Satyam Accounting Fail

More news on the Satyam front. Read one of the articles here. Favorite quote:

Interim Chief Executive Officer Ram Mynampatisaid Satyam may have to restate earnings and he couldn’t be sure the company had enough cash for this month. “Our liquidity position is not very encouraging,” Mynampati told reporters in Hyderabad today.

Haha. Yeah… only 50 billion rupees worth of “fictitious assets.” Our bad.

This is also killing the Indian stock market and rupee. It’s equivalent to the Enron scandal that helped put the final nails in “dot com implosion” coffin that rocked the US market not so very long ago.

Several someones are going to burn for this, I assure you. Pity they aren’t like China… they would simply behead them.

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One Response to “Satyam Accounting Fail”

  1. Satyam-What business demands????? puts not only the stakeholders but also lots of other in grave dillema.
    I have written about it in http://controversial-affairs.blogspot.com/2009/01/what-business-demand.html

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