Where Angels Prey by Ramesh S. Arunachalam
Author: Ramesh S Arunachalam
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"Behind every successful fortune there is a crime.” -- Mario Puzo, The Godfather
Microfinance: providing financial services for small businesses or entrepreneurs, especially in poor or rural communities, who do not have access to traditional banking or financial services. Sounds wonderfully altruistic, but just ask the people of Andhra Pradesh what their thoughts are about microfinancing and you’ll hear a completely different answer.
Ramesh S. Arunachalam, international economic development consultant and author of the new book, Where Angels Prey, reveals the devastating truths that often lurk behind the good intentions of Wall Street’s interest in India’s poor. Loosely inspired by real life events in Andhra Pradesh, Arunachalam exposes the double-edged sword that emerges when no safeguards are put into place.
While the rest of the world reels under a severe financial crisis, India’s microfinance sector enjoys an unprecedented boom. Why on earth are people investing such huge amounts of money in an obscure industry, especially at the time of global recession, and why is Wall Street suddenly so interested in India’s poor?
Gripping, racy and meticulously researched, this financial thriller weaves in and out of the affluent world of high-powered boardrooms and the gruelling poverty of the remotest villages of India, to reveal the devastating truths that often lurk behind “good intentions.”