Satyam – A big lie
We all know what has happened to Satyam!!!
Its indeed a shame that such a fraud has taken place in our Country.. Infact, when I was in first term, I remember my accounts professor was pursuing a research – “Why there are no Enrons in India”.. And he was asking our views.. Well now he has his answers..
The whole Quarter on Quarter reporting is putting so much pressure on the executives.. But does mean they can involve in such unethical practices??? Obviously not!!
I think we no longer need management education in strategy, finance, operations, marketing etc..
We need basic lessons in ethics.. We need the old grand mother stories to imparted to “tomorrows leaders” – These are guys who are so smart that they have become crooks.. Its a pity..
Who is responsible for the erosion of share holders wealth??? It is not just wealth, its about the trust on investing in these companies… I think Satyam is worse than terrorists.. Yes, the mumbai attacks was numbing.. but people have slowly started walking on the streets in a few days after attacks.. But people will not be willing to invest in the markets for much much longer time.. For that matter, the trust on India Inc is going to take a significant beating.. The fragile job market is going to take more beating..
And was PwC doing in this whole thing? I guess they were only partying..
A stitch in time saves nine….
Prevention is better than cure…
I dont knw.. I guess every single proverb can be used in this case..
Well, The only positive out the whole episode is that a researcher somewhere down the line will publish a couple of papers and get his Phd earlier.. Or may be a our legal code will get a bit stronger..
At the end of the day, there will more regulations in the future.. and running an organization is going to be even more painful..
This episode should a lesson for young & budding – managers & leaders to act ethically.. What an expensive way to learn the fundamental lessons of life..