Finance Minister takes stock of economic situation as rupee slips below 62 mark

Kaushik Basu trashes talk of approaching IMF for a loan to rescue Indian economy. (Reuters)

At the end of September, David Frankel is slated to replace William Rapfogel, 58, who last week was fired from the nonprofit organization he headed for 21 years amid allegations of financial shenanigans. The Met Council did not immediately reveal what Frankels salary would be. Rapfogel, who made $417,000 a year, was canned after the Mets board found financial irregularities under his tenure. Rapfogel is believed to have purchased insurance policies at inflated prices using the Met Councils money and then received kickbacks from the agent, Century Coverage Corp., a source said.

Finance commish chosen to head Metropolitan Council on Jewish Poverty after Rapfogel firing

(IE Photo) Related BSE Sensex falls 290 pts as Indian rupee hits record low of Rs 63, Bharti Airtel shares plunge With the rupee crossing 62 against the dollar, Finance Minister P Chidambaram today met senior officials of various departments to take stock of the current economic situation and deliberated on steps to improve it. The three hour long meeting was attended by Secretaries of departments of Revenue, Expenditure, Financial services and Disinvestment. Sources said the Finance Minister took stock of the functioning of various department and sought suggestions from officials for improving the economic situation. The agenda for next three months was discussed, another source said. The meeting comes in the backdrop of rupee touching an all time low of 62.82 to a dollar and the stock markets too witnessing a decline.

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The social services giant is being looked at by the city Department of Investigation and the city has since suspended millions of dollars in funding to the Met Council, which gets a lions share of its $33 million budget from the federal, state and city governments. Rapfogel, whose wife is the chief of staff to Assembly Speaker Sheldon Silver, had been its CEO since 1992. He has apologized for wrongdoing without providing specifics. Frankel has served as Finance Commissioner since 2009.


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