Just finished reading the letter of Ramalinga Raju to the Board.
The first question that strikes me is, How come Satyam was instantly barred by the World Bank for 8 years, while the Lehmans and the Merill Lynchs of the world were given a bailout bounty?
The people who knowingly converted sub prime assets into securities, sold them to semi institutional investors at a scale that they knew was large enough to upset the whole apple cart.. these people deserve no punishment? The Bailout package is handed out, not to the semi institutional or retail investors who suffered on account of this fraud, but to the very perpetrators of that fraud.
Why were there no prosecutions in the US, or at other places, for what was done with very fraudulent financial instruments?
By now, the heads of almost all the I Banks should have written a letter like the one Raju wrote.. to their own boards, to their own governments, and to their investors. Why is no such letter around?