By Jessica Shambora
January 8, 2009

“It was like riding a tiger, not knowing how to get off without being eaten.”

— Satyam chairman B. Ramalinga Raju in a letter to his board of directors, as reported by CNNMoney.com. The head of India’s fourth-largest software-services provider resigned Wednesday after confessing to inflating profits for years and concocting a fictitious cash balance of more than $1 billion. The company derives more than half of its revenues  from the U.S. and has 185 Fortune 500 companies as clients–or so management claims. “Satyam” means “truth” in Sanskrit. As the Indian economy matures, growing pains such as this corporate malfeasance are inevitable.

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