Bill Gates - "The Man"

Early Life:

William Henry "Bill" Gates III born October 28, 1955 in Seattle was the richest person in the world for 15 consecutive years. His life history and the formation of Microsoft poses a great inspiration to every Tom, Dick and Harry that portrays the vision that "Anything that is feasible is possible in this world."

School Life:

At thirteen he enrolled in the Lakeside School, an exclusive preparatory school.When he was in the eighth grade, the Mothers Club at the school used proceeds from Lakeside School's rummage sale to buy an ASR-33 teletype terminal and a block of computer time on a General Electric (GE) computer for the school's students. Gates took an interest in programming the GE system in BASIC and was excused from math classes to pursue his interest. He wrote his first computer program on this machine: an implementation of tic-tac-toe that allowed users to play games against the computer. Gates was fascinated by the machine and how it would always execute software code perfectly. When he reflected back on that moment, he commented on it and said, "There was just something neat about the machine. After the Mothers Club donation was exhausted, he and other students sought time on systems including DEC PDP minicomputers. One of these systems was a PDP-10 belonging to Computer Center Corporation (CCC), which banned four Lakeside students—Gates, Paul Allen, Ric Weiland, and Kent Evans—for the summer after it caught them exploiting bugs in the operating system to obtain free computer time.

At the end of the ban, the four students offered to find bugs in CCC's software in exchange for computer time. Rather than use the system via teletype, Gates went to CCC's offices and studied source code for various programs that ran on the system, including programs in FORTRAN, LISP, and machine language. The arrangement with CCC continued until 1970, when it went out of business. The following year, Information Sciences Inc. hired the four Lakeside students to write a payroll program in COBOL, providing them computer time and royalties. After his administrators became aware of his programming abilities, Gates wrote the school's computer program to schedule students in classes. He modified the code so that he was placed in classes with mostly female students. He later stated that "it was hard to tear myself away from a machine at which I could so unambiguously demonstrate success."At age 17, Gates formed a venture with Allen, called Traf-O-Data, to make traffic counters based on the Intel 8008 processor.

Graduation And The Vision Of Starting A Company:

Gates graduated from Lakeside School in 1973. He scored 1590 out of 1600 on the Scholastic Aptitude Test and subsequently enrolled at Harvard College in the fall of 1973.Prior to the mid 1990s, an SAT score of 1590 was equivalent to an IQ of about 170 (roughly the one in a million level), a figure that would frequently be cited by the press. While at Harvard, he met his future business partner, Steve Ballmer, whom he later appointed as CEO of Microsoft. He also met computer scientist Christos Papadimitriou at Harvard, with whom he collaborated on a paper about pancake sorting.He did not have a definite study plan while a student at Harvard and spent a lot of time using the school's computers. He remained in contact with Paul Allen, joining him at Honeywell during the summer of 1974.The following year saw the release of the MITS Altair 8800 based on the Intel 8080 CPU, and Gates and Allen saw this as the opportunity to start their own computer software company. He had talked this decision over with his parents, who were supportive of him after seeing how much Gates wanted to start a company.

Success Comes With a Great Vision:

“Every business and household must have a computer and must run Microsoft software”, was the basic guiding vision of Bill Gates. When everyone in the world were not even aware of the software industry’s future here was a man who trusted on his gut feel and passion decided to take the vision the farthest possible way. He was almost there achieving his vision. This clear vision of him won him several laurels and went to be the richest person in the world for 13 continuous long years.

There is no one who could write software code as he could. When as a student at the Harvard university, every single student would have wanted to be part of the great institute and graduate to be successful, Bill Gates decided to stop studying and pursue his dream of writing softwares for every computer in the world. Just started the agreement between IBM and Microsoft, Gates along with friend Paul Allen was to write an interpreter for the IBM PC. He was not ready on the date that was announced for the installation and the good news for Gates was that the party at the other end too were not ready. This got the fire in him to write that piece of software and bundle with every IBM computer in the world. He was just passionate about software, coding and technology that incidentally also made him the richest man in the world.

The Birth Of Microsoft:

In December of 1974, Allen was on his way to visit Gates when along the way he stopped to browse the current magazines. What he saw changed his and Bill Gates's lives forever. On the cover of Popular Electronics was a picture of the Altair 8080 and the headline "World's First Microcomputer Kit to Rival Commercial Models." He bought the issue and rushed over to Gates's dorm room. They both recognized

this as their big opportunity. The two knew that the home computer market was about to explode and that someone would need to make software for the new machines. Within a few days, Gates had called MITS (Micro Instrumentation and Telemetry Systems), the makers of the Altair. He told the company that he and Allen had developed a BASIC that could be used on the Altair [Teamgates.com, 9/29/96]. This was a lie. They had not even written a line of code. They had neither an Altair nor the chip that ran the computer.

The MITS company did not know this and was very interested in seeing their BASIC. So, Gates and Allen began working feverishly on the BASIC they had promised. The code for the program was left mostly up to Bill Gates while Paul Allen began working on a way to simulate the Altair with the schools PDP-10. Eight weeks later, the two felt their program was ready. Allen was to fly to MITS and show off their creation. The day after Allen arrived at MITS, it was time to test their BASIC. Entering the program into the company's Altair was the first time Allen had ever touched one. If the Altair simulation he designed or any of Gates's code was faulty, the demonstration would most likely have ended in failure. This was not the case, and the program worked perfectly the first time [Wallace, 1992, p. 80]. MITS arranged a deal with Gates and Allen to buy the rights to their BASIC.[Teamgates.com, 9/29/96] Gates was convinced that the software market had been born. Within a year, Bill Gates had dropped out of Harvard and Microsoft was formed.

