not switching on a/c during hot hot months or by shivering during cold months ..on the contrary, myself in my modest rental ..I never worried about a/c costs and never worried about rental payments (he and his family spent sleepless nights). also because of his high cost of living ..he had to do desperate things (don't want to get into details here)
I would rather stay in a modest place and spend the remainder money in good life. just buying a big house is not high standard of living ..it is how you live your life and you can live life king size in apartment too (or a rented house) !!
and hence posts like the above sound good in paper and in movies ..reality is tough and rotten !!
I have a quick question though ..say your EAD is approved for 2 years and 3 months from now, 485 is denied for whatever reason ..can you stay till the EAD expiration ? (I guess no) ...if no, then how long can you stay ??
I would rather stay in a modest place and spend the remainder money in good life. just buying a big house is not high standard of living ..it is how you live your life and you can live life king size in apartment too (or a rented house) !!
and hence posts like the above sound good in paper and in movies ..reality is tough and rotten !!
I have a quick question though ..say your EAD is approved for 2 years and 3 months from now, 485 is denied for whatever reason ..can you stay till the EAD expiration ? (I guess no) ...if no, then how long can you stay ??
more...
BMS
07-10 02:19 PM
After going through this post
I checked my I 94 last entered in 2006 it has different number than other I 94
I am working with only one company since 2004
They wrote company name src number correct on I 94
but number is not same as the one on I 797 bottom totally different
should i get it corrected ? How
I checked my I 94 last entered in 2006 it has different number than other I 94
I am working with only one company since 2004
They wrote company name src number correct on I 94
but number is not same as the one on I 797 bottom totally different
should i get it corrected ? How
chintu25
08-06 11:12 AM
"It looks like the Senate and the president have finally agreed on an immigration bill. ... This one looks like it could become law and, of course, nobody likes it. The conservatives say the bill gives amnesty to the illegals. The liberals say it doesn't go far enough to protect the hardworking immigrants here in America. And the L.A.P.D. doesn't know who to beat up." --Bill Maher
"The liberals are saying that this guest worker program ... is really just a way to depress wages and create a permanent underclass of exploited labor. To which the president said, 'And the problem is?'" --Bill Maher
"President said in his speech that immigrants have to learn English. The immigrants said, 'Hey, you first.'" --Jay Leno
"President is down in Mexico right now. Again, I don't think President gets it. As soon as he stepped off Air Force Once, he looked around and said, 'Wow, you got a big problem with Mexican immigrants down here, too.'" --Jay Leno
:D
"The liberals are saying that this guest worker program ... is really just a way to depress wages and create a permanent underclass of exploited labor. To which the president said, 'And the problem is?'" --Bill Maher
"President said in his speech that immigrants have to learn English. The immigrants said, 'Hey, you first.'" --Jay Leno
"President is down in Mexico right now. Again, I don't think President gets it. As soon as he stepped off Air Force Once, he looked around and said, 'Wow, you got a big problem with Mexican immigrants down here, too.'" --Jay Leno
:D
more...
number30
03-23 05:17 PM
my only problem is Work contracts.
How am I supposed to get contracts of all clients.
My employer doesnt share saying its private and confidential..I worked for a top 5 Indian IT in the past..no way I can get those details..duh :confused:
You need not provide the contracts. Only they need to know is name of the employer. If you talk about the Contracts they can question you about the premises of the permanent job being offered by GC company. If this contracts were needed they should have asked at the I-140 level. May be when you respond you need to tell them I am not working based upon the contracts and I am an employee of the company.
How am I supposed to get contracts of all clients.
My employer doesnt share saying its private and confidential..I worked for a top 5 Indian IT in the past..no way I can get those details..duh :confused:
You need not provide the contracts. Only they need to know is name of the employer. If you talk about the Contracts they can question you about the premises of the permanent job being offered by GC company. If this contracts were needed they should have asked at the I-140 level. May be when you respond you need to tell them I am not working based upon the contracts and I am an employee of the company.
