From Wall Street to TN assembly polls: Will Thiagarajan be able to make his mark in politics?

PTRP Thiagarajan, son of PTR Palanivelrajan, may create political history if he manages to woo voters in the Madurai Central constituency in the upcoming Tamil Nadu elections.
Having spent a large period of his life at Lehman Brothers as a banker, it would be interesting to see how Thiagarajan, who is contesting on a Dravida Munnetra Kazhakam (DMK) fares in his political career.

From banking to politics

Rajan started his banking career with on Lehman's credit derivatives desk on 9/11. As per news reports, the entire credit derivatives market was then worth about $20 billion.
Before his stint at the firm, Rajan earned a PhD in cognitive processing and computer interface design at State University of New York, Buffalo and later an MBA in finance at MIT Sloan School of Management.
He is married to Margaret, an American of Irish-Welsh descent.
After spending 20-years in the US, he moved to Mumbai after his father's PTR Palanivelrajan's death. He died on a train while returning from Chennai after swearing in as minister in M Karunanidhi's 2006 cabinet.
In an interview with the Economic Times, Thiagarajan said that he was meant to be a politician or a farmer - not a banker. This is something he also told his colleagues in a speech on 15 September 2008 - the day the Lehman Brothers filed for bankruptcy. He was then the head of the company's offshore capital markets operations in Mumbai.
According to Thiagarajan, he was prepared for the 'call'. "It was drilled into me from the time I had cognizance that I had to carry on the family legacy of public service," he told ET.

Will he make it?

According to reports, Thiagarajan could be made the finance minister if the DMK comes to power in Tamil Nadu.
He is contesting from Madurai Central - a constituency which was known to be the burrow of MK Azhagiri, DMK chief Karunanidhi's son, who was later sidelined by the family.
Azhagiri was removed from the party position two years ago after which he did not even meet his father, until recently.
However, Thiagarajan is reportedly unwilling to talk about that. He says that he never had any issues with Azhagiri.

Thiagarajan also said he was counting on the legacy of his father and grandfather PT Rajan - the CM of Madras Presidency for a few months in 1936 - to aid his victory.

This American is part of the campaign for Madurai Central

Madurai: She is the 'mel naatu marumagal' (foreign daughterin-law) of Madurai who wants to see the city grow. Margaret Thiagarajan, wife of DMK Madurai Central candidate Palanivel Thiagarajan, is ready for her new role as a politician's spouse. An American citizen who has been living in India since 2007, she says she's not surprised by her husband's entry into politics. "It was part of our everyday conversation since we met," she said.

Thiagarajan, a former Lehman Brothers banker, is part of the traditional PTR family, which still remembers the work his father and grandfather did. "I am well acquainted with Madurai and I love this place," she said.

An industrial engineer, she gave up her job to become a homemaker after they moved back to India. Though her husband initially planned to stay in the US for longer, their plans changed when her father-in-law died in 2006. She recalls how her fatherin-law PTR Palanivel Rajan taught her how to crack a coconut in two perfect halves by hitting it against the ground. That was the beginning of her "Indian training" and she can now lay a perfect south Indian meal on the table. "Chappatis, I have to master though," she said, adding that her mother-in-law Rukmani Rajan is an inspiration.

Her political debut also took place when her husband kicked off his campaign last Saturday. Magaret and her sons Palani and Vel were there to cheer Thiagarajan on. "I can say a few words in Tamil, and am willing to join the campaign and help in any way I can," she says.

She's aware that her husband's political career would mean less time for the family and also less privacy. "When he becomes MLA, he would be here most of the time. My two boys and I will be here so I can help achieve something he has always wanted to do," she says. Their older son Palani has started asking if he too can be a politician like his dad. "First, improve your Tamil before you even think of politics in Tamil Nadu, I tell him," she says. 

From United States to reclaim family legacy in public service

Keen on keeping up the family tradition of serving the people, Thiagarajan has ambitious plans for the development of Madurai.

Madurai: A former Investment banker who survived the 9/11 attacks on the Twin Towers when working with Lehman Brothers is now in Madurai to reclaim the political legacy left behind by his illustrious father PTR Palanivel Rajan.
After seeking the blessings of Madurai Meenkashi Amman at her abode, 49-year-old P. Thiagarajan, accompanied by his aged mother Rukumani, filed his nomination papers on Monday.

