The Hindenburg Research and George Soros, who accused the Indian government of facilitating fraud at Adani Group, are getting trolled for missing the banking crisis in the US. Two US banks - Silicon Valley Bank and Signature Bank - have collapsed and many more are feared to be heading in that direction as the trust of investors in regional and smaller banks has been shaken in the wake of the quick meltdown of SVB.
As the crisis unfolds in the US, many in India are asking why was it that Hindenburg and Soros could not see what was hitting the Americans.
In January, US-based short seller Hindenburg published a scathing report on Adani Group and Soros picked up the allegations to target Prime Minister Narendra Modi. Soros, who is accused of funding groups to bring down governments he does not like, said the Adani crisis would spark a democratic revival in India.
Meera Singh, a Twitter user, alleged that maybe Hindenburg was not paid by Soros to alert the US banks.
Jaiganesh, another user, said Soros should now talk about Silicon Valley Bank, which went bust in record time.
Pradeep Goyal, an insolvency professional, called Hindenburg Research and George Soros 'international blackmailers' but he said they must know, "this is New India under the leadership of Hon'ble PM Sh. Modi ji who is master in dealing with such conspirers".
Hindenburg, in its report published on January 24, accused the Indian conglomerate of indulging in "brazen stock manipulation" and "accounting fraud". The report had a scathing impact on Adani as the group's listed firms lost nearly 80 per cent in market capitalisation before making some recovery in recent weeks.
By some financial experts, the worst is behind for Adani. And now the Indian investors are asking the short-seller and those who latched on to the report to better focus on the US banks.
In the wake of the collapse of SVB and Signature Bank, global rating agency Moody’s has placed six US banks on review for potential downgrades. The agency has said it can downgrade First Republic Bank, Zions, Western Alliance, Comerica, UMB Financial, and Intrust Financial due to "extremely volatile funding conditions".
Commenting on this development, Mahendra Jain, an investor, said that Hindenburg, BBC, and George Soros should better focus on themselves and US banks first as their banks are collapsing.
After the collapse of SVB and Signature Bank, the US Treasury Department and bank regulators have intervened and assured depositors they will get their money - a move aimed at calming the stock market and preventing any possible ripple effect on other smaller banks.
President Joe Biden said that the government was responding decisively and it would protect depositors without rewarding risk-taking executives and investors. "Americans can rest assured that our banking system is safe — your deposits are safe," Biden said
However, Rohit Jain, a Twitter user, said America should simply request George Soros to donate some money to these collapsed banks and citizens instead of spending billions of dollars for "democratic revival in India" - which is what Soros had said.
Mahendra Jain, in another tweet, said George Soros and Hindenburg should mind their own business first as banks in the US are being "sold at burger's rate".
"Don’t you think #GeorgeSoros and #Hindenburg should mind their own business first???? #Adani has already come back with big bang but 2 US banks are being sold at burger’s rate. According to me, it’s for a #Vadapav," he said in a tweet, referring to a deal where HSBC acquired SVB's UK arm for 1 pound.
Rakesh Kumar, a software engineer, said that the "Soros Gang" is active everywhere and they are trying to break down the system not just in India but everywhere if they don't have the system of their liking.
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