With the disclosure today of the massive accounting fraud at Satyam Computer, the 53,000 IT coolies at the company must surely be crapping in their undies wondering what will happen to their jobs.
Yes, many thousands of Satyam employees will lose their jobs. And many of them will find it very difficult to land new jobs.
Roadkill
We expect that at least 10,000 Satyam employees will become roadkill in the not too distant future, i.e. about 20% of the company’s current workforce.
Given the global recession, the severe slowdown in the U.S. economy and its new reputation as big time crooks, Satyam will find it impossible to win new IT contracts and carry on business as usual.
In short, Satyam is screwed. Which means Satyam employees are buggered.
Unfortunately, Satyam employees will be tarred because the sins of the management will be visited upon the employees. That’s unfair but that’s the way human nature is.
Advice
So, all ye Satyam employees, here’s our advice for you – do not wait for the hard hammer of layoffs to crack your skulls open but start working on your resumes immediately.
Waste not a moment.
Contact your friends, relatives and headhunters immediately, explain your pitiful plight and don’t be too proud to beg for help.
Related Stories:
Indian IT Crook Satyam Names Insider A.S.Murty CEO
Satyam to Employees – You’ll get January Salary
And Now They are Six
Satyam gets 3 New Directors
Indian Outsourcing Crook Ramalinga Raju Arrested
Satyam Board Kicked Out, Hooray
Ram Mynampati Vows to Stay at Satyam; Kick Him Out
Trading in Satyam Still Halted on NYSE
We are Big Time Crooks, Confesses Satyam
Satyam Makes Another Big Mistake – Names Insider Ram Mynampati Interim CEO
Crook Raju Wipes Out Rs 10,000 Crore in Market Cap
After the Shit Hits the Fan, Satyam Kisses Employees Ass
Are Infosys, Wipro & Mindtree Crooks Too?
Satyam Fraud – The Perils of Outsourcing
End of the Road for Satyam Computer
Satyam Chairman Ramalinga Raju’s Arrest Imminent
Satyam Shares Crash After Massive Fraud Revealed
Satyam Fraud – Is Nasscom Sleeping?
What the Hell is Really Happening at Satyam?
Investors To Satyam Raju – Drop Dead
Satyam Computer Screwed in Forgery Case
53,000 Satyam Coolies Up Shit Creek; Massive Layoffs Likely added by SearchIndia.com on
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As this is my last visit your site, good luck to you. As my close friend works for satyam and how scary the future for them. You are sadistically telling the to BEG for help, also cruelly termin them as coolies shit and abusing as in your other article as assess. Enough. BYE. No one in this entite world might have said all the above on satyam employees. Really Painful. Bye
SearchIndia.com Responds:
1. Actually, you misunderstood.
We were giving good advice to your friends at Satyam.
If you read the last three paragraphs carefully, you’ll realize that we are actually empathizing with the Satyam employees.
But how would a schmuck like you grasp that because you are just consumed by hatred of us.
2. As for the use of the word Ass in the other post, we were referring to the backside not the quadruped.
You really ought to buy one of those Learn English in 365 Years books.
In any case, we wish you & your Satyam buddies well.
i kinda agree with IAmAnIdiot….what’s with the gleeful malicious tone?
And you wrote, “Satyam employees will loose their jobs.”
It’s ‘lose’, not ‘loose’.
SearchIndia.com Responds:
1. You write: i kinda agree with IAmAnIdiot….
As the wise ones say, birds of a feather flock ….
2. You write: what’s with the gleeful malicious tone?
No schadenfreude here over the likely loss of their jobs.
BTW, where were you when thousands of American IT professionals lost their jobs. Did you shed tears for them?
3. You write: It’s ‘lose’, not ‘loose’.
Fixed. Thanks.
Hi ,
Employees only at a very senior level of Satyam will be affected …especially in Finance ..
Others will not be …they are techies ….
At the end of the day all companies know how a IT company works …..and who is privy to what information
Lot of good talent is going to be available in the market …willing to work at reasonable salaries (maybe lower) ….Other companies will lap them up …the only problem is that general economic condition is bad ….so to what extent and how many of them will find a job immediately is difficult to say ….
Projects are still there with Satyam …some of them up for renewal this year …so employees need to make a strategic move ….time the exit accordingly ….taking into account the limited opportunties available outside …
Waiting for the good news of some IT giant taking over Satyam is also a option ….
Read …Read …Go by facts …dont get swayed by speculation ….track everything very closely …..keep looking out for opportunities ….