IBM partnership:
In 1980, IBM approached Microsoft to write the BASIC interpreter for its upcoming personal computer, the IBM PC. When IBM's representatives mentioned that they needed an operating system, Gates referred them to Digital Research (DRI), makers of the widely used CP/M operating system. IBM's discussions with Digital Research went poorly, and they did not reach a licensing agreement. IBM representative Jack Sams mentioned the licensing difficulties during a subsequent meeting with Gates and told him to get an acceptable operating system.

A few weeks later Gates proposed using 86-DOS (QDOS), an operating system similar to CP/M that Tim Paterson of Seattle Computer Products (SCP) had made for hardware similar to the PC. Microsoft made a deal with SCP to become the exclusive licensing agent, and later the full owner, of 86-DOS. After adapting the operating system for the PC, Microsoft delivered it to IBM as PC-DOS in exchange for a one-time fee of $50,000. Gates insisted that IBM let Microsoft keep the copyright on the operating system, because he believed that other hardware vendors would clone IBM's system. They did, and the sales of MS-DOS made Microsoft a major player in the industry.

Windows
Gates oversaw Microsoft's company restructuring on June 25, 1981, which re-incorporated the company in Washington and made Gates President of Microsoft and the Chairman of the Board. Microsoft launched its first retail version of Microsoft Windows on November 20, 1985, and in August, the company struck a deal with IBM to develop a separate operating system called OS/2. Although the two companies successfully developed the first version of the new system, mounting creative differences undermined the partnership. Gates distributed an internal memo on May 16, 1991 announcing that the OS/2 partnership was over and Microsoft would shift its efforts to the Windows NT kernel development.

Management style:
From Microsoft's founding in 1975 until 2006, Gates had primary responsibility for the company's product strategy. He aggressively broadened the company's range of products, and wherever Microsoft achieved a dominant position he vigorously defended it.

As an executive, Gates met regularly with Microsoft's senior managers and program managers. Firsthand accounts of these meetings describe him as verbally combative, berating managers for perceived holes in their business strategies or proposals that placed the company's long-term interests at risk. He often interrupted presentations with such comments as, "That's the stupidest thing I've ever heard!" and, "Why don't you just give up your options and join the Peace Corps?" The target of his outburst then had to defend the proposal in detail until, hopefully, Gates was fully convinced. When subordinates appeared to be procrastinating, he was known to remark sarcastically, "I'll do it over the weekend."
Gates's role at Microsoft for most of its history was primarily a management and executive role. However, he was an active software developer in the early years, particularly on the company's programming language products. He has not officially been on a development team since working on the TRS-80 Model 100 line, but wrote code as late as 1989 that shipped in the company's products. On June 15, 2006, Gates announced that he would transition out of his day-to-day role over the next two years to dedicate more time to philanthropy. He divided his responsibilities between two successors, placing Ray Ozzie in charge of day-to-day management and Craig Mundie in charge of long-term product strategy.

The Growth Of Microsoft:

1975

Revenues: $16,005

Employees: 3 (Allen, Gates, and Ric Weiland)

1976

Revenues: $22,496
Employees: 7

1977

Revenues: $381,715
Employees: 9

1978

Revenues: $1,355,655
Employees: 13

1979

Revenues: $2,390,145
Employees: 28

1980

Revenues: $7,520,720
Employees: 40

1981

Revenues: $16,000,000
Employees: 128

1982

Revenues: $24,486,000
Employees: 220

1983

Revenues: $50,065,000
Employees: 476

1984

Revenues: $97,479,000
Employees: 608

1985

Revenues: $140,417,000
Employees: 910

1986

Revenues: $197,514,000
Employees: 1,442

1987

Revenues: $345,890,000
Employees: 1,816

1988

Revenues: $590,827,000
Employees: 2,793

1989

Revenues: $804,530,000
Employees: 4,037

1990

Revenues: $1,183,446,000
Employees: 5,635

1991

Revenues: $1,843,432,000
Employees: 8,226

1992

Revenue: $2,758,725,000
Employees: 11,542

1993

Revenue: $3,752,701,000
Employees: 14,430

1994

Revenues: $4,648,981,000
Employees: 15,257

1995

Revenues: $5,940,000,000
Employees: 17,801

1996

Revenues: $8,671,000,000
Employees: 20,561

1997

Revenues: $11,360,000,000
Employees: 22,232

1998

Revenues: $14.48 billion
Employees: 27,055

1999

Revenues: $19.75B
Employees:31,575

2000

Revenues: $22.96B
Employees:39,170

2001

Revenues: $25.30B
Employees:48,030

2002

Revenues: $28.37B
Employees:50,621

2003

Revenues: $32.19B
Employees:54,468

2004

Revenues: $36.84B
Employees:57,086

2005

Revenues: $39.79B
Employees:61,000

2006

Revenues: $44.28B
Employees:71,172

2007

Revenues: $51.12B
Employees:78,565

2008

Revenues: $60.42B
Employees:91,259


27th June, 2008- Amid cheers and tears, Gates says goodbye

Bill Gates wiped the tears from his face, bowed his head to the applause -- and ended an era.

Microsoft's 52-year-old icon worked his final day as a full-time executive Friday, more than three decades after he dropped out of college to found the company with his high school friend. As he prepared to depart, Gates reminisced about Microsoft's successes, and its controversies.

"Even the times that were the toughest, in some ways those are the ones that bond you the most -- when IBM decides to attack you, or when some legal ruling isn't quite right," Gates told employees at an internal event, to laughter. "And you have to do a press conference afterwards."

Later, he concluded: "There won't be a day of my life that I'm not thinking about Microsoft and the great things that it's doing, and wanting to help. So thank you for making it the center of my life, and so much fun."
With those words, Gates marked the end of a career that began in 1975, when he and Paul Allen formed a partnership to make software for early personal computers. As Gates leaves daily life at Microsoft, the company is a global giant with more than 90,000 employees, a dominant position in PC software -- and an uncertain future in an increasingly Internet-centric world.

