Thursday, January 15, 2009

The Satyam affair - No whistle blowers?

I cannot believe (i dont think anybody) that Raju could do a fraud of arnd 7K crore and cover it all this while without help of directors and executives. Company CFO, Presidents and all CxOs should be held accountable. I am surprised that these executives did not have enough integrity to blow the whistle.
Pricewater coopers should be investigated and punished/banned with employees involved held responsible for auditing.
I hate people who think they are better than everybody else (the brahminical attitude) just because they received a better education. Satyam Directors who received high remuneration should be answerable to the retail(and other) investors who lost money.
I am sure that this is just the beginning of more financial fraud coming out. Let Satyam punishment be a warning to executives in other firms that they can be held accountable.

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