Father I’ve Sinned

A few years back, while attending Platinum Jubilee (75 years type) of Rupa & Co. at New Delhi, I was privy to startling pieces of Information. First being one from Mark Tully, who disclosed his handicap about writing a book! He asserted, because he was habituated writing 250 word dispatches, his hands would stop typing once he reached that limit and went on to suggest perhaps his mind would not oblige his fingers to move.

Second and third disclosures are attributable to M. J. Akbar; who informed an already enlightened audience about Gutenberg, father of modern printing, a jeweler who went on to invent a ‘moving type printing machine’ died a pauper. His intentions were to print Bible, which he did and print some 180 Bibles, but in that era, there were no takers of such a ‘product’, if you will. This resulted to what in modern terms we refer as ‘bankruptcy’. While listening to this sorry tale, I couldn’t help wondering what a great time Guttenberg’s descendants – modern day printers – are having as they apply their clutches and squeeze all and sundry to extract their pound of flesh; but that’s another story.

This story is actually about the next startling disclosure by M. J. Akbar, and hence the title, “Father I’ve Sinned”. According to Akbar, for time memorial, concept of “Papal Indulgence” is being practiced, wherein one may obtain reduction of punishment for his / her sins. He went on to suggest, it is possible to obtain a pardon with the help of Pope by paying The Church an amount of some significance. Those who are knowledgeable and wiser would know the details of such an “arrangement”, if you will.

Some modern philanthropists have used their entrepreneurial hat to take such a practice to next level. And they come up with their own Brand of Social Work, wherein they “Indulge” very privately and perhaps more deeply to serve a number of causes, sometimes more focused than other such denominations. Yet, their motivations echo same “confessional” tone of “Father I’ve Sinned”. Some times their actions, which were considered ‘sins’ under some previous era are now dubbed as “Innovative” or “Path Breaking” or “Entrepreneurial” or whatever else. If you are wondering, “What’s my point?” -  I have none. It’s you who will be making a point from it; for yourself.

A few months back, a startup’s valuation was reduced by 50%; and a billion dollar worth of wealth disappeared. Yet, there was no assertion, no one said- “Father I’ve Sinned!” A company declares drop in net profits again some wealth is likely to disappear. If you try to “trace” who actually lost money, you can go in circles and yet may not be able to pin point a “looser”. Try this- If a company lost some profit, surely their customers would have gained. Now this hypothetical company has to keep the shareholders in good humor, so they will ‘have’ to come up with dividends. It is a well known fact that many such companies are borrowing from banks to make dividend payments. Then what about the Banks? They restructure loans to prevent default or assist defaulting companies and as a result have “Non Performing Assets” in their Books. And when the Government notices too many of those NPAs, they recapitalize the Banks. And as to the Government, they are squaring all such transactions as their ‘investments’ for development of a sound economic environment.

And there is no one to confess, “Father I’ve Sinned!”