SearchIndia.com Responds:
1. This is for Joeantony, Shuaib68 & other dear friends of SRINIVAS.
The following are pearls of wisdom posted by SRINIVAS earlier (i.e. on Dec 17, 2008) on Satyam & Ramalinga Raju after the Maytas deal collapsed because of investor revolt.
* Raju is a successful Businessman and has proved his worth …so personal accusations are uncalled for ..
* The way he went about that was wrong …he should have shared it as a proposal …with all the details and tried to explain the merits ………
* Satyam is not a typical IT company started by IT geeks ……the promoters are essentially Businessman who will invest ……wherever they get maximum returns ……so moving to a diff industry ….wherein they already exist……..is really not a surprising / bad move ………also those family owned enterprises (MAYATAS) are doing great with some good contracts to be executed in the near future ……….
* also those family owned enterprises (MAYATAS) are doing great with some good contracts to be executed in the near future ……….
And on Dece 29, the best gem of all from Srinivas oops SRINIVAS:
everybody is overeacting and bringing down the value of the fourth largest IT firm in India ….
At the end of the day the client list and revenues have not been affected …the deal has been called off …so now things should settle down
😉
2. You write: Employees only at a very senior level of Satyam will be affected …especially in Finance ..
Rubbish. Employees at all levels of Satyam will be affected by the recent developments.
3. You write: Waiting for the good news of some IT giant taking over Satyam is also a option ….
We are also waiting for the good news of Raju kissing the policeman’s lathi.
4. Now questions are being raised about Maytas too.
SI : Dont look everthing from a American / Indian Prism …we lost …you also lost …so good ..
There was Enron and a Accounting firm – both Americans
There is Satyam and Price Water C House (PWC) – both are responsible ….
So can we conclude that all western / American companies / Americans are crooks …..
All this calls for monitoring the system …having more checks in the entire chain ….
Ex : When Satyam said ..it has X amount of Cash in the bank … Did the Bank Confirm that ???? … Now Plug this loophole … make them also go through the balance sheet or atleast confirm that yes …that part of the balance sheet is true
Same for Debtors …creditors etc …others …
IF Client X (mostly MNC’s) gives a order to satyam at a price ….can Client confirm that yes …that’s the price …THE AUDITOR CAN DO THIS JOB of checking everything …Clients can also cooperate a bit …at the end of the day …even they run companies and could be in a client driven business of some other kind …
So can you now overstate Receipts ??
Small small things here and there …cross check …counter check ….
I also thought “53,000 Satyam Coolies Up Shit Creek” sounded hurtful.. but I guess truth hurts..
Idiot must have been so agitated that he misunderstood “Coolies Up Shit Creek” as “Coolies Shit”.
And thanks for remembering SRINIVAS’ pearls.. that was amusing..(You guys are either very smart or very lucky to have predicted Satyam’s fall.. even you wouldn’t have imagined it to be so spectacular, I guess)
yo SRINI, hope you hadn’t invested too much in Satyam.
SearchIndia.com Responds:
1. You write above: And thanks for remembering SRINIVAS’ pearls..
We forgot to add some earlier.
Here is SRINIVAS’ best gem on Satyam (posted by him on December 29, 2008) to our post What the Hell is Really Happening at Satyam?:
everybody is overeacting and bringing down the value of the fourth largest IT firm in India ….
At the end of the day the client list and revenues have not been affected …the deal has been called off …so now things should settle down
😉
2. You write above: You guys are either very smart or very lucky to have predicted Satyam’s fall..
It is true that we wrote on December 28: If Shakespeare were writing Hamlet today, the bard would probably write Something is rotten in the state of Satyam….The picture at Satyam is getting murky and dismal by the day.
But we are neither very smart nor very lucky just that generally we have a skeptical attitude toward all things in life.
We are familiar with several of the so-called titans of Indian business & politics…many of them have feet of clay.
Often, many of us worship on the altar of successful people without understanding/knowing how they achieved success.
Finally, we are not even convinced anymore that success itself is such a big deal in life.
What’s schadenfreude?
I was in Dubai. I did not shed tears for them nor the Satyam Employees. But i’m not particularly happy about people losing their jobs.
SearchIndia.com Responds:
1. You write above: What’s schadenfreude?
What’s a dick-tionary (our portmanteau neologism to describe a dickhead who hasn’t heard of a dictionary).
If you want to know what portmanteau neologism is, refer to the above answer.
2. You write: But i’m not particularly happy about people losing their jobs
Neither are we.
Man/woman’s life on Earth is short and we believe all people are entitled to the greatest happiness during their brief stay here.
don’t call me names like that again.
