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...report, Satyam insiders forged board resolutions to secure $260 million in bank loans which were diverted for personal use, and over several years generated fake customer identities and account statements to inflate Satyam's revenues by millions of dollars, boosting the company's share price and making its books look far healthier than they were. Investigators following the paper trail have discovered that embezzled funds were channeled into 1,065 properties valued at $74 million, including some 6,000 acres of land, 40,000 sq. yd. of housing plots, and 90,000 sq. ft. of other developed real estate...
...wave of financial problems rippling through global markets. Stock-market indexes plummeted, the cost of insuring against a default by Dubai jumped and the dollar strengthened as investors rushed back into greenbacks. On Friday afternoon, stock markets made something of a recovery as analysts took a second look at what Dubai's proposed repayment halt means. Eighty billion dollars - Dubai's total liabilities - may sound like a lot of money but in the context of the past year, it's not huge. And while banks like HSBC and Barclays have billions in exposure to Dubai, they are also better capitalized...
...them fail because of the endemic corruption. They launched NGOs, only to see funding dry up because of apathy back home. They came with hope, but leave with despair. With them they take years of knowledge and experience that can never be replaced. Few of us can look to the future of this country with an expectation that things will improve before they get worse...
...leadership, we take the broad policy statements and make them specific; we implement policy, we put the party's conclusions into practice. So our job is also to look at our performance since 1994 and our leadership during 15 years of democracy. And there has been weakness in implementation. That means that we need to put more thinking into our implementation. We have to do things differently...
TIME: You're saying there have been mistakes. Zuma: That's part of the reality we have to look at. It's 15 years into our democracy, and you cannot still say after 15 years, after 20 years, that you are not able to do X, Y and Z. At this point in time, we have to do something extraordinary to make sure we are able to continue to move forward. Admitting your mistakes is also because I believe that honesty is important in politics. You lose nothing by admitting to where there have been weaknesses. When you recognize that...