Speaking to employees, Gates acknowledged Microsoft's struggle to gain ground against Google in the Internet search business, but he also expressed optimism about its chances, based on the work it's doing now.
"Even though it takes years before people see the full effect of that, it's an exciting thing," Gates said. "We have so many opportunities to surprise people."
Microsoft is entering the post-Gates era having failed in its efforts to acquire Yahoo -- a move that was designed to bolster the company against Google.But Gates said he believes he is making the move at a time when the company is strong.
"There's always intense competition. I think the company is stronger today than it's ever been. That's very clear to me. The depth of IQ in this company is phenomenal. Now, we don't always get it to add up. We get a tiny bit of subtraction sometimes and that's one of our challenges."

Gates is leaving Microsoft to focus his attention on the Bill & Melinda Gates Foundation. He will remain Microsoft's chairman and work on selected projects there part time. He will also have a third office, separate from Microsoft and the foundation. He said in a recent interview that he plans to fund projects that he finds interesting, but he won't work for any other company.

The transition has been in the works for two years, since Microsoft announced Gates' plan to step down from daily duties.

At the internal event, Microsoft Chief Executive Steve Ballmer, Gates' longtime friend, presented him with a bound scrapbook of photos and mementos. At the same time, Ballmer acknowledged that no mere parting gift could do justice to the moment.

"We've been given an enormous, enormous opportunity," Ballmer said, breaking down into tears. "And Bill gave us that opportunity. I want to thank Bill for that, and I want you to, too."

The crowd of more than 800 employees in the Redmond conference center stood and cheered. Thousands of employees were also watching video of the event online -- the kind of technology that Gates and Allen could have only dreamed about when they were programming BASIC on paper tape for the early Altair personal computer.

Before the event, Ballmer worked the crowd with a big grin, bouncing around and snapping his fingers. Gates waited behind a black curtain, arms crossed and pacing, as Ballmer introduced him. He walked in to a standing ovation, grinning, and introduced his wife, Melinda, and his children in the crowd.

Others in the crowd Friday included Marc McDonald, 52, who attended Seattle's Lakeside School with Gates and became Microsoft's first employee, after Gates and Allen. He left Microsoft but returned in 2000 when it acquired a company where he was working. McDonald is among those pictured in a legendary photo of early Microsoft employees, taken at a shopping mall portrait studio in the late 1970s.

"I never thought I'd be the last full-time person in that picture," McDonald said after the Friday event. "That's the funniest thing. I end up back here, and then Bill leaves before I do."

Given the way Gates is intertwined with the company, McDonald said he was surprised when the transition was announced two years ago: "I hadn't thought it would happen."

Another person in the audience was Ajay Mathew, 27, who has worked at the company for less than a year. He said he took inspiration from Gates' remarks about the challenges the company has overcome. "He has shown that it's worth taking risks, and believing in your dreams," Mathew said. "It's pretty good."

Gates acknowledged that it won't be easy to move on, given how natural it has become for him to work at the company.

Sometimes, when he's driving his children to school, Gates said, "If I forget and start thinking about work a little, I start driving towards Microsoft. They say to me, 'Dad, Dad, what are we going to do at Microsoft?' "

Gates has said he can't envision a scenario under which he would return full time, but he noted Friday that he will be available to the company's next generation of leaders, if they need his advice. "To steal a sentence from Steve," Gates said, "I love this company."

CLOSING REMARKS

Bill Gates' closing remarks to Microsoft employees during his farewell Friday event in Redmond:

"My life's work really is about software and working with incredible people. I love working with smart people. I love working with Steve. I love working with all the incredible people here. Even the times that were the toughest, in some ways those are the ones that bond you the most -- when IBM decides to attack you, or when some legal ruling isn't quite right. And you have to do a press conference afterwards.

"The work here combines two things that I think are just so special. One is the long-term impact -- the impact on the world of what we do -- is incredible. We can always go out and see things that remind us of that. See blind people who, using our accessibility, can browse the Internet. You know, their lives are just totally different because of that. So we can say, wow, this is so impactful.

"But I think the second thing, which is that the day-to-day work is fun and enjoyable, that's actually what's made it so easy to want to work hard, to want to always improve things, to face up to whatever it is that needs to be done better. So it's a special group of people who put so much into it.

"So let me just close by saying you've made it so much for me. There won't be a day of my life that I'm not thinking about Microsoft, and the great things that it's doing, and wanting to help. So thank you for making it the center of my life, and so much fun. Thank you."

Sources: www.wikipedia.com
www.seattlepi.nwsource.com

Remarks of President-Elect Barack Obama : Election Night

Chicago, IL | November 04, 2008

If there is anyone out there who still doubts that America is a place where all things are possible; who still wonders if the dream of our founders is alive in our time; who still questions the power of our democracy, tonight is your answer.

It's the answer told by lines that stretched around schools and churches in numbers this nation has never seen; by people who waited three hours and four hours, many for the very first time in their lives, because they believed that this time must be different; that their voice could be that difference.

It's the answer spoken by young and old, rich and poor, Democrat and Republican, black, white, Latino, Asian, Native American, gay, straight, disabled and not disabled - Americans who sent a message to the world that we have never been a collection of Red States and Blue States: we are, and always will be, the United States of America.

It's the answer that led those who have been told for so long by so many to be cynical, and fearful, and doubtful of what we can achieve to put their hands on the arc of history and bend it once more toward the hope of a better day.

It's been a long time coming, but tonight, because of what we did on this day, in this election, at this defining moment, change has come to America.