SearchIndia.com Responds:
Learn to use a dictionary.
“Satyam employees will loose their jobs.â€
perhaps you need that ‘learn English in…’ book?
i have said this before, and i am going to say this again: you are something else…
not only are you a homophobe, a sexist but your comments here are downright racist…
terrible. shameful.
SearchIndia.com Responds:
1. Queen Anne is dead.
Someone else pointed out the typo last night. It’s been fixed.
2. You write: not only are you a homophobe, a sexist …terrible
You left out ax murderer, gangster, gun-runner et al. Happy?
Schmuck, here’s the Lincolnesque principle we live by:
With Malice toward none, with charity for all, with firmness in the right, as God gives us to see the right, let us strive on to finish the work we are in, to put forth Fair & Balanced posts on All Things Indian and more.
Well you don’t. So strive harder.
SearchIndia.com Responds:
Our Tormenter-in-Chief,
One of our fondest hopes in life is that you should get abducted by aliens (you know, like in those National Enquirer stories) and be transported to some far off galaxy, preferably a trillion trillion light years away.
This is our 2009 prayer to Balaji, Guruvayurappa, Ayappa, Muruga, Ranganatha & all the gazillion other Indian gods.
SI : Pearls of Wisdom & SATYAM (POSSIBLE SOLUTION)
Go by facts and whatever info is available at that time ….i dont go by speculation and make statements / conclusions …. My statements were right at that point in time ..about Satyam , Raju and Mayatas …and I stand by that…
IF the Pearls of Wisdom were made after the revelation by Raju …then yes ….what you are hinting at is partially right ….
Read other sources apart from SI – you would know the following :
If Mayatas acquisition had gone through then the fictious assests of Rs 6,400 crore in Saytam’s books would have been replaced by REAL ASSETS …
Refer link
http://www.dnaindia.com/report.asp?newsid=1219762 .
Dont go only by the link ….that could also turn out like one of the articles written by SI ….take a look at the figures and see if that option is possible …
Now consider the current scenario / Possiblities :
1) Satyam as such is bankrupt – in terms of cash reserves
2) Govt has refused to help
3) Private (other IT Firms) are saying Govt should take care of liabilities — we are Ok with taking over business (clients & employees) — Govt has said NO .
Now Answer the following questions :
1) who will compensate for all the losses which have been suffered by investors (Indian & Global) ? — Satyam is liable …but it cannot …no cash …not even enough to meet its working requirements
2) you can file as many lawsuits as you want …who will pay ??? …
3) Now understand from a legal point of view …Satyam is a seperate entity …. Mayatas is seperate …so what are the legal options available wherein Mayatas could be used to pay investors of Satyam ???
4) Mayatas …value lies in lot of land holdings (value currently down -due to bad economic conditions) ….value lies in big ticket projects which when complete ….will propel the company to the big league.
5) what can be expected now – Some of these projects –especially if Big tickets ones – are taken back …Maytas loses value ….SO THEN WHO WOULD PAY ???? …. Land when sold in distress …fetches less value …
People have stopped thinking …. Media thinks ….raises a lot of noise / din …analysis is done based on speculation …again created by the media …Everybody parrots the same …without even questioning ……. Those who can think ….keep quite …they dont say …because nobody wants to go against the popular opinion ……
Now all this would have been OK …if people are analysing or speculating on possible solutions …. What do we find ….
Example:
SI comes out with a article saying are wipro, infosys and mindtree also crooks ??? …they know some insider information …which others dont know ??? …
Why should the techies suffer ?? ..are they involved… no … But thanks to the noise raised by all ….Today Infosys has come out with a statement ….saying “They would refrain from hiring Satyam Employees” —including domain experts (techies) —
Now you can feel happy about the job loss and you can use this to prove my earlier statement wrong …
But no ..I am not interested in joining the crowd ….and speculating ….mouthing what is popular ….
SearchIndia.com Responds:
1. You write: IF the Pearls of Wisdom were made after the revelation by Raju …then yes ….what you are hinting at is partially right ….
Another piece of nonsense.
If you had made your previous statements after the disclosure by Raju, you would be admitted to Kilpauk (location of mental hospital in Chennai)
2. You write above: My statements were right at that point in time ..about Satyam , Raju and Mayatas …and I stand by that…
That is unadulterated nonsense. Your wild conclusions were completely off the mark.
In your contrarian adrenalin rush, you spoke plain rubbish based on the limited info you had available.
Just look at your earlier comments again at the time of Maytas fiasco:
* Raju is a successful Businessman and has proved his worth ……so personal accusations are uncalled for ..
