So Ramalinga Raju of Satyam actually siphoned off money from the software services giant, contrary to what he said in his open letter to the company's Board before his arrest. Well, I had all along held that while Raju might have been doing a con job, he was unlucky in getting caught and there are bigger villains in corporate India who are not caught because they are smarter. I still hold to that view.
That apart, I think the economic scene is going to get much worse and the worst is yet to come. I still can't understand how analysts and thier ilk can say Indian business is going to do well in 2009. I suspect this is an attempt to fish in murky waters. A stockbroker recently told me how he had a difficult time fending off people who approached him wanting to invest in stocks, even with borrowed money. And mind you, these were just ordinary lower middle class people with average incomes of 10-12k per month. With their being no dearth of people willing to be taken for a ride, I am not surprised at the pundits prophesying that India will rock in 2009 while the world economy will crumble!
And here is a NYT article about how investors may be losing patience with Google and Microsoft. Yes, the same New Economy giants who many other companies are hoping to model themselves after. And here we are talking about a rosy picture for the economy.! View through rose-tinted glasses, I would say.
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