I just received a very gracious call from Senator McCain. He fought long and hard in this campaign, and he's fought even longer and harder for the country he loves. He has endured sacrifices for America that most of us cannot begin to imagine, and we are better off for the service rendered by this brave and selfless leader. I congratulate him and Governor Palin for all they have achieved, and I look forward to working with them to renew this nation's promise in the months ahead.

I want to thank my partner in this journey, a man who campaigned from his heart and spoke for the men and women he grew up with on the streets of Scranton and rode with on that train home to Delaware, the Vice President-elect of the United States, Joe Biden.

I would not be standing here tonight without the unyielding support of my best friend for the last sixteen years, the rock of our family and the love of my life, our nation's next First Lady, Michelle Obama. Sasha and Malia, I love you both so much, and you have earned the new puppy that's coming with us to the White House. And while she's no longer with us, I know my grandmother is watching, along with the family that made me who I am. I miss them tonight, and know that my debt to them is beyond measure.

To my campaign manager David Plouffe, my chief strategist David Axelrod, and the best campaign team ever assembled in the history of politics - you made this happen, and I am forever grateful for what you've sacrificed to get it done.

But above all, I will never forget who this victory truly belongs to - it belongs to you.

I was never the likeliest candidate for this office. We didn't start with much money or many endorsements. Our campaign was not hatched in the halls of Washington - it began in the backyards of Des Moines and the living rooms of Concord and the front porches of Charleston.

It was built by working men and women who dug into what little savings they had to give five dollars and ten dollars and twenty dollars to this cause. It grew strength from the young people who rejected the myth of their generation's apathy; who left their homes and their families for jobs that offered little pay and less sleep; from the not-so-young people who braved the bitter cold and scorching heat to knock on the doors of perfect strangers; from the millions of Americans who volunteered, and organized, and proved that more than two centuries later, a government of the people, by the people and for the people has not perished from this Earth. This is your victory.

I know you didn't do this just to win an election and I know you didn't do it for me. You did it because you understand the enormity of the task that lies ahead. For even as we celebrate tonight, we know the challenges that tomorrow will bring are the greatest of our lifetime - two wars, a planet in peril, the worst financial crisis in a century. Even as we stand here tonight, we know there are brave Americans waking up in the deserts of Iraq and the mountains of Afghanistan to risk their lives for us. There are mothers and fathers who will lie awake after their children fall asleep and wonder how they'll make the mortgage, or pay their doctor's bills, or save enough for college. There is new energy to harness and new jobs to be created; new schools to build and threats to meet and alliances to repair.

The road ahead will be long. Our climb will be steep. We may not get there in one year or even one term, but America - I have never been more hopeful than I am tonight that we will get there. I promise you - we as a people will get there.

There will be setbacks and false starts. There are many who won't agree with every decision or policy I make as President, and we know that government can't solve every problem. But I will always be honest with you about the challenges we face. I will listen to you, especially when we disagree. And above all, I will ask you join in the work of remaking this nation the only way it's been done in America for two-hundred and twenty-one years - block by block, brick by brick, calloused hand by calloused hand.

What began twenty-one months ago in the depths of winter must not end on this autumn night. This victory alone is not the change we seek - it is only the chance for us to make that change. And that cannot happen if we go back to the way things were. It cannot happen without you.

So let us summon a new spirit of patriotism; of service and responsibility where each of us resolves to pitch in and work harder and look after not only ourselves, but each other. Let us remember that if this financial crisis taught us anything, it's that we cannot have a thriving Wall Street while Main Street suffers - in this country, we rise or fall as one nation; as one people.

Let us resist the temptation to fall back on the same partisanship and pettiness and immaturity that has poisoned our politics for so long. Let us remember that it was a man from this state who first carried the banner of the Republican Party to the White House - a party founded on the values of self-reliance, individual liberty, and national unity. Those are values we all share, and while the Democratic Party has won a great victory tonight, we do so with a measure of humility and determination to heal the divides that have held back our progress. As Lincoln said to a nation far more divided than ours, "We are not enemies, but friends... though passion may have strained it must not break our bonds of affection." And to those Americans whose support I have yet to earn - I may not have won your vote, but I hear your voices, I need your help, and I will be your President too.

And to all those watching tonight from beyond our shores, from parliaments and palaces to those who are huddled around radios in the forgotten corners of our world - our stories are singular, but our destiny is shared, and a new dawn of American leadership is at hand. To those who would tear this world down - we will defeat you. To those who seek peace and security - we support you. And to all those who have wondered if America's beacon still burns as bright - tonight we proved once more that the true strength of our nation comes not from our the might of our arms or the scale of our wealth, but from the enduring power of our ideals: democracy, liberty, opportunity, and unyielding hope.

For that is the true genius of America - that America can change. Our union can be perfected. And what we have already achieved gives us hope for what we can and must achieve tomorrow.

This election had many firsts and many stories that will be told for generations. But one that's on my mind tonight is about a woman who cast her ballot in Atlanta. She's a lot like the millions of others who stood in line to make their voice heard in this election except for one thing - Ann Nixon Cooper is 106 years old.

She was born just a generation past slavery; a time when there were no cars on the road or planes in the sky; when someone like her couldn't vote for two reasons - because she was a woman and because of the color of her skin.

And tonight, I think about all that she's seen throughout her century in America - the heartache and the hope; the struggle and the progress; the times we were told that we can't, and the people who pressed on with that American creed: Yes we can.

At a time when women's voices were silenced and their hopes dismissed, she lived to see them stand up and speak out and reach for the ballot. Yes we can.

When there was despair in the dust bowl and depression across the land, she saw a nation conquer fear itself with a New Deal, new jobs and a new sense of common purpose. Yes we can.

