Satyam - couldn't get worse?

Whoa, big news on Satyam - Ramalinga Raju has confessed to his Board to 'cooking the books' for the past several years. The scale is breathtaking - witness actual operating profits for Sept 08 quarter is Rs. 61 crores ( Rs. 610 million); while the well cooked books show Rs. 649 crores (Rs. 6.49 billion). And this is only one quarter figures and that too the admitted amount. Reality will need to wait for some investigations. Here is the letter he wrote to the Directors, SEBI and the exchanges:

Satyam_Conf.pdf

See my previous blogs on Satyam:

Satyam - name and reputation are upside down

Satyam - name and reputation are upside down - 2

Satyam Board - thy name is mud

Lawsuit against Satyam for over $1 billion

Satyam - from storm to maelstrom

Satyam – resignation and poor advice

Satyam - Board of directors quorum

Of course I had my detractors - see comments in my blog - who thought I was being too harsh on Satyam. Will post comments in the p.m. after finishing my class. Co-incidentally, I am teaching securities fraud next week.

See my main blog.