What was SEBI doing?
What was India Inc doing?
What were Satyam’s ‘independent’ directors doing?
Not surprisingly, politicians are also being blamed.
Even the ‘greedy investors‘ are being blamed.
But is it only me or are there others asking: what was the business media doing? We’ve had such a surge in the number of business TV channels, magazines and papers and some are still in the process of launching depite the ‘downturn’. The business media boom, riding on the economic boom in general, is stll riding the tiger. It’s said to be difficult even in these difficult times to hire good business journalists – they’re all taken by somebody else’s new venture.
So my question is, don’t these business journalists ever smell a scam? They have to wait for a CEO to confess that he cheated a billion US dollars? Why does the business press just keeps sucking up to these CEOs – look at Mallya’s yacht, look at Ambani’s home, look what a loser you are to not be investing. Boom, boom, boom.
This is generally in keeping with the mandate of business journalists in India to keep up the feelgood factor, to be part of the boom, even benefit personally by recommending stocks that the Star Busniess Anchor holds without anyone knowing.
Looking for a scam? Sorry, are you a commie? Your days are over. Welcome to new India. Google around and be shocked to see how many are defending Satyam, how many are saying we should have allowed Satyam to go ahead with the Maytas deal! Those who argue for a regulations-free markets are at a loss of words, their aggression and arrogance long gone.
PS: I found someone who’s not yet being blamed: an IT trade union that is saying I Told You So!