* Everybody is overeacting and bringing down the value of the fourth largest IT firm in India ….
* At the end of the day the client list and revenues have not been affected …the deal has been called off …so now things should settle down
* The way he went about that was wrong …he should have shared it as a proposal …with all the details and tried to explain the merits ………
* Satyam is not a typical IT company started by IT geeks ……the promoters are essentially Businessman who will invest ……wherever they get maximum returns ……so moving to a diff industry ….wherein they already exist……..is really not a surprising / bad move ………also those family owned enterprises (MAYATAS) are doing great with some good contracts to be executed in the near future ……….
* also those family owned enterprises (MAYATAS) are doing great with some good contracts to be executed in the near future ……….
Overreacting? People did not overreact enough at the time (when the Maytas fiasco happened).
3. You write: But no ..I am not interested in joining the crowd ….and speculating ….mouthing what is popular ….
As we said earlier, in your contrarian zeal sometimes you mouth statements that are bizarrely ridiculous.
When you don’t have all the facts or have limited knowledge of the context, it’s prudent to be circumspect in your views (you refuse to do that just to be different).
4. As for your various questions, why should anyone (investors, employees et al) be compensated for the losses in Satyam or Maytas.
Principle of risk is inherent in business (whether due to business cycles, competition, inefficiencies, acts of God or illegal actions).
So no one should be compensated.
Let the law takes its course on Ramalinga Raju & others involved in the accounts manipulation & enforce existing laws more diligently to reduce repeat of these incidents in future.
5. The DNA link you have provided to justify your previous rubbish makes no sense. The rationale – One grand illegal action to wipe out years of illegal actions. Weird.
6. Bottomline, when you make a mistake, admit it & move on. Don’t try to defend the indefensible.
Skjoldbjærg
No I have not invested in Satyam …but I am tracking …if some big IT firm picks up Satyam …it is a good long term buy …. risky yes …but worth taking the risk ….reduce / mitigate risks by having other good stocks in your portfolio ..
SearchIndia.com Responds:
God, we hope people (including yourself) don’t make investment decisions based on your insights (????).
Examples of your business acumen on Satyam (Readers: following comments were made by Srinivas in late December 2008):
* Everybody is overeacting and bringing down the value of the fourth largest IT firm in India ….
* At the end of the day the client list and revenues have not been affected …the deal has been called off …so now things should settle down
* Raju is a successful Businessman and has proved his worth …
SI : With Malice toward none, with charity for all, with firmness in the right, as God gives us to see the right, let us strive on to finish the work we are in, to put forth Fair & Balanced posts on All Things Indian and more.
Everytime there is some new slogan for SI …do you make this up or is this some quote …borrowed from somewhere else.
SearchIndia.com Responds:
You write: do you make this up or is this some quote
Having a hard time reading?
What did we say – here’s the Lincolnesque principle we live by – which means it’s from Abraham Lincoln
SRINIVAS: * Raju is a successful Businessman and has proved his worth ……so personal accusations are uncalled for ..
i will just take this one example here – Raju did receive awards as entrepreneur of year etc etc …this was before his confession …
similarly for my other statements ….
SI : why should anyone (investors, employees et al) be compensated for the losses in Satyam or Maytas.
Now this a bizarre statement …. whatever be your logic ….its seems Ok to you that people lose and no effort is made whatsoever to salvage things ????…
SI :The DNA link you have provided to justify your previous rubbish makes no sense. The rationale – One grand illegal action to wipe out years of illegal actions. Weird.
DNA link is about how Mayatas merger could have saved Saytam ….if you had read the lines above the link …you would have got that ..
SI : What did we say – here’s the Lincolnesque principle we live by
Pls do so
SI: Investment decisions
You know very little about markets
SearchIndia.com Responds:
1. You write: its seems Ok to you that people lose and no effort is made whatsoever to salvage things ????…
You might want to read up on the Principle of Moral Hazard.
2. More drivel to defend your indefensible comments like:
* Everybody is overeacting and bringing down the value of the fourth largest IT firm in India ….
* At the end of the day the client list and revenues have not been affected …the deal has been called off …so now things should settle down
3. You write above: You know very little about markets
You know very little. Period.
Latest News :
This shows the confidence clients have in Satyam …
Satyam bags order from Malaysian Airlines
http://profit.ndtv.com/2009/01/09104518/Satyam-bags-order-from-Malaysi.html
“The Satyam customers too addressed mails to the employees saying their “partnership” will last through the tough times, being faced by the world’s number four IT company.”