Supporters of his late father, who still talk glowingly about the various project that Palanivel Rajan, Speaker of the Assembly and state minister, brought to the temple city. Keen on keeping up the family tradition of serving the people, Thiagarajan has ambitious plans for the development of Madurai.
“As an investment banker, I am sure global investors will come to Madurai if we manage to formulate a master plan for infrastructure development that can attract them,” Thiagarajan told Deccan Chronicle.
Having returned from the US to contest in his father’s Central Madurai assembly constituency, 10 year after his death, Thiagarajan, who is facing AIADMK’s Jayabal and DMDK’s Sivamuthukumar, is highly conscious of the legacy of his father and grandfather PT Rajan, a prominent leader of Justice Party, who was CM of Madras Presidency in 1936.So are the local people.
“Thiagarajan is from a rich and respectful family, he will definitely work for the betterment of the downtrodden and be free of corruption,” said Rajan (48), a street vendor at Kazimar Street, who was poring over colourful pamphlets being distributed as part of the campaign.
“We are facing problems from rowdy elements in the constituency and corrupt politicians have not taken any steps in the last 5 years to improve the basic amenities here,” said a group of women. They expressed the hope that the candidate from the US will make a difference.
The constituency, in which the world famous Meenakshi Amman temple is located, doesn’t have proper roads, underground drainage system and drinking water facilities. Many foreigners visiting the temple have complained about the poor infrastructure,” said Ramesh a businessman from South Chithirai Street.
“We are hopeful of PTR’s son developing Madurai,” said members of the business community, referring to his main promise in the pamphlet - “I will strive hard to fulfil my father’s dream to work for the overall development of the temple city.”
With drumbeats heralding his arrival, Thiagarajan steps out of the car early in the morning with a broad smile and with folded hands saying `Vanakkam Vanakkam’ he greets people who have gathered at Kazimar Street, a predominantly Muslim area.
Dressed in white with only a DMK towel around his neck, he walks through the lanes to have a direct connect with voters as DMK functionaries, walking ahead of him, raise the slogan: `PTR son has come, asking for votes’.
He stops to receive the blessing of elders, most of whom introduce themselves as his father’s close friends. He obliges youth wanting to take selfies with him. Voters enjoy listening to his highly accented Tamil, mixed with English words.  Thiagarajan, who had done his MBA at MIT Sloans School of Management, feels there is not much difference between business and politics.
“The fundamental problem Madurai faces today is lack of planning. Though it is the oldest city with a glorious history dating from the Sangam Age, its infrastructure is struck with the past. The population has grown manifold and traffic congestion is a problem that many European countries faced many years ago,” he said, adding, ‘they managed to solve the problem through proper planning, while we are yet to fix it’.
“My father facilitated the development of ring roads, construction of four bridges, cleaning up of the Vaigai River and starting of the Madurai bench of Madras High court. But things have not improved after him, he said. “My main focus would be to bring Metro rail, introduce walker zones and construct multi-level car parking in the city to reduce the traffic congestion. Then I will focus on improvement of sanitation facilities,” said Thagarajan, whose ambition is to make Madurai like Singapore.

His mother Rukumani, who has been keeping the memory of her late husband alive in the minds of the local people through her social interactions in the past 10 years, hopes that her son has the blessings of Goddess Meenakshi Amma to inherit PTRP’s mantle.

PTR’s son to contest from Madurai Central

DMK will take on AIADMK in a straight fight in eight seats in Madurai district

The Dravida Munnetra Kazhagam has fielded senior leader and former Tamil Nadu Assembly Speaker P.T.R. Palanivel Rajan’s son P.T.R. P. Thiagarajan in Madurai Central Assembly constituency. He is one among the five new faces chosen by the party.

An engineering graduate from National Institute of Technology (formerly known as Regional Engineering College) Tiruchi, Mr. Thiagarajan pursued his post-graduate degree and research in the New York State University.

After working in USA for several years, he served as Managing Director of Global Capital Markets, Standard Chartered Bank, Chennai, and was Senior Managing Director of Global Foreign Exchange and Money Markets of the SCB, Singapore.

As an academic, his research work was published in various journals and books. He had made presentations at scientific conferences in the US, Europe and Asian countries. He was a member of International Standards Organisation (ISO) Committee on Ergonomics.

Prestigious

Born into a family of politicians, Mr. Thiagarajan told The Hindu on Wednesday that he was thankful to the DMK for having chosen him to contest from the prestigious Madurai Central constituency in the “Rising Sun” symbol.

He said that the DMK alone would be able to bring in development in all spheres, as in the past, which would ultimately drive the State to a higher pedestal in terms of growth and open up employment opportunities.

Asked to comment on the electioneering strategy of the DMK, he said, “In the past, development works in the temple city were implemented only during M. Karunanidhi’s regime and it would speak for us. When my father was the Assembly Speaker, he was able to understand the problems of common man and built bridges and the Ring Road. I too would carry on the legacy, if elected.”

