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Srinavas Ram Reddy
01/07/09 08:39 PM
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This review is not for the article, but in a way related.
Satyam, a NASDAQ listed IT company of India, and now an emerging force in VLSI design did an ENRON yesterday. It had shown bloated profits for years, resulting in a $ 1.5 billion cash in the bank which never existed. The lid blew off yesterday.
The plan was to buy the promoters (Raju family) other privately held companies with this non existent money, thus getting it off the books, and later fill that void in the family (supposedly having received this $ 1.5 billion cash) with money politicians may be looking to park.
In India politicians have a close nexus with businesses, often the latter being used to park the ill-earned money of the former.
This coupled with the World Bank, Washington, debarring Satyam for 8 years for stealing data, will make a big dent in India's IT business, thus maybe marginally improving the job and career situation in the infotech industry in USA.
Satyam employs about 50,000 people most of them working for companies in USA/Europe. Main areas were IT infrastructure and Banking and more recently VLSI Design

Entire thread
SubjectPosted byPosted on
*Remember that kids' nursery rhyme LAYOFFS, FREEZES, GENERAL  11/20/08 08:35 AM
.*SrinivasSrinavas Ram Reddy  01/07/09 08:39 PM
.*Let's get the gender correct...Anonymous  12/03/08 11:08 AM
.*The WriterMark Gilbert  11/21/08 10:12 AM
.*Know the key people in your businessMarc  11/20/08 08:35 AM
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