When the bombs fell on our harbor and tyranny threatened the world, she was there to witness a generation rise to greatness and a democracy was saved. Yes we can.

She was there for the buses in Montgomery, the hoses in Birmingham, a bridge in Selma, and a preacher from Atlanta who told a people that "We Shall Overcome." Yes we can.

A man touched down on the moon, a wall came down in Berlin, a world was connected by our own science and imagination. And this year, in this election, she touched her finger to a screen, and cast her vote, because after 106 years in America, through the best of times and the darkest of hours, she knows how America can change. Yes we can.

America, we have come so far. We have seen so much. But there is so much more to do. So tonight, let us ask ourselves - if our children should live to see the next century; if my daughters should be so lucky to live as long as Ann Nixon Cooper, what change will they see? What progress will we have made?

This is our chance to answer that call. This is our moment. This is our time - to put our people back to work and open doors of opportunity for our kids; to restore prosperity and promote the cause of peace; to reclaim the American Dream and reaffirm that fundamental truth - that out of many, we are one; that while we breathe, we hope, and where we are met with cynicism, and doubt, and those who tell us that we can't, we will respond with that timeless creed that sums up the spirit of a people:

Yes We Can. Thank you, God bless you, and may God Bless the United States of America.

(source: www.barackobama.com)

Satyam Scam: Is the Indian IT Dream over?

Adding insult to injury, Satyam founder and chairman B Ramalinga Raju has admitted that the company had been misappropriating its accounts for several years, opening up a Pandora's box of loopholes and miscalculations in corporate governance in Indian IT.


Although this paints a gloomy picture, captains of the IT industry seek to allay fears of a confidence betrayal in the minds of the countless investors, stockbrokers, businessmen and countless households, who have pinned their entire future onto these corporates.

NASSCOM may consider banning Satyam Computer Services from its membership. "The entire incident came us a shock to us. This kind of a fiasco is an unprecedented one in the history of Nasscom. Considering the magnitude and implications of the incident, we can even look at banning the company from Nasscom," says Ganesh Natarajan, Chairman, Nasscom. In fact, Ramalinga Raju had served as the chairman of Nasscom in 2006-07.

"It is a bad day for corporate India and IT industry. Investors will be very worried and this is critical time for the company and thus management has to be changed for company to protect careers of their employees," says Mohandas Pai, Head, HR Administration, Infosys Technologies. He feels that the auditing process should get more rigorous and that all companies should make sure that bank balance confirmation goes directly to auditors. Pai thinks that the outsourcing clients will take a more cautious approach now and people having large exposure to outsourcing will consolidate and work to minimise the risk.

Suresh Senapathy, CFO, Wipro, assures that Satyam's case is isolated and not associated with any industry. He said Satyam would face both civil and criminal prosecution in the U.S. He feels that as shareholders are more vulnerable, clients will assess risks now.

CP Gurnani, President, International Operations, Tech Mahindra feels that the Indian IT industry should call it a crisis situation. However, there need to be some more announcements for employees and shareholders of Satyam. He added that if anybody acquires this company, he will only be acquiring lawsuits now.

"There is definitely a need for deeper and harder look at what we have been calling corporate governance over the last few years. We have to also take a deep look into what allowed this ill-governance to continue for so long," says Rajeev Chandrashekar, President, Federation of Indian Chambers of Commerce and Industry FICCI.

"It is a complex issue. We have to also see what has been the role of board of directors, auditors and company secretary. So, accordingly once the things are clear then the proper action would be taken," said, PC Gupta, Minister of Corporate Affairs in a statement.

"The fact that the board of directors got conned is itself not a very good thing. I think independent directors should have the capacity to understand the business," Gupta added.

Obviously we hope it does not affect the IT sector in general.

Ramalinga Raju's letter to Board

Here is the text of letter written by outgoing Satyam Chairman Ramalinga Raju...

To the Board of Directors,
Satyam Computer Services Ltd. Dear Board Members, It is with deep regret, at tremendous burden that I am carrying on my conscience, that I would like to bring the following facts to your notice:

1. The Balance Sheet carries as of September 30, 2008
* Inflated (non-existent) cash and bank balances of Rs.5,040 crore (as against Rs. 5361 crore reflected in the books)
* An accrued interest of Rs. 376 crore which is non-existent
* An understated liability of Rs. 1,230 crore on account of funds arranged by me
* An over stated debtors position of Rs. 490 crore (as against Rs. 2651 [cr.] reflected in the books)
2. For the September quarter (02) we reported a revenue of Rs.2,700 crore and an operating margin of Rs. 649 crore (24% Of revenues) as against the actual revenues of Rs. 2,112 crore and an actual operating margin of Rs. 61 Crore ( 3% of revenues). This has resulted in artificial, cash and bank balances going up by Rs. 588 crore in Q2 alone.

The gap in the Balance Sheet has arisen purely on account of inflated profits over a period of last several years (limited only to Satyam standalone, books of subsidiaries reflecting true performance). What started as a marginal gap between actual operating profit and the one reflected in the books of accounts continued to grow over the years. It has attained unmanageable proportions as the size of company operations grew significantly (annualized revenue run rate of Rs. 11,276 crore in the September quarter, 2008 and official reserves of Rs. 8,392 crore). The differential in the real profits and the one reflected in the books was further accentuated by the fact that the company had to carry additional resources and assets to justify higher level of operations — thereby significantly increasing the costs.

Every attempt made to eliminate the gap failed. As the promoters held a small percentage of equity, the concern was that poor performance would result in a take-over; thereby exposing the gap. It was like riding a tiger, not knowing how to get off without being eaten.

The aborted Maytas acquisition deal was the last attempt to fill the fictitious assets with real ones. Maytas’ investors were convinced that this is a good divestment opportunity and a strategic fit. Once Satyam’s problem was solved, it was hoped that Maytas’ payments can be delayed. But that was not to be. What followed in the last several days is common knowledge.

