As the biggest corporate fraud of our country is being investigated there are more questions at the end of each day than answers. Things are only getting murkier. Like everyone else I too am hooked on to this story and follow it on a daily basis. Though we are still in the very initial stages of the investigation, there is one aspect of this whole episode that stood out for me. (As more information started coming out it became evident.) Maybe it has to do with our legacy of being under foreign rule for too long or maybe it has to do with our servile attitude.
The thing that stood out for me was the reaction of Satyam employees. Here is an educated, hardworking, upwardly mobile crowd that has been betrayed by their boss to the fullest. After all their effort he comes and says 7000 crores does not exist. The share value plummets to close to 6 bucks from around 150 odd rupees. He wipes out the value, trust, brand of their company (many of the employees are also share holders) and sits at home for three days. The government did not take action immediately. Did not move in to stop him from fleeing to another country (that he did not run does not exonerate the govt), nor did Satyam management file a complaint against Ramalinga Raju. Amidst all these, there was no sense of outrage, anger that I expected from the employees. They did not take to the road, raise slogans for action. They did not question the inaction by either the government or their upper management. Instead, they sat tight in their chairs (probably in shock) mutely witnessing the whole thing as if it is not their problem.
I am not sure I would have acted differently. After all, I am a product of the same culture. Nor am I judging Satyamites. Rather, I am just making a few observations about the whole thing. This leads me to wonder if this is exactly the reason why nothing in our country gets done or why anyone can get away with any fraud.
Worse still, there are people who sympathize with Ramalinga Raju. Their arguments range from stupid (like he created so many jobs and wealth etc.,) to ridiculous (like when all the politicians are going scot-free after so many scandals, why punish him). There are some who say Raju is an honest man because he accepted the truth. (wow! That one was good.) Though these arguments are as asinine as could be, the larger point is, have we become so numb after one scandal after another (listed below) that we don’t care anymore? What was even more outrageous was that a few Chartered Accountants came on NDTV Profit and claimed that PwC (the auditing firm for Satyam) itself should not be punished for the error of a few. This is the same firm that was involved in the Global Trust Bank Scam too. This is nothing but one set of crooks (CAs) covering the sorry ass of another.
Major Scams:
1) Ketan Parekh scam,
2) Harshad Mehta scam,
3) Bofors Guns scam
4) Lalu's fodder for cattle scam,
5) PV narsimha Rao's JMM MPs bribery scam,
6) Urea scam on PVNarsimha Rao's son.
7) Hawala scam
8) scam unearthed by sting operation of Tehelka.com on India's defence ministry when NDA was under power
9) Krushi Bank, vasavi, prudential bank, Global trust bank, scams in Hyderabad
10)Telgi stamp scam
Our media which likes to attach anything that is American to India shamelessly (it called Mumbai attacks as India’s 9/11. How sick is that?) is calling this India’s Enron. If you watch any of the Indian (English) news channels, the guests who come in to discuss too say that fraud happens everywhere and immediately point to Enron and worldcom and say stricter regulations are ‘NOT’ needed. What these guys don’t tell you is that after these scandals US brought in very strict accounting laws, the most well known being the Sarbanes-Oxley act.
The example of Satyamites’ reaction to this is only but a very clear example of our society. Even if we are the victims of the fraud, we are ready to take it silently. We are not ready to even show our disgust and anger, much less fight for justice. Hence the long list of scams which no justice being done in any case. We could say law will take its course and that is the reason Satyamites waited. But we all know how many loopholes there are in our system. So, that is but a very convenient excuse, much like the ones we give ourselves to get through the day.
Does this mean this is the end of Indian IT story or is there no hope for India? No, we as a country has withstood a lot and will stand a lot. However, this episode is yet another step back in the steady decline of our country. How long before the wheel comes of this train wreck that is India (for the middle class and poor. The rich can fend for themselves anywhere) is unknown.