we have our stock fraudster and now India has theirs

[ensho]

http://www.atimes.com/atimes/South_Asia/KA09Df01.html


Raju brings down Satyam, shakes India


Byrraju Ramalinga Raju's shock resignation on Wednesday as chairman of Satyam Computer Services, which he founded and helped develop into India's fourth-largest computer software firm, and confession to fraud running into millions of dollars has threatened to undermine the remarkable growth story of the Indian economy in general and its information technology sector in particular.

Raju, 53, confessed in a letter to Satyam's board of directors to inflating profits for years with "fictitious" assets and non-existent cash. The fraud, he said, began in an attempt to cover up a "marginal gap between actual operating profit and the one reflected in the book of accounts". It swelled over the years to "unmanageable proportions as the size of the company operations grew significantly". Raju said that about US$1.04 billion, or 94% of the cash listed in assets at the end of the company's second quarter in September, was fictitious. It simply didn't exist.
-very long snip-
--------------------------------

[aquart]

1. It's wrong to have this small, tight smile.

[PerfectSage]

2. I had to lol when I read that Satyam in sanskrit meant truth.

:rofl: