EconomicsIndia

Financial meltdown takes away a family

That the current financial meltdown and mess around the world is pretty bad, but it takes anecdotal examples to really bring home the sorrow and the pain at the individual and family level.

In a rather sad turn of events, an Indian-American MBA, Karthik Rajaram, who once made more than $1.2 million in a London based venture fund died in his house in a gated LA community. But he did not die alone. He also killed:

– his wife (Subasri)
– three sons [Krishna (19), Ganesha (12) and Arjuna (7)] – PS: Krishna was a Fullbright scholar who was visiting home when his father shot him. And even the two younger ones were extremely bright kids!
– mother-in-law

before he shot himself. He had purchased the gun from a local store on September 16.

The reason? The stock market fall recently completely wiped out his savings. All his investments had come to almost nothing! He left three documents:

– One letter addressed to Police where he blamed his actions on economic hardships
– Second address to his family and friends labeled Personal and COnfidential
– third contained his last will and testament.

Rajaram had an MBA in finance, and formerly worked for PriceWaterhouseCoopers and Sony Pictures. He was also, at least a part-owner of a financial holding company, SKGL LLC, which was incorporated in Nevada, probably to hold his family assets.

He was facing hardships after having done rather well for himself:

According to the Los Angeles Times, they sold their home in Northridge in 2006 for $750,000, making a sizable profit on a home they purchased in 1997 for $274,000. They had also taken out two loans for $241,400. The family did not own the current home, which was rented.

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Desh Kapoor

The panache of a writer is proven by the creative pen he uses to transform the most mundane topic into a thrilling story. Desh - the author, critic and analyst uses the power of his pen to create thought-provoking pieces from ordinary topics of discussion. He writes on myriad interesting themes. Read the articles to know more about his views and "drishtikone".

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