American Exports

Despite a history of having a massive trade imbalance, the United States still exports plenty. But not physical items, more likely ideas. And not good ideas, either, just the bad ones. I don't think we're responsible for the greed of other nations, merely sharing bad business practices, especially in banking; however, the French rogue trader is another story altogether. I still don't think he acted alone; at the very least he had passive collusion from supervisors. Unless they have no checks and balances in their banking system. Which is frightening.

We have Enron, Worldcom and Arthur Andersen, the ethics of whom have been shared with the Satyam guys. They're in jail now after having admitted massive fraud. India must not have the same type of constitution as we have, so doesn't get bogged down in thinking about whether people should have jail time. Instead, announce your guilt, do not pass go and do not collect $200, go directly to jail.

This is one of the places that work outsourced from the US ends up. Which is frightening. Based on our previous experience with corporate chicanery, I doubt this is the only company that has inflated its earnings; it can't be because India doesn't have the same regulatory practices as the US which makes fraud much easier to perpetrate. Look for more of the same coming from India.