What a great New Year!!! The recently exposed Satyam Fraud has marked the coming of age of the “True Indian”. I think it is only now that we have truly heralded our arrival to the rest of the world. I am not being sarcastic when I write these comments and please believe me when I say I am absolutely convinced about every word I have written in this paragraph and this post.
Before we carry on any further I would like to add that I am a proud Indian and there is no other place I’d rather be born in and I don’t foresee myself changing my nationality. I love who I am and I think as a race, we are great and resilient people. I also think we are born with some defects that are common to all of us and, for some reason, we all tend to think that we are individually insulated from them when we (including me) are soaking in them.
First, our biggest negative trait is, in the words of Russell Peters, that we are cheaper than cheap. As disgusting as it sounds we know it is true. The majority of people we know we can, at some point in their life or other, be classified as having been cheap or cheaper than cheap. In the depths of our heart we also know we have been cheap, cheaper and/or cheapest. But we are not going to talk about being cheap today. We are going to talk about our second biggest strength – White Collar Crime. White Collar Crime: for some reason this doesn’t fall into the category of being criminal for the majority of us. We actually take pride in abetting white collar crime and we have no qualms in talking about how we accomplished it at any given opportunity, even if we have to create it.
I can think of numerous occasions where I have been a part of conversations that are centered around topics like how to evade tax, how to conceal black money, how to convert black money into white money, what the going rate of bribe is to get away with drunken driving, how to manipulate company accounts, how to get fake bills while traveling on work, how to have multiple bank accounts so all your financial transactions are not traceable, etc, etc.
In many of these conversations I have given valuable inputs to those seeking them and they have worked. I also have learnt a lot in terms of new ways to go about hoodwinking the government and also some tried and tested ways that are best kept secrets.
I would also like to add that I know it is wrong but I still don’t classify it as a ‘crime’ crime. I wonder why this is. I would like to blame it on genetics. ??I am certain that more than 50 % of the companies listed on our Bombay Stock Exchange are manipulating their books but it is just that Mr. Raju was unfortunate to have gotten caught. I guess he is just not as good as some of the more seasoned players who probably would have called it a day only when they had reached a point of no return when the company was drowning in debt and there was no way out. Mr. Raju has stepped down when his company’s finances are still in the green and they still may have a way out, albeit, a really, really slim ray of hope. I have been listening to people who follow the listed companies and they are of the opinion that this is just the tip of the ice berg and I agree with them. I think that most of the boards are really good at concealing their tracks and I don’t really think that there will be any more such scams that will see the light of day anytime soon.
The point that I am trying to make is that an Indian IT major listed in the BSE, and NYSE whose accounts are being audited by PWC has been able to manipulate their books for more than a decade even though it has an independent board of directors and even though the promoter is a minority stake holder. I think only we Indians can get away with something like this, for so long. What Mr. Raju has done has raped the Indian stock markets and has created ripples in the NYSE. This is the first time that we have had a global impact through white collar crime although it has largely thrived domestically for about a 1000 years now. It is time we got global recognition for the acutely devious mind that we are blessed with and Satyam has just ensured that.
We are definitely a third world country but no one can beat us when it comes to the science of manipulating the system and finding loopholes that can be exploited and sometimes creating loopholes wherever necessary.
Kudos to the brilliant Indian criminal mind!!