Fraud Rocks Satyam as Chairman Resigns - WSJ.com: "B. Ramalinga Raju, founder and chairman of Satyam Computer Services Ltd. -- 'satyam' means truth in Sanskrit -- said in a letter of resignation that he also overstated profits for the past several years, overstated the amount of debt owed to the company and understated its liabilities. Eventually, he said, the scheme reached 'simply unmanageable proportions' and he was left in a position 'like riding a tiger, not knowing how to get off without being eaten.'"
Fascinating. Looks like Raju and Madoff deserve a Special Effects Oscar this year. Also brings to mind the astounding creativity of the in-house accountants (and possibly "outside" auditors). Never realized accounting could be this art-y.
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