Friday, January 9, 2009

Satyam: India's Biggest Corporate Fraud

-B. Ramalinga Raju-

Gre$n (Nest) Eggs and Satyam


I would be, could be, deep in hock...
I could be, would be, like a fox.
I will hide it like a louse.
I will spend it on a house.
I will spend it here and there.
I will not find it anywhere.
I made it up this big, fat scam.
I am a crook, Sat-I-AM.

Pining to lose their third-world imprimatur on its impoverished homeland to play in the big leagues, countries like India have had an oversized leg-up from some of America’s most connected, corporate welfare executives, politicians and Tech lobbyists. In a frenzied, exhaustive push to lead the global land grab for American white collar jobs, the Indian outsourcing company, Satyam, is now the latest fraudulent company to lie, cheat and steal as it colluded with American politicians and business leaders to rip off millions of white collar jobs from American workers under the banner of “globalization,” another shrimp on the barbie in the legalized disappearance of white collar jobs for Americans.

Satyam Computer Services Ltd.'s chairman concocted key financial results that sent shockwaves across the information-technology sector, raising questions about how the scandal will affect the company's customers and rivals. B. Ramalinga Raju, founder and chairman of one of India's largest IT companies, resigned Wednesday after admitting to falsifying company accounts and inflating revenue and profit figures over several years, sending the company's shares tumbling and triggering a probe by India's capital market regulator. Satyam's rivals "could benefit as the customers seek other options, although the company's deviance could taint the whole industry."

When does America shove off the global “Love Boat” and start taking care of its own? When do its citizens start holding corrupt politicians accountable and say “no more” to the ruse of the Great Labor Shortage myth? No more easy escape route for the Democrats to blame it on Bush, Obama is now in a position to tell outsourcing companies (who have long since worn out their welcome) like Tata and Infosys and Wipro and its shady and sleazy law firm partners to hit the road: American White Collar Workers are No Longer for Sale!

Hahaha, of course he won’t. Global, elitist Obama is the diligent tool of his One World enablers, and he indeed has the support of the growing underclass, whom he is promising ditch-digging jobs to. What a political miracle of the loaves and fishes variety – to preside over the eradication of our middle class while creating a permanent underclass of ditch-diggers and get the plebes to goosestep…But for anyone else with at least one college degree from a prestigious, top U.S. University, they are all of course supposed to “get over themselves” and go die on the vine, as these unemployment job statistics report today in the New York Times. Only in America, would we find ourselves surrounded by a fawning public of (surprisingly on the Left) self-deluded idiots to choke down such fascism-light.

War on America’s Educated Middle Class, while the Democrats endorse it and the rest of the gleefully clueless country sleeps… What does Obama have to say about Satyam? By all means, Obama is no stranger to what corruption looks like and he appears to regard this shocking Satyam crime as more “business as usual.” And during this 21st Century Great Depression, Obama’s mob (administration) is very enthusiastic about the disappearance of white collar jobs to India. (This way, they get to ride around like Rajas on Elephants and do not have to share the spoils so much… an old global colonialist’s dream come true, for Barry, Hillary, Rahm, Axelrod,, not to mention the cadre of smug sycophants who “support” them.)

What do Obama’s legions of Democratic supporters have to say? They’re down with it, too! That’s because the majority of voters who put Barry into office are high school graduates, the same demographic without the aptitude and/or interest to grace the halls of higher learning as does America's upper middle class families. For them, this whole ditch-digging “let’s rebuild the roads” thing is manna from Heaven. But what about Obama’s promise to the Tech Lobby to raise the number of Indian workers to take the disappearing white collar jobs? Wouldn’t Obama supporters want their leader to stop this harmful practice? Where is the anti-white collar outsourcing drumbeat from the so-called progressive Alternet? Wouldn’t the president-elect himself want to do the right thing by standing up for the growing millions of educated white collar workers to halt the practice of hiring from India when there are not enough jobs for our own experienced, older citizens and college graduates?

What happened to this nation’s fierce sense of self-preservation and collective “independence”? Why has the U.S. become India’s keeper at this unprecedented time in our nation’s history when iconic, innovative mavericks like Andy Grove can’t honestly tell Businessweek’s Henry Blodget with a straight face just what the hell we are going to innovate next?

