Wow just caught this on CNBC Opening Bell - $1b or 94% of the companies cash is fictitious.
http://www.reuters.com/article/newsOne/idUSTRE50616H20090107
Indian off-shoring is going to take a huge hit which is a shame as some companies are delivering great value.
I guess the value of 'trust' just went up.
Cheers,
Dean
very interesting, just found out that Satyam is listed on the NYSE, not sure if it's a dual listing but guess this means that USA investors have exposure to this as well.
ReplyDelete....where was the SEC on this one?
What does this mean for other dual listed companies and oversight.
And they listed last year on Euronex.
ReplyDeleteSiobhan
If SEC couldn’t uncover a $50bn scam that they were alerted to and investigated, what makes you think they’d find one 1/50th the size, based half a world away?
ReplyDeleteBrian