When things like this happen, several thoughts come to mind:
- How could you do this for so long, not get noticed?
- What's the role of the auditors? How come they didn't figure this out?
- What's the role of the Board of Directors?
It's a sad day in general.
It's a sad day for the thousands of employees (and their families) as well as the customers of Satyam.
It's a sad day for India because rebuilding trust (once eroded) takes a lot of time. Since Satyam was traded on NYSE, there are going to be a lot of people all over the world who would be losing money. For India to be a global player, it must strengthen it's corporate governance laws and ensure regulatory and judicial bodies have the spine to ruthlessly enforce them. Today, this is lacking.
Finally, it's a sad day for global finance and the entire corporate-world. In the current global economic climate, what we need is shining examples of leadership and excellence. Not examples of cheating, cutting corners, or fraud.
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