Despite Grove’s most admirable and respectable contributions and standing in this nation’s hall of innovation, even he is not immune from the hubris disease, as he refuses to acknowledge growth and bust cycles for what they are: a dash of brilliance, innovation and a large dose of luck/right time right place predictors. He fails to draw connections to the woeful direction that global elites are taking America down with, as they focus on brokering human capital as a last resort to lining their pockets with profit. The best he could come up with in the interview was patting himself on the back for Intel’s not having an “exit strategy”, during a thriving time when none was arguably required. That was a time when the best and brightest were revered and respected, not denigrated and despised by the scheming hordes of greedy CEO’s and their mindless HR minions who have been capitalizing on the human trafficking of cheap, dubiously skilled labor from India to drive wages down and kick our computer scientists and engineers to the curb over the since 1993, courtesy Infosys, Wipro, Tata, Satyam and their ilk.

Combined with an oddly silent press about the details surrounding the rise and fall of the legalized practice of job outsourcing, where American politicians and corporate “leaders” sell American white collar jobs to India for personal profit, Satyam’s horrendous fraud is just a chink in the armour for what is to come on the decimation of America’s white collar middle class as we watch our politicians continue to support these rouge nations and the crooks who run their fraudulent companies. And why not? The growing lower classes have no use for them, and the American politicians and corporate “thought leaders” or elites cannot stay “elite” if there are too many of their educated peers cramping them for elbow room and the ever precious trough…
For instance, where is Obama Cabinet Member, SOS, Hillary Clinton, D-Punjab, to weigh in on what the Wall Street Journal refers to as India’s “latest scandal”? Hillary and Bill have made a pretty penny with an estimated net worth of over $100 million all or at least in part on the brokering of American white collar jobs to India with their special friends. Or how about Czar Joe “CFRBiden?

Is there any wonder as to why white collar jobs are going away? No, no, ‘global this’ and ‘global that’ is the rhetoric used to describe the squeezed middle class trickle up $$$ to elites from America and other countries as well. THAT is the essense of what is referred to as the “New World Order.” For Americans, this is the calling card to the demise of Western Civilization. They say “there is no free lunch” and when you hear Obama talk about “One World”, that one world is a two tier (wealthy and poor, sans the middle) kick-started with money the disappearing American middle class would have made since we have no leaders left with a pair but instead a “global elitist” czar to put on a shiny, happy face to deep-six what’s left of America’s middle class.

…"until neither the Plain nor the Star-Bellies knew
whether this one was that one or that one was this one
or which one was what one... or what one was who."
-The Sneetches*

*Sneetches are a group of vaguely avian yellow creatures who live on a beach. Some Sneetches have a green star on their bellies, and in the beginning of the story the presence or absence of a star is the basis for discrimination. Sneetches who have stars on their bellies are part of the "in crowd", while Sneetches without stars are shunned and consequently mopey.



Citizen Carrie said...

WHOO HOO! 2Truthy's back!

I'm trying to think of a scenario of what will happen now that Raju has spilled the beans. I have a feeling that a lot of corporate execs are annoyed that all of this came to light, and that's about it. I'm wondering if Satyam will even lose a big chunk of their U.S. business.

2Truthy said...

Oh, dear me CC!

First: after a long illness, it feels good to type without a high fever that wouldn't quit for days, let alone try to think without one;

Second: by the way the U.S. culture of corruption is being given such a pass throughout what's left of our MSM media and worse, the fawning so-called progressive media, how could we expect any light to shine on this scumbag from Satyam? Unless countered, thugs win in this game of race to the bottom.

prezdumas said...

I hope this Satyam affair is going to tank the careers of some of the enablers.

One is Harvard Professor Krishna G Palepu. He has been on the board of Satyam since January, 2003--basically during the time period that Raju was using double books.

Palepu, teaches Finance and Control at Harvard. Plus, being Indian himself, he must have known that Indian business accounting is more lies than truths. (According the Wall Street Journal reporting on the Satyam blow-up: most Indian "family run" businesses have always used double books.)

I bet the Satyam board meetings were held during the day in India, which means the middle of the night in Boston. I further bet that Ol' Krishna "attended" these meetings using his bedside telephone, on mute, so no one could hear him snoring. Don't the flat worlders glory in the 24x7 universe? How's that working for ya' Krishna?

So Krishna took his board salary and did absolutely nothing of value. I wonder if Satyam neglected to pay board indemnification insurance. That would be a hoot!

Ashok Kumar said...

This is the right time for graduates who completed their graduation and looking for job.Almost all companies are starts recruiting the efficient persons.So,Graduates get ready for getting the right job. There are so many jobs in mumbai for all graduates in both IT/non-IT side. This is very useful to you,utilize it.

Karthik said...

Nowadays there are more job openings available for freshers and experienced persons in various categories. Just apply to the jobs or register in the job providing websites, so that right jobs will be intimated based on the resume. Its a simple and a best way to get into the good job.