Heavyweights

Apart from Mr. Thiagarajan, the party has chosen party heavyweights and district secretaries P. Murthy, G. Thalapathi and Manimaran (son of former Speaker Sedapatti R. Muthiah) who will contest from Madurai East, Madurai West and Tirupparankundram respectively.

In Madurai South, “Malligai” Balachandran is the candidate, while in Melur A.P. Ragupathi is contesting the polls.

Advocate K. Ilamagilan in Usilampatti and Sripriya Thenmozhi, daughter of DMK functionary Sami, in Sholavandan (Reserved) are the other candidates.

The DMK has earmarked Madurai North and Tirumangalam to its ally Congress and thus the party will take on its arch political rival AIADMK in a straight fight in eight seats in Madurai district.

Wall Street banker P Thiaga Rajan contests elections from temple town Madurai.

MADURAI: On September 15, 2008, the day that Lehman Brothers filed for bankruptcy, P Thiaga Rajan, head of the company's offshore capital markets operations in Mumbai, gave a stump speech to the staff of 480.

"God already told me once when my father died that I'm not fit to be a banker. I was only fit to be a politician or a farmer. Somehow Lehman lured me away. God is telling me a second time to go become a politician or farmer. But I give you my commitment.I will not leave this building until all of you are taken care of,'' Thiaga Rajan told them standing at the top of the trading floor. Then he said something that briefly revealed his political genes. "I said to them 'in return I want you all to make a commitment. Ignore everything I've told you all the time I've known you. We are all socialists today. I've said socialism was inefficient due to structural limitations. I've told you we are all 100 per cent capitalists. The best man wins... Now I'm telling you we can't afford to be capitalists. We got to protect the weakest guy. From now till this chapter (bankruptcy process) ends, we're socialists,'' Thiaga Rajan recalls sitting in a small room fitted out to receive visitors on the first floor of his sprawling manor in the heart of Madurai.

Ignore everything I've told you all the time I've known you. We are all socialists today. I've said socialism was inefficient due to structural limitations. I've told you we are all 100 per cent capitalists. The best man wins... Now I'm telling you we can't afford to be capitalists. We got to protect the weakest guy. From now till this chapter (bankruptcy process) ends, we're socialists,'' Thiaga Rajan recalls sitting in a small room fitted out to receive visitors on the first floor of his manor in the heart of Madurai.

Thiaga Rajan is contesting on a Dravida Munnetra Kazhakam (Party for Dravidian Progress) or DMK ticket from the Madurai Central constituency of the Tamil Nadu assembly, earlier held by his father PTR Palanivel Rajan who died on a train while returning from Chennai after swearing in as minister in M Karunanidhi's 2006 cabinet.

The party grapevine suggests that he could be the finance minister if the DMK comes to power. If that happens he would be the first person to have sat on an era-defining Wall Street trading desk and moved to handle public finances of a state whose freebie culture defies every canon of the free market though in some strange way both require a similar dexterity. Thiaga Rajan started on Lehman's credit derivatives desk on 9/11. He was among those who escaped miraculously. The entire credit derivatives market was then about $20 billion. By the time he moved to Mumbai after his father's death, the notional outstanding was $30 trillion or 1500 times. "For seven years it was a fantastic experience riding that curve.'' 

By then he had been in the US for 20 years getting a PhD in cognitive processing and computer interface design at State University of New York, Buffalo and later an MBA in finance at MIT Sloan School of Management. He had married an American of Irish-Welsh descent. 

Yet he knew he would have to answer the call he had been prepared for since he had memory. "It was drilled into me from the time I had cognizance that I had to carry on the family legacy of public service.'' That would not be easy though.

He is fighting from a borough that has been the stronghold of MK Azhagiri, DMK chief Karunanidhi's second son. Azhagiri, who commands wide influence in Madurai, has been sidelined by Karunanidhi and the rest of the family that includes heir apparent MK. Stalin.

Azhagiri was removed from party positions two years ago after which he did not even meet his father until recently. Thiaga Rajan is unwilling to talk about the dynamics in the party except saying that he and Azhagiri never had any issues. He is counting on the legacy of his father and grandfather PT Rajan who was CM of Madras Presidency for a few months in 1936. Critics disagree. 

AR Venkatachalapathy, historian at Madras Institute of Development Studies, points out that PT Rajan broke away from the Justice Party when Periyar, the pioneer of the Dravidian movement, started democratizing it. In a party that rejected religion, Palanivel Rajan was famous for the sacred threads on his wrist and his temple visits. 

"Karunanidhi is keeping alive the retrograde strand in the Dravidian movement by giving seats to these scions,'' Venkatachalapathy says.