Wednesday, January 7, 2009
This looks interesting
I woke up and saw this article sitting in front of me as I scanned the headlines. Interesting to see how Satyam is owning up to cooking their own books. If this goes down as the Indian version of Enron, I could see some big changes in how major corporations look at outsourcing IT tasks to foreign companies. Sure, optimization and cost efficiencies are welcomed by anybody in the corporate world, but on the moral side I can't see the justification in giving business to a company like this.
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The corporate governance in the US for certain has taken a big hit these past years, Enron and now the implosion of so many banks. However the culture of many of these other nations is more relationship based vs. rule based like the US. Meaning, its a sure lot easier to be fradulent in these countries since its more common and accepted to make payoffs etc.
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