"The costs and benefits of “pyramid” business groupsCorrection to this article LIKE a blot on corporate India’s copybook, the Satyam scandal is still spreading. Two auditors from PricewaterhouseCoopers are in police custody, where they are trying to explain why they signed off on the outsourcing company’s cooked books. The chief minister of Satyam’s home state is trading furious accusations of negligence and worse with his predecessor. And on February 6th the government revealed that its serious fraud office is investigating no fewer than 325 companies wrapped up in the scam perpetrated by Satyam’s founder, B. Ramalinga Raju, and at least one of his brothers. ..." (2009-2-12)
May 15, 2009
Economics focus: Pharaoh capitalism
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