Securities scam: genesis, mechanics, and impact
Abstract
The term "securities scam" refers to the
diversion of funds from the banking system
to various stockbrokers in a series Of
transactions—primarily government
securities—during the period April 1991 to
May 1992. An understanding of the scam is
a prerequisite for any meaningful analysis of
policy alternatives to improve the
functioning of the financial system.
This paper by Samir K Barua and
Jayanth R Varma presents a plausible
reconstruction of how the scam originated,
how it was perpetrated, and what would be
its aftermath.
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