Font "Warp 1" was not found.Satyam, the middle class greed gone too far
“Satyam” means “truth” in Sanskrit, and we are very fond of saying Satyameva Jayate. Kind of ironical now. Did Ramalinga – who the Western media unkindly calls Rama+lingum or Rama dingdong and his team ever stop to think what they were up to? I dont buy the stupid story that this guy was doctoring accounts or siphoning funds or whatever all alone. This was not a Mom and Pop store or some Ekta Kapoor soap.
The biggest casualty in this entire fiasco is the future of the 50,000+ employees of Satyam. The grapevine says that 20,000 resumes are floating around but Infosys and Nasscom have both taken a stand not to hire Satyam employees. Satyam has just enough money to scrape in December’s salary. These guys get no severance pay, notice – nothing. I think the Government should look into this and ensure fair play. IT companies know now that there are a whole lot of insecure unemployed people and are playing pricey to lower the pay scales.
Raju and his brother have been arrested. I just got an sms which says they have been interrogated the whole night. I hope Raju gave them his swiss bank account number……… sorry folks, I smell funds siphoning here.
This is going to be huge and international. Satyam is a big outsourcing company. Pricewaterhouse Coopers is Satyam’s auditor, and is currently being held accountable too. The domino effect has started.
Recent statements by Pricewaterhouse : We are examining Raju’s statement but can not comment further due to confidentiality issues.
Pricewaterhouse is also in a difficult position. US holds auditors accountable too – and there are foreign investors who are going to sue
Nice … smell of fraud, litigation and police interrogation with the morning cuppa coffee
Font "Warp 1" was not found.Comments
5 Responses to “Satyam, the middle class greed gone too far”
Leave a Reply
Design
hmmmmmm I too smell a lot of a lot of undercover stuff .I feel sorry for all those who trusted their future with Satyam .
nice post .
Yeah poor guys – and the current economic slump will make it very difficult for them
greed the biggest vice of all.
Greed and the tendency to think they wont get caught
I received this in an email forward,
Raju Raju
Yes baba
Cheating us
No baba
Telling Lies
No baba
Open the balance sheet
HA HA HA
I hope he is made to reveal his Swiss Account Number.
Yeah – but most probably hefty under-table sums must be getting discussed you know to fund the cover up
As a student of the law I can tell you that this is going to be big. And if the prosecutor is a smart person, then he/she could bring down the entire chain!
Anyways what Raju did was unforgivable, he deserved his arrest and the rest of the shit that’s coming for him. Although I pity the 50,000 employess but after all *strikes a cool pose* Justice Served.
Dxtr, I wonder if the investigators will be honest. It does seem unlikely
The shady thing is that he owned up. A fraud of these proportions cannot be a one-man operation. Its $1bn. So there is a very dirty murky tale behind it all. I wonder if Ramalinga Raju is just the fall guy. And if there is a much worse cover up.
You have a point Allytude