The Satyam Computers Fraud and Fiasco— Nothing Satyam About It!

I agree, what is happening in the Gaza strip is critical, but lets just divert our attention to another CNN-range BREAKING-NEWS in our very own Hyderabad:  Satyam Computer’s Ramalinga Raju has resigned and confessed to Rs. 7000 crore fraud! Yes, with this news Satyam Computers gets instant membership to the International Club of Rogue Corporations (ICRC) that have been operating and flaoting around finnaical toxic-assets.

It all started with Sridharan of Delhi Metro blowing the whistle on a fishy deal with the Government of Andhra Pradesh and Maytas over the Hyderabad Metro Rail project. Next, the transfter of Satyam’s cash reserves (approx $1 billion) to pump-up Maytas (I will not get into the technicalities) along with World Bank’s accusation of unethical conduct. That Mr. Raju will resign was anybody’s guess, but manupilated balance sheets comes as a shocker. Well, it may be a shock to me, but I am sure those higher up in the Big Bussiness world must be only feeling sad for Satyam to have been caught. I mean, if you look at what has been happening since the last year, which started with Lehman Brothers on September 13th, 2007, with all the finaical institutions and corporate management it looks they are all a set of theives wearing ties, suits, and living high-class corporate life. Mothers are always right. I’ve heard her disdain for the MBA-walas since my high school days and rediculed them for their gimmicks to sell soaps, colas, etc and always maintained that their artificially high pays cannot be justified. One of the fallouts of the on going Global Financial Meltdowns is the role played by the guys who made those financial things to be sold all over the world—the MBAs. The amount of study time the kids put in to getting in to top business schools, i tell you, is bound to make their screws loose.

MBA or no MBA, this is a reminder about the total lack of ethics in corporate governance. This might just be the tip of the ice-berg. What were the others doing?—the auditors of Satyam (I think it is PriceWaterHouseCoopers), the Board mebers? It is high time the MBA be changed to Masters in Bewakhufi Administration! There is not doubt that other corporates are doing the same, particularly the faltu Real Estate companies. What corprations do we trust in now? Real Estate, IT, Fiancial setor are all faltu sectors if you ask me…now one really knows what they produce and thus it can be as artificially high as possible.

Having said all this, let me also pat Ramalinga Raju on his back—he confessed and is ready to face the consequence. Click here to read his letter.

Lets see who else will join the ICRC. At a time when India’s stock markets are barely managing to limp back to narmalcy we are hit with Satyam’s fiasco.

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2 Comments »

  1. Satyam Scam by far Largest Corporate Scam in India Inc.

  2. Srini said

    Mr.Inkenti – I do take offence at the way you just brushed all MBAs with the same black brush. Its like telling all Muslims are terrorists or all Hindus are fanatics. Not every one in the corporate world is an MBA and corporate decisions are not driven based on a MBA degree. Business reasons apart it is the personal ethic, the professional work-culture and an individuals personal values that give directions to these decisions.

    And yes … we do live in a competitive world where you do resort to gimmicks to sell and survive… not just an MBA …even the guy on the street-side who sells herbal oils for everything from a head-ache to erectile dysfunction resorts to gimmicks… sales gimmicks have been around long before there was MBA.

    Faltu sectors ?!!! which planet are you from ? Why am I wasting my time here ?

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