I would like the Board to know:

1. That neither myself, nor the Managing Director (including our spouses) sold any shares in the last eight years — excepting for a small proportion declared and sold for philanthropic purposes.

2. That in the last two years a net amount of Rs. 1,230 crore was arranged to Satyam (not reflected in the books of Satyam) to keep the operations going by resorting to pledging all the promoter shares and raising funds from known sources by giving all kinds of assurances (Statement enclosed, only to the members of the board). Significant dividend payments, acquisitions, capital expenditure to provide for growth did not help matters. Every attempt was made to keep the wheel moving and to ensure prompt payment of salaries to the associates. The last straw was the selling of most of the pledged share[s] by the lenders on account of margin triggers.

3. That neither me, nor the Managing Director took even one rupee/dollar from the company and have not benefited in financial terms on account of the inflated results.

4. None of the board members, past or present, had any knowledge of the situation in which the company is placed. Even business leaders and senior executives in the company, such as, Ram Mynampati, Subu D, T.R. Anand, Keshab Panda, Virender Agarwal, A.S. Murthy, Han T, SV Krishnan, Vijay Prasad, Manish Mehta, Murali V. Sriram Papani, Kavale, Joe Lagioia, Ravindra Penumetsa, Jayaraman and Prabhakar Gupta are unaware of the real situation as against the books of accounts. None of my or Managing Director’s immediate or extended family members has any idea about these issues.

Having put these facts before you, I leave it to the wisdom of the board to take the matters forward. However, I am also taking the liberty to recommend the following steps:

1. A Task Force has been formed in the last few days to address the situation arising but of the failed Maytas acquisition attempt. This consists of some of the most accomplished leaders of Satyam; Subu D, T.R. Anand, Keshab Panda and Virender Agarwal , representing business functions; and A.S. Murthy, Han T and Murali V representing support functions. I suggest that Ram Mynampàti be made the Chairman of this Task Force to immediately address some of the operational matters on hand. Ram can also act as an interim CEO reporting to the board.

2. Merrill Lynch can be entrusted with the task of quickly exploring some Merger opportunities.

3. You may have a testatement of accounts’ prepared by the auditors in light of the facts that.I have placed before you.

I have promoted and have been associated with Satyam for well over twenty years now I have seen it grow from few people to 53,000 people, with 185 Fortune 500 companies as customers and operations in 66 countries. Satyam has established an excellent leadership and competency base at all levels. I sincerely apologize to all Satyamites and stakeholders, who have made Satyam a special organization, for the current situation. I am confident they will stand by the company in this hour of crisis.

In light of the above, I fervently appeal to the board to hold together to take some important steps Mr T R Prasad is well placed to mobilize support from the government at this crucial time. With the hope that members of the Task Force arid the financial advisor, Merrill Lynch (now Bank of America) will stand by the company at this crucial hour, I am marking copies of this statement to them as well.

Under the circumstances, I am tendering my resignation as the chairman of Satyam and shall continue in this position only till such time the current board is expanded. My continuance is just to ensure enhancement of the board over the next several days or as early as possible.

I am now prepared to subject myself to the laws of the land and face consequences thereof.

(B. Ramalinga Raju)
Copies marked to:
1. Chairman SEBI
2. Stock Exchanges

(Source: www.moneycontrol.com)

Barack Obama Quotes

You know, there's a lot of talk in this country about the federal deficit. But I think we should talk more about our empathy deficit - the ability to put ourselves in someone else's shoes; to see the world through the eyes of those who are different from us - the child who's hungry, the steelworker who's been laid-off, the family who lost the entire life they built together when the storm came to town. When you think like this - when you choose to broaden your ambit of concern and empathize with the plight of others, whether they are close friends or distant strangers - it becomes harder not to act; harder not to help.

BARACK OBAMA, speech, Aug. 11, 2006

Focusing your life solely on making a buck shows a poverty of ambition. It asks too little of yourself. And it will leave you unfulfilled.

BARACK OBAMA, speech, Jul. 12, 2006

When people are judged by merit, not connections, then the best and brightest can lead the country, people will work hard, and the entire economy will grow - everyone will benefit and more resources will be available for all, not just select groups.

BARACK OBAMA, speech, Aug. 28, 2006

Faith doesn't mean that you don't have doubts.

BARACK OBAMA, speech, Jun. 28, 2006

Yes, our greatness as a nation has depended on individual initiative, on a belief in the free market. But it has also depended on our sense of mutual regard for each other, of mutual responsibility. The idea that everybody has a stake in the country, that we're all in it together and everybody's got a shot at opportunity. Americans know this. We know that government can't solve all our problems - and we don't want it to. But we also know that there are some things we can't do on our own. We know that there are some things we do better together.

BARACK OBAMA, speech, Aug. 7, 2006

Making your mark on the world is hard. If it were easy, everybody would do it. But it's not. It takes patience, it takes commitment, and it comes with plenty of failure along the way. The real test is not whether you avoid this failure, because you won't. it's whether you let it harden or shame you into inaction, or whether you learn from it; whether you choose to persevere.

BARACK OBAMA, speech, Jul. 12, 2006

If we aren't willing to pay a price for our values, then we should ask ourselves whether we truly believe in them at all.

BARACK OBAMA, The Audacity of Hope

The country is not as polarized as our politics would suggest.

BARACK OBAMA, interview, Oct. 27, 2006

The evangelists' success points to a hunger for the product they are selling, a hunger that goes beyond any particular issue or cause. They need an assurance that somebody out there cares about them, is listening to them.

