Latest news with #CDOs
Time of India
3 days ago
- Politics
- Time of India
Developed India needs self-reliant villages: Maurya
Lucknow: Deputy Chief Minister Keshav Prasad Maurya on Saturday said the goal of building a developed India will be achieved only through the holistic and balanced development of villages. "Villages and villagers have to be made strong, self-reliant and self-sufficient in every situation. Smart villages need to be built like smart cities. Development work should be visible on the ground," he said. Maurya was chairing a review meeting of development works organised with all the chief development officers (CDOs) of the state at the Yojana Bhawan. He told senior officials of the rural development department and the CDOs to focus especially on activating the inactive self-help groups. He said Pradhan Mantri Awas Yojana - Gramin (PMAY-R) should be made more transparent. Maurya said the top priority of the govt is the welfare of the poor. He said Uttar Pradesh played a leadership role in the FDR technology of PMGSY. "The roads being constructed by PMGSY's FDR technology should be monitored regularly," he said adding that work should be done to connect unemployed youth of the villages with the Prime Minister Micro Food Industry Upgradation Scheme. He asked the CDOs to check the ground reality of the development works in the villages. The DyCM said village chaupal is a powerful medium to connect with the public. "Quick resolution of the problems of the villagers should be ensured in the chaupals," he said.
Telegraph
16-06-2025
- Business
- Telegraph
Young people are taking out loans to buy pizzas
The film of Michael Lewis's book The Big Short is a magnificent piece of storytelling that made the 2008 financial crash comprehensible. In the movie, a renegade hedge fund boss discovers that the financial system contains an unexploded bomb. Huge amounts of poorly secured credit are floating around that are far riskier than the holders realise, or want to admit. It's a collective hallucination of trust, and he bets that it must eventually collapse. It introduced a mass audience to collateralised debt obligations (CDOs), one of the sophisticated creations used to hide the dodgy debt. Loans had been chopped up and blended with other loans into new tradable financial products like CDOs, in a process called securitisation. Sometimes, these new securities were chopped up and blended again, obscuring the risk even more. The credit ratings agencies insisted these new products were safe investments – but the hedge fund contrarian had discovered they were very high risk. Much of the debt had been advanced as mortgages to low-income families who were vulnerable to a rise in interest rates, and so the value of the securities would collapse when lending rates went up. Surely it couldn't happen again? However, today, unsecured credit is being advanced to allow consumers to buy not houses, but pizzas, burritos and burgers. Companies including Deliveroo and DoorDash have formed partnerships with Klarna, the buy-now-pay-later (BNPL) lender. And those instant gratification debts are now being securitised. Last October, Klarna offloaded most of its UK debt – worth some £30bn – to Elliott Investments, a hedge fund. Private equity group KKR has agreed to buy up €40bn (£34bn) of PayPal loans. Consumer credit has come a long way from mortgages to munchies. When financial social media caught wind of the developments a couple of months ago, it turned it into a meme: the 'collateralised burrito obligation'. "You have no intention of paying off your collateralized burrito obligations, do you?" — litquidity (@litcapital) May 20, 2025 Families who couldn't pay their mortgages in 2008 left the keys on the kitchen table, the door unlocked, and simply disappeared. But good luck repossessing a burger once it has been eaten. So do we need to get ready for the sequel, The Big Mac Short? The number of people seeking help to repay BNPL debt has increased 68pc, The Telegraph reported in May. The amounts are still dwarfed by mortgages, but it's significant, and the unsecured portion is increasing. In a cost of living crisis, household bills are now being paid on BNPL. The New York Times reports how increasingly even groceries are being paid for with it. Supporters argue that families can avoid punitive credit card fees if they pay their BNPL loans on time. In one sense, it's nothing new: an informal credit system has always been with us, but in the shadows. 'The fundamentals haven't changed,' explains Ralph Jainz, a fund manager. 'A debt is a debt, and one day a bloke with a baseball bat turns up at your doorstep, demanding money. 'It's always been a nasty business, just as it was in the slums of Paris during Les Misérables,' he adds, referring to Victor Hugo's novel in which the Thénardiers are the exploitative and ingenious community credit brokers, who immiserate and enslave the honest. Pawn shops and doorstep lenders are not new. What we are seeing is something that was once in the shadows emerge and meet the regulated financial system. Klarna is in good nick, with a robust credit rating and plenty of capital – it can always raise fees to retailers. But what about the holders of the burrito securities? In theory, securitisation should make things more legible, not more obscure. As one pundit explained when the collateralised burrito obligation meme was bouncing around the socials, 'as a financial engineering and market completion enjoyer, I think this is great. A complete market is one where every risk can be priced, traded or hedged, ie: every risk has a price, every future has a counterparty'. Ratings agencies who were so complacent in 2008, giving CDOs a clean bill of health, have been more cautious this time. S&P and Moody's do not rate burrito debt or BNPL. But just as with the subprime mortgages, S&P notes that 'BNPL asset performance may also be particularly vulnerable to a turn in the credit cycle'. BNPL debt is really part of a bigger story: the emergence of a shadow banking sector, with an increase in lending by non-regulated institutions like hedge funds and private equity, firms who are taking on the burrito loans today. Hedge fund lenders don't have to issue monthly risk reports or make deposit guarantees. One of the most remarkable stories of the year, as Reuters has reported, is that hedge funds loaded up with burrito debt are placing bets against Rachel Reeves. Sixty per cent of bond trading volumes in January and February were from hedge funds. 'The real scandal is that the world has massively got into private credit,' says Jainz. 'But one day a CEO will wake up and have debt he or she doesn't understand.'
