Wednesday, December 24, 2008

World Bank Burned by Offshoring

"For months, the World Bank has been stonewalling and denying a series of FOX News reports on a variety of in-house scandals, ranging from the hacking of its most sensitive financial data to its own sanctions against suppliers found guilty of wrongdoing.

"But last week the world's most important anti-poverty organization suddenly came clean — sort of — in its tough sanctions against a vitally important computer software service supplier that has been linked not only to financial wrongdoing but also to the ultrasensitive data heists.

"A top bank official, FOX News has learned, has admitted that a leading India-based information technology vendor named Satyam Computer Services was barred last February from all business at the bank for a period of eight years — and that the ban started in September.

"The admission confirms what FOX News reported from its own bank sources on October 10 — a report the World Bank officially disparaged at the time.

"The World Bank's revelation of the ban on Satyam comes at a watershed moment for the $2 billion (sales) outsourcing giant, which boasts more than 100 Fortune 500 companies as clients and which trades on the New York Stock Exchange. Last week, India's securities commission announced that it would investigate Satyam."

From FOX News...

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