Guest post by D.PARTHASARATHY
Industry leaders, CEOs, and Corporate big-wigs have been falling over each other to portray the Satyam scam as an isolated case, as a simple failure of corporate governance. On the other hand critics from the left once again have had a field day with their “I told you so” condemnation of capitalist free market economies. There is also a moralistic middle class which blames it on greed pure and simple. The fact that the Indian private sector is largely dominated by family owned and controlled businesses of sundry sizes, that caste, community, gender, and social networks play a significant role in who gets nominated to top positions within the companies, and how businesses are run, that these have significant implications for corporate governance as well as corporate loot – these are issues that are too dangerous and embarrassing at the same time, and so are conveniently ignored.