Satyam case besides being the case of extreme fraud, is an illustration of the Warren Buffett saying that a rising tide lifts all. It is when the tide runs out, you come to know who was swimming naked. As long as the real estate prices were rising globally as well as in India, Ramaligam Raju of Satyam was able to continue with his fraud and siphoning of funds from IT to real estate was taking place smoothly .
If the real estate bubble had continued to expand, the very same share holders who hauled him over burning coals, would have applauded him for his vision & audacity for buying the sister real estate cos. of Satyam.
But as is the case in such scenarios, what goes up has to come down. Hence the fall in real estate prices globally as well as in India leading to unraveling of the Satyam scam. When the buying of real estate cos. was declared, nobody saw any sense in it as every Tom, Dick & Harry knew that the real estate market had collapsed.
And as is said rightly the cat was out of the bag with the announcement of buying of sister real estate cos..
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