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Satyam Scandal Reflects Post-Enron Regulations

January 08, 2009

Fenwick & West partner Chris Steskal was quoted in an Investor's Business Daily article titled "Tough Post-Enron Regulations No Match for Satyam CEO."

This article discusses an accounting scandal at the India-based tech services outsourcing firm Satyam Computer Services and the overwhelming resemblance to the Enron debacle for shareholders.

"Outside auditors can become the victims of corporate fraud along with shareholders," said Steskal, a white-collar crime expert with Fenwick & West.

"Some will say the auditors must have missed a red flag," Steskal said. "Others will say it was a fraud perpetrated not only on the investors, but also on the auditors."