All now know that Satyam has crashed, a case of inflated books, sounds like ENRON to me, i am wondering how was it pulled off. Is it that easy? What did the auditor do? For those who dont know auditors are the famous PWC- pricewaterhousecoopers.
Now more questions -
- Are the software outsourcing industry margins that low? Satyam was operating in a market, they could not be possible charging too low.
- Now we have more than 50,000 employees of Satyam joining in the job market. What will happen to Indian IT industry now? And what will happen of all those people?
Probably as the projects with Satyam move to other companies, so those people also might be able to move to other companies.
The Indian stock market was rising since last 2-3 days, and i thought MAYBE some turn around is happening, satyam news came and market crashed more in a single day than it had risen in the last 2-3 days. So now more gloom for the Indian software industry and economy.
I have also posted some pics to flickr after a long time, I think flickr helps me see how probably life is happily moving ahead :-)
A very happy new yr to all..