BARACK OBAMA, The Audacity of Hope

We need to steer clear of this poverty of ambition, where people want to drive fancy cars and wear nice clothes and live in nice apartments but don't want to work hard to accomplish these things. Everyone should try to realize their full potential.

BARACK OBAMA, Daily Southtown, Feb. 19, 2005

I believe in keeping guns out of our inner cities, and that our leaders must say so in the face of the gun manfuacturer's lobby. But I also believe that when a gangbanger shoots indiscriminately into a crowd because he feels someone disrespected him, we have a problem of morality. Not only do we need to punish that man for his crime, but we need to acknowledge that there's a hole in his heart, one that government programs alone may not be able to repair.

BARACK OBAMA, The Audacity of Hope

In a country of 300 million people, there is a certain degree of audacity required for anybody to say, "I'm the best person to lead this country."

BARACK OBAMA, Washington Post, Nov. 18, 2006

My parents shared not only an improbable love, they shared an abiding faith in the possibilities of this nation. They would give me an African name, Barack, or blessed, believing that in a tolerant America your name is no barrier to success. They imagined me going to the best schools in the land, even though they weren't rich, because in a generous America you don't have to be rich to achieve your potential.

BARACK OBAMA, speech at 2004 Democratic Convention

When we send our young men and women into harm's way, we have a solemn obligation not to fudge the numbers or shade the truth about why they're going, to care for their families while they're gone, to tend to the soldiers upon their return, and to never ever go to war without enough troops to win the war, secure the peace, and earn the respect of the world.

BARACK OBAMA, speech at 2004 Democratic Convention

A good compromise, a good piece of legislation, is like a good sentence; or a good piece of music. Everybody can recognize it. They say, "Huh. It works. It makes sense."

BARACK OBAMA, The New Yorker, May 31, 2004

With the changing economy, no one has lifetime employment. But community colleges provide lifetime employability.

BARACK OBAMA, Daily Southtown, Feb. 19, 2005

People are whupped. I'm whupped. My wife is whupped. Unless it's your job to be curious, who really has the time to sit and ask questions and explore issues?

BARACK OBAMA, The New Yorker, May 31, 2004

I cannot swallow whole the view of Lincoln as the Great Emancipator.

BARACK OBAMA, Time Magazine, Jun. 26, 2005

If you're walking down the right path and you're willing to keep walking, eventually you'll make progress.

BARACK OBAMA, Bloomington Pantagraph, Feb. 25, 2005

I am not opposed to all wars. I'm opposed to dumb wars.

BARACK OBAMA, The New Yorker, May 31, 2004

Of all the rocks upon which we build our lives, we are reminded today that family is the most important. And we are called to recognize and honor how critical every father is to that foundation. They are teachers and coaches. They are mentors and role models. They are examples of success and the men who constantly push us toward it. But if we are honest with ourselves, we'll admit that what too many fathers also are is missing – missing from too many lives and too many homes. They have abandoned their responsibilities, acting like boys instead of men. And the foundations of our families are weaker because of it.

BARACK OBAMA, speech, Jun. 15, 2008

I'll be a President who finally brings Democrats and Republicans together to make health care affordable for every single American. We will put a college education within reach of anyone who wants to go, and instead of just talking about how great our teachers are, we will reward them for their greatness, with more pay and with better support. And we will harness the ingenuity of farmers and scientists and entrepreneurs to free this nation from the tyranny of oil once and for all.

BARACK OBAMA, speech, Feb. 5, 2008

I have asserted a firm conviction rooted in my faith in God and my faith in the American people--that working together we can move beyond some of our old racial wounds, and that in fact we have no choice if we are to continue on the path of a more perfect union.

BARACK OBAMA, speech, Mar. 18, 2008

If those Republicans come at me with the same fear-mongering and swift-boating that they usually do, then I will take them head on. Because I believe the American people are tired of fear and tired of distractions and tired of diversions. We can make this election not about fear, but about the future. And that won't just be a Democratic victory; that will be an American victory.

BARACK OBAMA, speech Nov. 10, 2007

America, our work will not be easy. The challenges we face require tough choices, and Democrats as well as Republicans will need to cast off the worn-out ideas and politics of the past. For part of what has been lost these past eight years can't just be measured by lost wages or bigger trade deficits. What has also been lost is our sense of common purpose - our sense of higher purpose. And that's what we have to restore. We may not agree on abortion, but surely we can agree on reducing the number of unwanted pregnancies in this country. The reality of gun ownership may be different for hunters in rural Ohio than for those plagued by gang-violence in Cleveland, but don't tell me we can't uphold the Second Amendment while keeping AK-47s out of the hands of criminals. I know there are differences on same-sex marriage, but surely we can agree that our gay and lesbian brothers and sisters deserve to visit the person they love in the hospital and to live lives free of discrimination. Passions fly on immigration, but I don't know anyone who benefits when a mother is separated from her infant child or an employer undercuts American wages by hiring illegal workers. This too is part of America's promise - the promise of a democracy where we can find the strength and grace to bridge divides and unite in common effort.

BARACK OBAMA, DNC speech, Aug. 28, 2008

Life doesn't count for much unless you're willing to do your small part to leave our children – all of our children – a better world. Even if it's difficult. Even if the work seems great. Even if we don't get very far in our lifetime.

BARACK OBAMA, speech, Jun. 15, 2008

Our government should work for us, not against us. It should help us, not hurt us. It should ensure opportunity not just for those with the most money and influence, but for every American who's willing to work. That's the promise of America - the idea that we are responsible for ourselves, but that we also rise or fall as one nation; the fundamental belief that I am my brother's keeper; I am my sister's keeper.

BARACK OBAMA, DNC speech, Aug. 28, 2008

Nothing can stand in the way of the power of millions of voices calling for change.

