A shock from Satyam

[krishmk]

News coming out reveal that fraud amounts to around 7000 crores (INR)

http://profit.ndtv.com/2009/01/07131512/Satyam-chief-Raju-resigns-adm.html

The stock news has devastated the whole Market.
I was lucky enough to sell the shares @185 levels.
After an hour, I was shocked to see @ 100 Rs.
At the time of this posting, the stock is around 44 Rs.

 

[domain_name]

Not only the equities, but the employees?
One of the biggest employee base and major setback to indian inc.

 

[motherknucker]

World Bank must apologize to Satyam

 

[Premiere]

Accounting scandals in times like these are traumatic events. Make this mistake 5 years ago and no one would care.

 

[krishmk]

Accounting scandals in times like these are traumatic events. Make this mistake 5 years ago and no one would care.

Wow! was that true with Enron?
I dont know, I didnt have knowledge in financial systems 5 years back.

 

[Keral_Patel]

Satyam thing exposed = Satyam scam
Satyam thing not exposed = Satyam is great.

 

[Premiere]

Wow! was that true with Enron?
I dont know, I didnt have knowledge in financial systems 5 years back.

Enron was 8 years ago, believe it or not.
There are good times to make mistakes and bad times. Enron was way more than an accounting error, they outright defrauded, deceived and cornered a market (energy) making false claims about everything and covering up the fact that they had absolutely nothing.

Satyam misreported profits by 10% and that's a very bad thing. But everyone from Amazon to Ebay has misreported profits at one time or another.

It depends on how badly you miss your earnings and how it happened. In this case, reporting a month after one of the worst longest running scams in world history is an instant atomic bomb on Satyam.

I'm not saying this isn't important, only that people and their emotions swing with the current tide of fear and it is at its height.

 

[domain_name]

Media 5 yrs back was not holding strong position, but with so many new channels and strong hold of media , they do magnify every details of the report.

So, to me, financial meltdown, market sentiments, blue chip brand along with the top shot gives a good flavor to the media.

 

[domain_name]

Class action lawsuit filed in US against Satyam

http://www.rediff.com/money/2009/jan/08satyam-lawsuit-filed-in-us.htm

lawsuit has been filed in a United States court on behalf of American investors of Satyam Computer Services

Reports say that law firms in the US have begun filing class-action suits against Satyam and its beleaguered executives for fraud. Two such class action lawsuits -- one by a US law firm Izard Nobel LLP and the other by an investor in Satyam ADS -- have been filed in a district court in New York.