Word: fraud
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Ever since Jan. 7, when news broke of a $1 billion corporate-accounting fraud at Satyam Computer Services, the scandal has been called India's Enron. There are many similarities: inflated assets, a disgraced but politically powerful chairman, an auditor under a cloud, even an attempted suicide. (Satyam's chief financial officer, Srinivas Vadlamani, was unsuccessful. Enron executive J. Clifford Baxter died.) There is one big difference. Enron imploded, and its employees were kicked to the curb. But Satyam's workers, who number about 50,000, may be spared sweeping layoffs...
...South Africa Corruption in Chief? With elections months away, Jacob Zuma, leader of South Africa's ruling party, may face a choice between the campaign trail and the courtroom. An appellate court has revived charges against him of corruption, fraud and racketeering. While Zuma is still the heavily favored presidential candidate, the case could complicate his run and any ensuing first term...
...real difficulty is that the fraud was so large and there is a highly motivated group of people who want to see this case adjudicated," says Barkow, who is now the executive director the NYU School of Law's Center on the Administration of Criminal Law. "Madoff is easy. The ring of people around Madoff is a much tougher case...
Litt, 46, is in fighting trim. In November he won a hard-fought case against former technology investor (and longtime opera fan) Alberto Vilar, who was convicted of stealing his investors' money. The trial took nine weeks, which is long for a fraud case. "He is very much a no-nonsense prosecutor who does the right thing without excess flash or showmanship," says Colton, who represented Gary Tanaka, Vilar's partner, who was also found guilty in the case...
...bringing the Madoff indictment in front of a grand jury. Observers say he will use his additional time to investigate who else may have been involved in the crime. Those who know Litt say he will dig deep into the evidence to determine who else was complicit in the fraud...