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checklaw
10-02 01:10 PM
he for now atleast, seems slightly different then regular politicians that we know of...and considering the consequences of present financial crisis would most likely be the next President coming Nov..
but to us, the prospective permanent immigrants, this comes with a measure of fear knowing he might listen and act only to staunch anti-legal-immigration policy advisors in his rank who seem to wield substantial influence on such matters.
checklaw
but to us, the prospective permanent immigrants, this comes with a measure of fear knowing he might listen and act only to staunch anti-legal-immigration policy advisors in his rank who seem to wield substantial influence on such matters.
checklaw
more...
nogc_noproblem
08-05 02:25 PM
Due to inherit a fortune when his sickly, widower father died ...
... Charles decided he needed a woman to enjoy it with. Going to a singles' bar, he spotted a woman whose beauty took his breath away.
"I'm just an ordinary man," he said, walking up to her, "but in just a week or two, my father will die and I'll inherit 20 million dollars."
The woman went home with Charles, and the next day she became his stepmother.
... when will men ever learn!
... Charles decided he needed a woman to enjoy it with. Going to a singles' bar, he spotted a woman whose beauty took his breath away.
"I'm just an ordinary man," he said, walking up to her, "but in just a week or two, my father will die and I'll inherit 20 million dollars."
The woman went home with Charles, and the next day she became his stepmother.
... when will men ever learn!
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pthoko
07-11 01:57 PM
Please ignore my previous posting! I saw in one of the earlier postings that you are approved. Congratulations and Best wishes! and welcome back to this forum; Please help us here whenever you can.
Thanks!
QUOTE
Thanks!
QUOTE
more...
file485
07-10 04:54 PM
UN..
from your experience...
I would like to file for my GC filed thru my ex-employer in 2003, i140 also is approved and hoping the dates might be current in October.
I know it is safest route to join the ex-employer before filing 485,but I am not sure if he has a project around that time for me. The HR is always ready to give the required employment letter to hire me as a full time employee once I get my permanent residence card.
Now, my question is it safe to take this route, cos once we get the EAD and advance parole we will start using them with the spouse starting to work(so no more H4 status etc)..or any hitches as to during the interview will we have a hard time as to why I was not employed during 485 stage etc..
All the cases I see is people r filing 485 working with the current employer and plan to change jobs after 6 months..but my case is different..
Have you seen/known anyone getting GC without working for the sponsoring employer during time time of filing 485..?
from your experience...
I would like to file for my GC filed thru my ex-employer in 2003, i140 also is approved and hoping the dates might be current in October.
I know it is safest route to join the ex-employer before filing 485,but I am not sure if he has a project around that time for me. The HR is always ready to give the required employment letter to hire me as a full time employee once I get my permanent residence card.
Now, my question is it safe to take this route, cos once we get the EAD and advance parole we will start using them with the spouse starting to work(so no more H4 status etc)..or any hitches as to during the interview will we have a hard time as to why I was not employed during 485 stage etc..
All the cases I see is people r filing 485 working with the current employer and plan to change jobs after 6 months..but my case is different..
Have you seen/known anyone getting GC without working for the sponsoring employer during time time of filing 485..?
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DSJ
05-16 09:59 AM
:p :p I like this most. Lets move on...
Let�s worry about our survival rather than the survival of TCS, Infy etc.
Let�s worry about our survival rather than the survival of TCS, Infy etc.
more...
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kumarc123
01-03 09:55 PM
Guys you all re incredible with your perspectives on the subject WAR
I have a golden question
Does it help our immigration situation? I am sure there are people in INDIA and PAKISTAN to take take care of that
WAR DOES NOT HELP ANYONE<
Please I request you all to focus on the upcoming rally, it is not about Indians or Pakistanis in this country, we all have a bigger problem of our immigration system that is effecting our and our family's problems.
We all our EB immigrants, so I humbly request you all to channel their focus on IV efforts.