This is precisely what I was referring to …when I spoke about inherent strengths of the company …..Anyway your opinion counts more ….even if facts prove otherwise …..its not difficult ….but impossible to make you understand ….
Also there has been this sadistic streak in you …wherein you seem to be quite happy with employees losing their jobs ….or investors losing their money
Anyway – hopefully we will hear many more of such news in the coming days ….now go ahead and buy the stock at the appropriate time …
SI : Humble Request – When you respond pls repeat my earlier pearls of wisdom also
SearchIndia.com Responds:
1. You write above: Satyam bags order from Malaysian Airlines
We’ll believe it when the check is issued by Malaysian Airlines.
2. You write: when I spoke about inherent strengths of the company
Satyam has no strengths, inherent or otherwise.
Satyam is in the ICU breathing through a ventilator. When is the devasam (death-related ceremonies)?
3. You write: you seem to be quite happy with employees losing their jobs ….or investors losing their money
Oh, no.
The milk of human kindness flows through our veins. You know our Lincolnesque principle – With Malice toward none, with charity for all….
We cry for your grieving countrymen who have lost not only credibility but also billions of Rupees as they followed this Pied Piper of Outsourcing.
By the way, did any of you shed tears when thousands of our countrymen (Americans) lost jobs to Indian software coolies.
4. You write: Humble Request – When you respond pls repeat my earlier pearls of wisdom also
Here you go. These are some of your gems:
* Everybody is overeacting and bringing down the value of the fourth largest IT firm in India ….
* At the end of the day the client list and revenues have not been affected …the deal has been called off …so now things should settle down
* Raju is a successful Businessman and has proved his worth …so personal accusations are uncalled for ..
* The way he went about that was wrong …he should have shared it as a proposal …with all the details and tried to explain the merits ………
* Satyam is not a typical IT company started by IT geeks ……the promoters are essentially Businessman who will invest ……wherever they get maximum returns ……so moving to a diff industry ….wherein they already exist……..is really not a surprising / bad move ………also those family owned enterprises (MAYATAS) are doing great with some good contracts to be executed in the near future ……….
* also those family owned enterprises (MAYATAS) are doing great with some good contracts to be executed in the near future ……….
Happy 😉
In a dramatic move, the Company Law Board has decided to appoint 10 nominal directors for Satyam and barred the current board to function.
http://profit.ndtv.com/2009/01/09202130/Govt-dismisses-Satyam-director.html
Nasscom not to poach Satyam workers
For Nasscom the priority now is to see that business continues for Satyam.
http://profit.ndtv.com/2009/01/09145621/Nasscom-not-to-poach-Satyam-wo.html
See – New Clients , Existing Clients , Govt , Nasscom …steps are being taken ……Thank God …we dont have people like you in these organisations …
Otherwise they would said :
“why should anyone (investors, employees et al) be compensated for the losses in Satyam or Maytas.
Principle of risk is inherent in business (whether due to business cycles, competition, inefficiencies, acts of God or illegal actions). ”
SearchIndia.com Responds:
1. God was definitely on vacation when you were created.
We said investors/employees should not be compensated for their losses (by govt or tax-payers).
We did not say that there should not be a postmortem or efforts to prevent further deterioration or reduce the risk of a repeat of such incidents.
We never advocated inaction in response to a crisis.
As we said earlier, you might profit by reading up on the Principle of Moral Hazard.
2. You write: See – New Clients , Existing Clients , Govt , Nasscom …steps are being taken ……
Good. Hopefully, something will come out of it.
We have never advocated inaction.
Are the coolies who are in the US going to be deported? Technically, their visas were obtained on false documents (balance sheet) which means they should be disqualified. Also, in case of a takeover where any other sweatshop buys Satyam, do all the Satyam coolies get an automatic H1/L1 transfer, or they still have to go back and reapply against the new quota (L1 has no quota anyway, it is a red carpet welcome to rip American middle class)? What are your thoughts?
SearchIndia.com Responds:
You write: Are the coolies who are in the US going to be deported? Technically, their visas were obtained on false documents (balance sheet) which means they should be disqualified.
Very interesting point.
Technically, every H1, L1 or Green Card application made in the last few years by Satyam ought to be considered fraudulent because the underlying supporting corporate documentation is based on fraudulent facts.
Will they all be deported? Most likely not, because the big U.S. corporations are in bed with the Indian IT companies to save a few nickels.
To ensure minimum disruption for all concerned, we hope INS or CIS (or whatever the agency is called now) refuses to issue extensions to the Satyam programmers after their H1B/L1 or whatever Visa expires.