Friday, January 09, 2009

What's the difference between Madoff and Satyam?

Nothing except that one is in India where they don't put up with that crap, the other in the US where everyone is presumed innocent and officials let the two brothers who are sons of the Bernie and most likely the ones who helped perpetrate the fraud go off to wherever? Now I don't know how correct it is to pursue the accountants as they are usually the last to know about a fraud taking place (people who defraud usually don't let their accountants know what they are doing, do they?).

here's what's going on in India . . .

Jan. 10 (Bloomberg) -- Satyam Computer Services Ltd. chairman Ramalinga Raju and his brother Rama were arrested and the remaining directors of the software exporter sacked, as India started investigating an alleged $1 billion fraud.

The brothers were detained on charges including forgery, breach of trust and criminal conspiracy, Inspector General V.S.K. Kaumudi told reporters in the southern city of Hyderabad.

Officials have seized documents and the nation’s accounting body is examining auditor PricewaterhouseCoopers LLC’s local unit, Corporate Affairs Minister Prem Chand Gupta said.

“The developments so far indicate that the current board of Satyam has failed to do what it was supposed to do,” Gupta told reporters in New Delhi. “The government is committed to punish everyone found guilty, including the auditors.”

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