Jan 16 2009
What exactly is the problem with the Indian IT giant Satyam Computers?
He stunned everybody in and out when Chairman Ramalinga Raju left everything in a huff saying that he had committed financial irregularities to the tone of 7000 crores. Following this there was a huge uproar everywhere in the world. People want the heads of the famous auditors Price Waterhouse. But it is worrying, is Satyam reall sick? They say the company has receivables to the staggering number of 1700 crores. What then is the problem? My own assessment is that Chairman got bored with the parent company and has siphoned funds from Satyam to his son’s company Maytas. He knew for sure that the govt would save the parent company to keep up investor confidence and the jobs of the 53000 employees. Very clever. Maytas is doing great with big metro rail projects. Thats where more money was to be got. So he made the switch and the scam. But why is everyone cribbing? Raju started Satyam with 20 employees in 1987 to become the giant today. He has dished out millions of dollars for investors over the years.
And finally, want a job? Attend the great job fair going on at Boston. People are hiring left right and center.
