Daily Archives: January 13, 2009

John Gapper

The disclosure that Wipro, the third biggest Indian outsourcing company, was banned from doing business with the World Bank for four years in June 2007, does not exactly improve confidence in the sector following the Satyam Computer Services scandal.

The ban was imposed because Wipro allegedly “provided improper benefits” to World Bank staff by offering some of them shares in its 2000 initial public offering. Wipro denies doing anything wrong and says it did little business with the World Bank anyway. Read more

John Gapper

I thought I was tough on hedge funds-of-funds in my column last week. My views were mild compared with David Swensen, chief investment officer of the Yale Endowment Fund. He regards them as “a cancer on the institutional investment world”.

Here is the full quote from an interview in the Wall Street Journal this morning: Read more