Satyam Fiasco- Part 1

I had advised my readers of de-laundering of money way back in May'08.

http://ecobizindia.blogspot.com/2008/05/india-taking-financials-with-pinch-of.html

Now not even in my wildest dreams could I have imagined the magnitude of the Satyam Fraud, however the idea behind it was most certainly the same. Yes. Take Financials with a pinch of salt, in this case though it was with a bucket-full of Salt and sadly so. we need to take a look at auditing and due-diligence practices world-over.