INDIA’S JOLTED BACK TO REALITY
Always ranked in the bottom three most corrupt nations on earth, since India took advantage of globalization, the media and various investors (for starters all the Fortune 500 companies who transferred their customer service there) have fed us a line that India will start owning us and we had better get used to the reality as we certainly need them more than they need us. Being the contrarian I am I couldn’t help but chuckle when Mr Raju, Chairman/CEO of Satyam Computer Services, one of India’s largest companies did an Enron and this week declared his company had in fact been one huge fraud since inception. Not long ago the company was worth $nine billion but now it is worthless. Most of Satyam’s customers were multi-national, including 185 Fortune 500 corporations. Leopards do not change their spots, and it never ceases to amaze me how dirtbag American companies with their deadbeat CEO’s have had no conscience whatsoever in investing in countries like India, which has been riddled with corruption even before traders arrived on their shores centuries ago.
Like Enron, one of the big four accounting firms, Price Waterhouse has audited Satyam’s books since the company was floated on the NYSE and Indian bourse. PWC, as it is now known, was totally derelict in its duties. The reason for its presence in India is just same as the others – to make money at all costs and to hell with good corporate governance and certainly to hell with any integrity. Big business is now so intertwined and if deals at a profit can be made with the devil, then why not? For my small part, I receive up to five emails a day from probably some well meaning Indian forwarder offering his services but the delete button goes on every one without my eyes reading the first sentence. Why, because history tells me India is not a country to be trusted and due to my naivety if I showed interest I would probably end up choosing the wrong partner, just like 185 major American public companies did when deciding to do business with Mr Raju’s concern.
Seventeen of India’s top twenty corporations are family-owned/controlled. I am waiting for the day when Jaguar and Land-Rover now owned by the debt ridden Tata family will again be taken over by the British government to save hundreds of thousands of British jobs. Not before the Tata family has sucked every last dime out of the business. When corruption is so deep seated, first world countries like us have a moral duty to stand firm and say no to business relationships, especially if that Indian company is taking jobs away from hard working Americans. India has always survived, with without us. For my money they are best left alone and I bet dollars for donuts, Satyam, just like Madoff on Wall Street is merely the tip of the iceberg!
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Kerry Wendt
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Kerry Wendt
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