Wednesday, January 7, 2009

Another Madoff?

Did India and this world needed another of the PONZI scheme, well no one could have thought that IT sector in India and that too a top tiered company Like Satyam would be put under the cirumstances that Mr. Raju has put it in.
More so it is seemingly a combination of Enron and Madoff combined with books cooked and assets being shown when none were there.
It is certainly a big blow for Indian industry reputation but to the experts it would not be a surprise considering, such events are more likely to happen when the things are tough and thus it becomes all the more difficult to keep all the skelotons in your cupboard.
What is clear, that increasingly examples are coming to light in this era of greed where promoters even after having taken their companies public, have treated them as personal fiefdom not caring about the other stakeholder interests.
May be Mr. Raju you can go and apply at the Federal Reserve since you have excellent credentials now or team up with Bernie Madoff after he is released from house arrest.

Here comes another Madoff...

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