BARACK OBAMA, speech, Jan. 8, 2008

We will remember that we are not as divided as our politics suggests; that we are one people; we are one nation and together, we will begin the next great chapter in the American story with three words that will ring from coast to coast, from sea to shining sea:-- Yes. We. Can.

BARACK OBAMA, speech, Jan. 8, 2008

I refuse to be lectured on national security by people who are responsible for the most disastrous set of foreign policy decisions in the recent history of the United States. The other side likes to use 9/11 as a political bludgeon. Well, let’s talk about 9/11. The people who were responsible for murdering 3,000 Americans on 9/11 have not been brought to justice. They are Osama bin Laden, al Qaeda and their sponsors – the Taliban. They were in Afghanistan. And yet George Bush and John McCain decided in 2002 that we should take our eye off of Afghanistan so that we could invade and occupy a country that had absolutely nothing to do with 9/11. The case for war in Iraq was so thin that George Bush and John McCain had to hype the threat of Saddam Hussein, and make false promises that we’d be greeted as liberators. They misled the American people, and took us into a misguided war. Here are the results of their policy. Osama bin Laden and his top leadership – the people who murdered 3000 Americans – have a safe-haven in northwest Pakistan, where they operate with such freedom of action that they can still put out hate-filled audiotapes to the outside world. That’s the result of the Bush-McCain approach to the war on terrorism.

BARACK OBAMA, speech, Jun. 18, 2008

We need not throw away 200 years of American jurisprudence while we fight terrorism. We need not choose between our most deeply held values, and keeping this nation safe.

BARACK OBAMA, speech, Jun. 18, 2008

we can reclaim the idea that here in this country, you can make it if you try. In the end, that's all most Americans are asking for. It's not a lot. You don't expect government to solve all your problems. You want to be self-reliant and independent. You want to be responsible for your own lives and take care of your own families. But what you do expect is a government that isn't run by the special interests. What you do expect is that if you're willing to work hard, you should be able to find a job that pays a decent wage, that you shouldn't go bankrupt when you get sick, that you should be able to send your children to college even if you're not rich, and that you should be able to retire with dignity and security.

BARACK OBAMA, speech, Aug. 2, 2008

As President, I'll invest in renewable energies like wind power, solar power, and the next generation of homegrown biofuels. That's how America is going to free itself from our dependence on foreign oil – not through short-term gimmicks, but through a real, long-term commitment to transform our energy sector.

BARACK OBAMA, speech, Jul. 31, 2008

You don't defeat a terrorist network that operates in eighty countries by occupying Iraq.

BARACK OBAMA, DNC speech, Aug. 28, 2008

The government can't solve every problem, but an enlightened government can make sure that people can work hard for their dreams and achieve them.

BARACK OBAMA, Ladies' Home Journal, Sep. 2008

When you start just focusing exclusively on trying to tear the other person down instead of what you are going to do on behalf of the American people to deal with this economy, then that's not serving Democrats, that's not serving Republicans, that's not serving anybody.

BARACK OBAMA, speech, Sep. 6, 2008

This country of ours has more wealth than any nation, but that's not what makes us rich. We have the most powerful military on Earth, but that's not what makes us strong. Our universities and our culture are the envy of the world, but that's not what keeps the world coming to our shores. Instead, it is that American spirit - that American promise - that pushes us forward even when the path is uncertain; that binds us together in spite of our differences; that makes us fix our eye not on what is seen, but what is unseen, that better place around the bend.

BARACK OBAMA, DNC speech, Aug. 28, 200

Lincoln's Failure and Successes

Below is one version of the so-called "Lincoln failures" list, shown in bold type. It's often used to inspire people to overcome life's difficulties with Lincoln as a model. Then look at the right column with other facts from Lincoln's pre-presidential life. History professor Lucas Morel compiled this comparison from the Chronology in Selected Speeches and Writings/Lincoln by Don E. Fehrenbacher, ed., 1992.

YEAR	FAILURES or SETBACKS	SUCCESSES
1832	Lost job Defeated for state legislature	Elected company captain of Illinois militia in Black Hawk War
1833	Failed in business	Appointed postmaster of New Salem, Illinois Appointed deputy surveyor of Sangamon County
1834		Elected to Illinois state legislature
1835	Sweetheart died
1836	Had nervous breakdown	Re-elected to Illinois state legislature (running first in his district) Received license to practice law in Illinois state courts
1837		Led Whig delegation in moving Illinois state capital from Vandalia to Springfield Became law partner of John T. Stuart
1838	Defeated for Speaker	Nominated for Illinois House Speaker by Whig caucus Re-elected to Illinois House (running first in his district) Served as Whig floor leader
1839		Chosen presidential elector by first Whig convention Admitted to practice law in U.S. Circuit Court
1840		Argues first case before Illinois Supreme Court Re-elected to Illinois state legislature
1841		Established new law practice with Stephen T. Logan
1842		Admitted to practice law in U.S. District Court
1843	Defeated for nomination for Congress
1844		Established own law practice with William H. Herndon as junior partner
1846		Elected to Congress
1848	Lost renomination	(Chose not to run for Congress, abiding by rule of rotation among Whigs.)
1849	Rejected for land officer	Admitted to practice law in U.S. Supreme Court Declined appointment as secretary and then as governor of Oregon Territory
1854	Defeated for U.S. Senate	Elected to Illinois state legislature (but declined seat to run for U.S. Senate)
1856	Defeated for nomination for Vice President
1858	Again defeated for U.S. Senate
1860		Elected President

Lincoln achieved the great feat of becoming the President after overcoming "failures for 11 times in his life". If he had quit without trying again when engulfed with failures, he wouldn't have become the President of America. No wonder "FAILURES ARE THE STEEPING STONE TO SUCCESS".