If Mr. ramalingaraju had not confessed do you think the regulatory authorities would have smelt a rat on their own? Give it to the poor man- He has put every regulator on high alert.
Re: Isn't it ironical
by just passing on Jan 11, 2009 09:01 PM Permalink
Don't blabber nonsense without knowing the sequence of events. He "confession" only after Merrill Lynch walked out saying they were not happy with the accounts. If they had blown the whistle, he would've been in a bigger soup. By confessing he is only trying to minimise the sentence so that he can salve a few years of his sorry life to enjoy his ill gotten wealth.
Re: Re: Isn't it ironical
by giveme abreakplease on Jan 11, 2009 09:06 PM Permalink
Merrill Lynch is no great company either - had to be purchased by Bank of America to save itself.
I still think it shows honesty on the part of a man to admit his fault - at least at the level he was in.
Indian authorities will never smell a rat because the rat is sprayed with the perfume of bribes and sold as a food item.
Re: Re: Re: Re: Isn't it ironical
by Virtual Insider on Jan 11, 2009 09:36 PM Permalink
It was selfish honesty to evade US punishment...Had he delayed the US courts would have penalized him and would have screwed him to the core...Indian terrain can be played well since its home ground and you can get away, not in US as they did not even leave their President, why will they leave Raju ?. So he chose to be honest to save his skin...Not that he worried about Investors and employees....
Re: Re: Isn't it ironical
by sarasawani sankar on Jan 11, 2009 09:10 PM Permalink
Did Merill Lynch walk out first or did the confession come first. Mr ramalingarajus disclosure to the Board had asked for the appointment of Merrill Lynch. Every body including the financial advisors to satyam also needs to be investigated.
