Opinion - Letters to the Editor   

Satyam debacle

The Satyam Computers debacle has come as a rude shock not only to its stakeholders and investors but also to its workforce numbering over 50,000. Who is to blame for the fudging of accounts over the years? The system or those responsible for ensuring its foolproof working? That the scam and bungling remained unnoticed for several years is bad omen for the corporate world.

R. Sampath,

Chennai

The Satyam fiasco should not be taken as a one-off aberration in our corporate history. It should be viewed in the context of the regularity with which such practices have continued to take place in the unbridled and exploitative capitalist system starting with Enron to the Madoff fraud.

The global meltdown is a by-product of such corporate practices, which are apparently overlooked due to insufficient regulation but, in actual reality, because regulators look the other way. There must be quite a few corporates who may be “riding a tiger” (to borrow Ramalinga Raju’s captivating phrase), confident of dismounting at the appropriate time.

A. Faizur Rahman,

Chennai

It is because of rampant corruption that such accounting frauds take place. The image of India Inc has taken a beating, thanks to Satyam.

Judish Raj,

Hyderabad

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