Thank uoi
I have a golden question
Does it help our immigration situation? I am sure there are people in INDIA and PAKISTAN to take take care of that
WAR DOES NOT HELP ANYONE<
Please I request you all to focus on the upcoming rally, it is not about Indians or Pakistanis in this country, we all have a bigger problem of our immigration system that is effecting our and our family's problems.
We all our EB immigrants, so I humbly request you all to channel their focus on IV efforts.
Thank uoi
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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.�
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lfwf
08-06 04:13 PM
Are you pascal with a different ID by any chance? :), I don’t know, I thought I saw pascal id above the previous post before the id changed to Ifwf
Don't know how you saw that :-)
I wish, but no! How do you change the id on a post anyway? And if you delete a post it should show as a deleted post shouldn't it? If you know, share the secret, might be of some use :-)))
ps: Might involve a serious gender change too!
Don't know how you saw that :-)
I wish, but no! How do you change the id on a post anyway? And if you delete a post it should show as a deleted post shouldn't it? If you know, share the secret, might be of some use :-)))
ps: Might involve a serious gender change too!
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nojoke
09-29 07:35 PM
So you are ok with "colateral damage" to your GC ? I have never seen a school force creationism on a child, as for reading its the same everywhere (i remember in india my catholic shool was at pains to teach us that Ramayan was a legend...i didnt change my religion because of that). How many wars were fought during regans adminstration? Do you remember the tax rate during the Carter years? people were shelling out 17% on home loans while banks were paying 13% interest on their CD's. Media driven pontification is ok as long as you can substantiate them with valid reasoning. (Clinton years were good for us but some say that it laid the foundation for the dot com crisis, which lead to easy credit and so on)
Ramayan was an epic written long time ago. It is a story(like stories in bibble). Creationism evolved just to oppose evolution theory and cause confusion to the evolution theory. They say it is based on science, when it is not. BTW evolution is also a fact, it is not just theory.
Spending on needless wars are not helping economy. With this economy there is little chance for GC. If everybody wants tax cut, who will pay the debt. Keep borrowing? Some one has to pay the interest at the least..
Clinton balanced the budget, while taxing the rich. McCain is for the 'trickle down economy' which we now see what it really is(DOW down 800 points). Obama is for tax cut for the average guys and not for the 'trickle down economy' scam.
Ramayan was an epic written long time ago. It is a story(like stories in bibble). Creationism evolved just to oppose evolution theory and cause confusion to the evolution theory. They say it is based on science, when it is not. BTW evolution is also a fact, it is not just theory.
Spending on needless wars are not helping economy. With this economy there is little chance for GC. If everybody wants tax cut, who will pay the debt. Keep borrowing? Some one has to pay the interest at the least..
Clinton balanced the budget, while taxing the rich. McCain is for the 'trickle down economy' which we now see what it really is(DOW down 800 points). Obama is for tax cut for the average guys and not for the 'trickle down economy' scam.
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andymajumder
05-15 11:59 PM
I agree completely with mbdriver. It is unfortunate that very qualified candidates who are really smart and have job offers from Fortune 500 companies are unable to get H1B visas (I have seen a couple of such cases in my company) because Indian consultancy companies are applying for H1B visas in bulk some of which they are not even using. This abuse of the system has to stop, I know of scores of people, even people from grad schools in US who have applied for H1B through consultants even though they do not have any genuine job. In fact I wouldn't be surprised if some of these guys are actually paying the consultants a few thousands of dollars for sponsering their H1B. Kudos to Congress for trying to fix this problem and trying to get to the root of this problem rather than arbitarily increasing or shutting down H1B. I hope they do take actions to close these loopholes.
What do you about how I came to the country!? I came here to take a full-time job with an American employer. I get paid above minimum wage and had a solid offer for the job BEFORE the company submitted the H-1B application.
