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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5 thoughts on “Satyam, the middle class greed gone too far

  1. 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

  2. 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

  3. 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

  4. 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

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