The Satyam Fiasco : CFO Arrested

The CFO, V. Srinivasan had to take time out from being 'at home', and be arrested for the fraud. He, amongst the battery of co-conspirators would be answerable to the investors, the shareholders and the employees. Raju's statement that he alone was responsible for the fiasco is like saying that Hitler was responsible for the genocides, and that his deputies had no idea that they were targeting the Jews. 

And the worst thing is that the people are believing it as well.

Mr. Raju's parting letter portrayed him as a saint. 'The Maytas deal was the last attempt to set the record straight'. My colleagues are intrigued by his generosity.

Guys, wake up! He did this to save his own sorry ass! He knew that his greed had led him to this state, and he had to do something desperately to cover up the gaping hole in the books. We wouldn't be facing this situation had the company guidance taken a hit for 3-4 quarters on the trot! After filling the gaps, the company could have come out stronger and better! But that was not to be.

I am not surprised if the investigations reveal that money was diverted to Maytas and other entities.

Accountability was missing at every step!

I would urge the new board to bring in a high level of transparency. If a subordinate sees that the billing rates are being fudged beyond limits, the cat must come out the bag.