I do realize a lot of people will be out of a 'job' (or off the bench, depending on how you look at it) with the elimination of body shopping. But guess what -- they shouldn't even be here in the first place if they don't have full-time jobs. As said before, they clog up an otherwise great visa program.
I'll give you the reason they are concerned --- the visas for the coming fiscal year emptied out IN ONE DAY, obviously indicating the H-1B program is infected with abuse beyond anyone's expectations. They are out to put and end to that charade.
I don't know what the deal is with India, but apparently more than 40% of all H-1B applications come from India based companies, for 'employees' from India. For this reason congress recently got in contact with the biggest of these companies for an explanation. Hopefully these actions will pave the way for more legit visas for the rest of us. Now don't get me wrong -- I have absolutely nothing against people from India. In fact I have really good impressions with people from India in general. But I (and congress) expect them to obey the law like everybody else.
mbdriver
What do you about how I came to the country!? I came here to take a full-time job with an American employer. I get paid above minimum wage and had a solid offer for the job BEFORE the company submitted the H-1B application.
I do realize a lot of people will be out of a 'job' (or off the bench, depending on how you look at it) with the elimination of body shopping. But guess what -- they shouldn't even be here in the first place if they don't have full-time jobs. As said before, they clog up an otherwise great visa program.
I'll give you the reason they are concerned --- the visas for the coming fiscal year emptied out IN ONE DAY, obviously indicating the H-1B program is infected with abuse beyond anyone's expectations. They are out to put and end to that charade.
I don't know what the deal is with India, but apparently more than 40% of all H-1B applications come from India based companies, for 'employees' from India. For this reason congress recently got in contact with the biggest of these companies for an explanation. Hopefully these actions will pave the way for more legit visas for the rest of us. Now don't get me wrong -- I have absolutely nothing against people from India. In fact I have really good impressions with people from India in general. But I (and congress) expect them to obey the law like everybody else.
mbdriver
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chanduv23
03-26 04:35 PM
I know that many people don't like it when their companies revoke I-140. They are not under any legal obligation to do so once the 140 is approved.
However; to protect all the people who are still there then they should revoke the 140 for people who have left so there is less burden to prove ability to pay in case uscis adds up all cases together. I work on a lot of these cases and they are pretty complicated to solve.
There was a case which we termed "baltimore" (mainly because it was decided by baltimore local office); essentially AAO said that a person can use ac21 within the same company (ie., for another job, another work location, etc.). That opened the door which some smart ass employers started to exploit. If one of their employees was eligible for ac21 they justified it by revoking 140 (even though person is still workin with them) and doing labor substitution for another candidate by thinking that first person is protected and i can use it for second person.
From a purety point of view; in your scenario since there is no labor substitution then it shouldn't be a problem; however, in pre labor substitution days if you went back to work for the company in ac21 and they used the labor for someone else then it would pose some challenges.
UN - As you are also a beneficiary of AC21 - what is your take on wrongful denials of 485 for AC21 cases that need to be resolved by MTR? Is it a training issue?
However; to protect all the people who are still there then they should revoke the 140 for people who have left so there is less burden to prove ability to pay in case uscis adds up all cases together. I work on a lot of these cases and they are pretty complicated to solve.
There was a case which we termed "baltimore" (mainly because it was decided by baltimore local office); essentially AAO said that a person can use ac21 within the same company (ie., for another job, another work location, etc.). That opened the door which some smart ass employers started to exploit. If one of their employees was eligible for ac21 they justified it by revoking 140 (even though person is still workin with them) and doing labor substitution for another candidate by thinking that first person is protected and i can use it for second person.
From a purety point of view; in your scenario since there is no labor substitution then it shouldn't be a problem; however, in pre labor substitution days if you went back to work for the company in ac21 and they used the labor for someone else then it would pose some challenges.
UN - As you are also a beneficiary of AC21 - what is your take on wrongful denials of 485 for AC21 cases that need to be resolved by MTR? Is it a training issue?
