Satyam CEO Confesses to Accounting Fraud

The CEO and founder of Satyam Computer Services, a leading Indian outsourcing company, announced that the company has inflated its earnings and assets for years.  Ramalinga Raju said that about $1 billion of its reported cash and other assets were nonexistent.  Satyam serves as the back office for some of the largest companies in the world.  Its stock is listed on the NYSE, and it is audited by PricewaterhouseCoopers.  NYTimes, Satyam Chief Admits Huge Fraud.