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
6 comments:
Wow! Clearly that would never happen in the U.S. Then again, why would they when we seem incapable of holding our leaders accountable? Here in the U.S., we have incarcerated a higher percentage of our citizens than any industrialized country, and yet, we absolutely refuse to hold our politicians accountable for committing crimes. What a mess!
Interesting take.
Nice of him to give himself up in writing... but I'll believe justice rendered when I SEE justice rendered :)
point. i suspect you're one of the very few people not in satyam who has anything even remotely charitable to say about raju :-)
(oh, and SEBI is the indian equivalent of the SEC)
Hi,
I was reading ur blog posts and found some of them to be very good.. u write well.. Why don't you popularize it more.. ur posts on ur blog ‘pd’ took my particular attention as some of them are interesting topics of mine too;
BTW I help out some ex-IIMA guys who with another batch mate run www.rambhai.com where you can post links to your most loved blog-posts. Rambhai was the chaiwala at IIMA and it is a site where users can themselves share links to blog posts etc and other can find and vote on them. The best make it to the homepage!
This way you can reach out to rambhai readers some of whom could become your ardent fans.. who knows.. :)
Cheers,
Ray
Maybe because he knew he was going down and about to get caught, a sympathetic way of winning people, or atleast trying to.
Work from home
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