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
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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