If there is someone who knows to tell a dramatic story, it is B. Raju. Thanks to Anon for the post where the Satyam CEO announced in painless detail the Satya(m) of the balance sheet. Satyam as most employees will attest is a sweat shop. Employees in the US work ridiculous hours and get peanuts for all their efforts. I'm not sure how employees in India are treated. It goes without saying that Satyams's customers will switch to other outsourcing companies and I wont be surprised with US based companies get the right to choose customers as opposed to the India big three. It also looks like we can easily see a layoff of 50% of the workforce in Satyam. What happens to all the mortgages which have been sunk into Hyderabad real estate ? As we saw the stock market took a beating down 750 points, Satyam investors have been wiped out. This is just beginning to get ugly. Maytas and Satyam will be remembered as Worldcom and Enron. The last straw which broke the market's back. Wonder how many more books are cooked by Indian management. The auditors are a joke. God save outsourcing.
Here is good analysis on how the books were cooked.
Here is Raju's candid letter to the SEC. Without regret or remorse, the criminal has bankrupted the company he has founded and will bring Hyderabad to its knees.
0 comments:
Post a Comment