Satyam eva Jayate - We need a lie detector
Is it something to do with my grey cells or my peculiar genetic wiring that I am unable see this latest scam as single man's fait accompli - Ramalingam Raju maybe the villain of the piece but there are surely atleast a dozen or more serious accomplices and several more passive ones, both in the private sector and the government, who helped him pull through this one. And each one of them would be a mighty influential guy who stood to gain from this diabolic venture - how do we get to that ugly underbelly is my real worry. To flush out these home grown terrorists who choose to put a lay man's dream in the firing squad, we have to get into the heart of the matter.
When ENRON imploded in a wave of accounting scandal in 2000, some of home truths about what goes behind the scene to keep the records straight by corporates were exposed - the so called ledger lies! Because of their enormous debt (the borrowings which were necessary to expand the company) made Enron's earnings look less impressive, it had begun to create partnerships that would allow it to keep debt off of its books...That started a chain reaction leading to several other serious violations - ultimately ripping away their terra firma...but not before their acounting alchemy had thousands of unsuspecting ordinary people lose their precious little, in the hope of the pot of gold at the end of the rainbow.
How do they manage to fool the world everytime? Perhaps as a lay man the annual reports and promises are not enough anymore. We need to get a public lie detecting test done for these company CEO's before we chose to trust them with our paltry savings.
Simplistic but that is all i can think of right now.
![\WHICH WOLF TO FEED ?\](http://www.toondoo.com//public/j/a/y/Jaya123/toons/cool-cartoon-498689.png "\WHICH WOLF TO FEED ?\")
2 comments:
As you said in the last line - simplistic .. indeed, how do we keep a check? What are SEBI, FERA etc doing? Apart from nailing the culprits, how about nailing the auditors, the bankers, the Income Tax Dept etc .... is theirs just a clerical job of filing everything as the truth? If so, why have people from the IAS and IRS at the helm of affairs? Why not have a babujee and save the country crores in pay that we pay these departments? Seriously, its time the country started asking for accountability to be brought in in matters of Governance.
The anguish of the author is clearly conveyed.When there is connivance with or silent acceptance of all the wrong doings at different levels by different regulatory agencies, it is difficult for a lay man to avoid being cheated.The whole system needs a relook de novo.But if past experience is any guide, this too will pass off without anything being done.
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