Thursday, January 08, 2009

CEOs of Indian companies - maybe they actually HAVE self-respect and integrity (contrast any fat cat on Wall Street or in Detroit)

The scandal broke in India last week - the CEO of Satyam Computer Services Ltd, India, had announced that the company had been reporting vastly inflated monetary profits and reserves for the past several years, which had been artificially keeping their stock prices up. Satyam Computer Services is the largest software services company in India and a major global player.

Then on Monday, this letter from the CEO (B. Ramalinga Raju) was widely reported in newspapers all around India (addressed to the Board of Directors, copies to the various stock exchanges and the SEBI (I think that's the Bombay Stock Exchange?):

The highlight of this letter is that last line:

“I am now prepared to subject myself to the laws of the land and face the consequences thereof”
B. Ramalinga Raju (ex-CEO of Satyam Computer Services, LTD)

Anyone care to bet on the odds of this happening in the US or Europe?

Compare and contrast that ex-CEO of Washington Mutual. Walking away with his $20 million without the slightest hint of shame or anxiety about prosecution. Ditto the Wall Street fat cats and the Big 3.

Satyam CEO - Letter to Board of Directors