Monday, January 19, 2009

Hungry wolves in dinner jackets

Reading about the diet of Raju Ramalinga the former CEO of Satyam and the facilities he commands in jail, makes me ashamed of our spine less law system. A person who committed the economic crime of Raju’s magnitude not only manipulating the balance sheet of the SATYAM but also of robbing the faith of millions of investors who held SATYAM as one of the best three IT companies of this country.

When people like Raju and his accomplice rape the company law what can a common man do? What does an investor see? Who can a common man trust? What do you believe when Balance sheet, profit statement, cash flows are tailored with the help of auditors of international repute? What is our regulatory mechanism doing? Should these offenders be given the treatment which is offered to them in Jail now? They should be made to rot, and law should be enacted that even their coming generations does not get to enjoy the fruit of their ill produced wealth.

Having laws is one thing, their unbiased implementation is another. Our politicians and Privileged people of society with easy access to powers, have utter disdain for the law of the land and law enforcement machinery.They trust our ephemeral memory; they know that we the people will forget Raju like we have forgotten Ramesh Gailey and Ketan Parekh and many swindlers like them.

My mind is filled with anger and my heart with an awful sense of power- less ness. Famous lines of Abraham Lincoln echo in my ears “Power does not corrupt, but, when fools get in possession of power, corrupt power…….

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