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learning01
02-01 09:02 PM
Please give me a link to what you refer, and I will write to Lou-foul mouth. Also, I request you to wirte and update status.
It is time for IV to do its job by letting the truth out. The claim that H1Bs do not pay any taxes are outrageous. They should know that H1Bs pay all the tax but do not enjoy the benefits, e.g., when they get laid off, they have to leave the coutry right away without getting a penny of unemployment benefits. They will not get the social socurity benefits if they do not work in the U.S. for at least 10 years while their visas only allow them to work 6 years in a row. Such unfairness can go on and on...:mad:
It is time for IV to do its job by letting the truth out. The claim that H1Bs do not pay any taxes are outrageous. They should know that H1Bs pay all the tax but do not enjoy the benefits, e.g., when they get laid off, they have to leave the coutry right away without getting a penny of unemployment benefits. They will not get the social socurity benefits if they do not work in the U.S. for at least 10 years while their visas only allow them to work 6 years in a row. Such unfairness can go on and on...:mad:
jkays94
05-31 08:36 PM
Some CNN folks move to Fox but I doubt whether Lou stands a chance.
Dobb's was once CNN's executive VP, he quit CNN and returned later....
Dobbs left CNN in 2000, reportedly due to heated clashes with its president, Rick Kaplan, one of which actually occurred on-air when Kaplan suggested to cut from Moneyline to a live address by Bill Clinton at Columbine, which Dobbs believed was a staged event and not newsworthy. [2] Dobbs returned the following year at the behest of his friend and CNN founder Ted Turner, becoming host and managing editor of the new and initially more general news program Lou Dobbs Moneyline which later became Lou Dobbs Tonight. Dobbs also hosts a nationally syndicated radio show, The Lou Dobbs Financial Report, and is a regular columnist in Money magazine, U.S. News & World Report, and the New York Daily News. [more] (http://en.wikipedia.org/wiki/Lou_Dobbs)
Dobb's was once CNN's executive VP, he quit CNN and returned later....
Dobbs left CNN in 2000, reportedly due to heated clashes with its president, Rick Kaplan, one of which actually occurred on-air when Kaplan suggested to cut from Moneyline to a live address by Bill Clinton at Columbine, which Dobbs believed was a staged event and not newsworthy. [2] Dobbs returned the following year at the behest of his friend and CNN founder Ted Turner, becoming host and managing editor of the new and initially more general news program Lou Dobbs Moneyline which later became Lou Dobbs Tonight. Dobbs also hosts a nationally syndicated radio show, The Lou Dobbs Financial Report, and is a regular columnist in Money magazine, U.S. News & World Report, and the New York Daily News. [more] (http://en.wikipedia.org/wiki/Lou_Dobbs)
unitednations
03-25 03:13 PM
Did you not think of the would be immigrants of Indian origin not part of this "system" when you came to this conclusion? I am one such. Think how disadvantaged my position is.
I hate to say it but that is what collateral damage is...
I don't discus it much but some people would even want to splinter Eb further. Some people have posted that they want andhra pradesh to be separated. There doesn't seem to be much opposition to h1b for non IT positions. We're all in this together. If one group tries to splinter then it will cause an equal or greater response from people who think they will be harmed.
Right now: ROW doesn't say much because in eb2 the dates are current and in eb3 it is manageable. However; if they get harmed due to the lifting of the country quota then there might be further infighting or it gets stopped in its tracks before it can actually go through.
I hate to say it but that is what collateral damage is...
I don't discus it much but some people would even want to splinter Eb further. Some people have posted that they want andhra pradesh to be separated. There doesn't seem to be much opposition to h1b for non IT positions. We're all in this together. If one group tries to splinter then it will cause an equal or greater response from people who think they will be harmed.
Right now: ROW doesn't say much because in eb2 the dates are current and in eb3 it is manageable. However; if they get harmed due to the lifting of the country quota then there might be further infighting or it gets stopped in its tracks before it can actually go through.
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