One country’s misery fuels another country’s prosperity. As the U.S. reels under a cataclysmic recession, Indian tech firms like Infosys Technologies that provide software and BPO services for large American corporations are riding the wave of success. India’s software giant Infosys turned in yet another quarter of impressive results and added nearly 5,000 jobs (gross) even […]
Notorious Indian IT crook Satyam Computer Services’ new board has picked Tech Mahindra as the highest bidder to acquire a controlling stake in Satyam. Tech Mahindra bid Rs 58 per share and will pay $351 million (Rs 1,756 crore) for an initial 31% stake in the company. Tech Mahindra must also make a cash offer to […]
Loss-making Reader’s Digest Association Inc has signed a cost-cutting oriented $350 million, seven-year IT outsourcing agreement with India’s HCL Technologies. The agreement is supposed to cover Reader’s Digest Association’s entire IT landscape, spanning the gamut from infrastructure to applications. IT Support from Coolie Nations From low wage nations like India and Poland, HCL Technologies will […]
In the third bailout of Shitty Bank oops Citibank, the U.S. Treasury Department plans to convert $25 billion of its preferred securities into common stock provided other private holders agree to the same terms. If the latest round of bailout goes through, the U.S. government’s stake in Shitty Bank will rise to 36% from 8% […]
Who would have thought things would come to such a pass? Back in the late 1990s, selling a single Citigroup share was enough to take your family out for dinner at a nice Indian restaurant in New York City. But times have changed. And boy, how they have changed. Forget dinner for your family. Today, […]
Citigroup CEO Vikram Pandit disclosed that his pay for 2008 was $1 million in testimony before the U.S. House Financial Services Committee this morning. Folks, remember Citigroup lost $18.72 billion in 2008 including $8.29 billion in the fourth quarter alone. And fired 73,000 employees. Vikram Pandit also got about $26.7 million in stock (1.094 million […]