Time of India
16-05-2025
- Politics
- Time of India
Don't disrespect elected representatives: CM to BDOs
Bhubaneswar: Chief minister on Thursday told block development officers (BDO)s and chief development officers (CDO)s not to consider his simplicity as a sign of weakness and warned them against disrespecting elected representatives and ignoring their concerns. Tired of too many ads? go ad free now Addressing a conference of and , Majhi said he has received complaints from MLAs about officials not giving them due respect. "While such instances may be few, it's crucial that you work in collaboration with elected representatives who voice people's concerns," the CM told the officials who oversee development projects at block and district levels. BDOs of all 314 blocks and CDOs of all 30 districts attended the meeting. Majhi said for the first two-three months after the BJP govt came to power, many of the officers functioned by aligning themselves with the previous govt's vision. "That is not unusual. However, they must change since it's already 11 months," he added. Calling himself a simple tribal man, Majhi said being someone who started his political career as a sarpanch, he knows well what happens at the grass-roots level. "I too had faced bad behaviour from BDOs after becoming an MLA. But most officers are very good and principled," the CM said. Pointing out that his govt gave ample freedom to officers, he said none should work under anyone's pressure. "Work impartially to provide service to the public," he advised them, adding that beneficiaries of govt schemes have a right to the services meant for them. Warning of consequences for misconduct, Majhi said, "Any form of corruption or negligence will face strict action. Tired of too many ads? go ad free now There will be zero tolerance for those who fail to fulfil their responsibilities." Majhi also asked officers not to use machines for labour-intensive work such as Mahatma Gandhi National Rural Employment Guarantee Act, meant to generate employment for people. "This must change. If this practice is stopped, it will end distressed migration of the workforce," he said. The CM also emphasised the critical role of CDOs and BDOs as the vital link between the govt and citizens. As Odisha aspires to be a developed state by 2036 and become a growth engine for Viksit Bharat by 2047, the block-level administration has to play an important role, he pointed out. "Your efficiency directly reflects our administrative success," he said and stressed the need for proper implementation of govt schemes at the grass-roots level.
Associated Press
14-05-2025
- Business
- Associated Press
New Free Video Empowers CDOs to Drive Impact Despite the DEI Backlash
This free 15-minute video arms CDOs with bold strategies and tools to build greater influence and sustain impact—even amid today's growing political resistance. 'Inclusion progress and business impact don't need to pause for politics—this video gives CDOs the tools and strategies they need to lead boldly and deliver real impact right now.'— Joseph Santana, Chairman of the CDO PowerCircle and Futurist NEW YORK CITY, NY, UNITED STATES, May 14, 2025 / / -- The 2025 CDO PowerCircle, a leading organization for senior corporate CDOs, has released a free 15-minute video that offers valuable insights on using new technology tools and developing powerful new internal alliances to drive measurable inclusion impact, even in today's turbulent times. The video, available now, includes free tips and tools to help elevate the influence of CDOs in their organizations. In today's fast-paced and ever-changing business landscape, CDOs can be crucial in supporting innovation and business success. However, with the current challenges of the political backlash, it can be difficult for CDOs to sustain the momentum they may have enjoyed in the past. This is where the new video from the 2025 CDO PowerCircle comes in, offering practical strategies and tools to help CDOs navigate through tough times and continue to drive measurable business impact while threading the needle in light of political pushback. The 15-minute video features insights from top industry experts and successful CDOs who have used these strategies and tools to elevate their influence and continue to drive measurable impact in their organizations. It also includes free tips and tools that CDOs can implement immediately to see results. The video is a short, powerful, must-watch for all CDOs looking to make a difference in their organizations and stay ahead of the curve in the ever-evolving world of data and technology. The 2025 CDO PowerCircle is committed to empowering and helping CDOs evolve and succeed in their roles. This free video is just one of the organization's many resources to support CDOs in their journey. Don't miss this valuable opportunity to learn from industry experts and elevate your influence as a CDO. Watch the video now on Loom, a messaging platform allowing users to quickly record and share screen, voice, and camera content for easy asynchronous communication. Joseph Santana Joseph Santana LLC +1 347-228-8978 email us here Visit us on social media: LinkedIn Facebook Legal Disclaimer: EIN Presswire provides this news content 'as is' without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
