Olympus - Japan's version of Enron?

[Gintaras]

Strange, US "news" has no word about Olympus scandal? Like nothing has happened in corporate world and no pinocchio lost any $$$ while about 3.9 billion "evaporated" in a few days since last friday ?

 

[Phokus]

Well, it's an international company and not all that big... maybe if it was a company like Sony, people would care.

 

[ElFenix]

i suppose the new york times isn't US 'news' but it's the best source i could find.
http://www.nytimes.com/2011/10/20/business/olympus-faces-credibility-gap.html

i wish i could find some random blog posts or something but i really can't be bothered.

edit: ok i bothered here's a random blog:
http://blogs.wsj.com/japanrealtime/2011/10/19/olympus-executives-the-way-we-were/

 

[Schadenfroh]

Strange, US "news" has no word about Olympus scandal?

That is because corporate greed, white-collar crime and corruption is exclusive to American companies... surely this is a genuine mistake? 😉

 

[Gintaras]

http://www.channel4.com/news/ex-olympus-ceos-concern-over-improper-payments

http://news.businessweek.com/article.asp?documentKey=1377-a_erpxgrjCvo-7IFOREEL9MKSLMQBIETBKBE9MS

http://www.ft.com/intl/cms/s/2/87cbfc42-f612-11e0-bcc2-00144feab49a.html#axzz1aoDOz2gc

 

[Fern]

Strange, US "news" has no word about Olympus scandal? Like nothing has happened in corporate world and no pinocchio lost any $$$ while about 3.9 billion "evaporated" in a few days since last friday ?

I googled it and see plenty of news about it.

I also see that 60% of the shareholders are Japanese and that this involves Japanese and British companies/businesses. Given the story is about mysteriously expensive commissions and too-high costs to acquire British firms resulting in the stock dropping I'm not at all sure this should be big news over here. Not yet anyway. Perhaps once there's an explanation we'll hear even more.

It is but one of many foreign companies and/or countries having problems. There's only so much room on the front page of a newspaper.

However, I am now curious about such an extraordinarily large M&A commission/fee and the huge for price paid for those British companies which were written down in the same year.

Fern

 

[Dari]

Yakuza involvement? Wouldn't surprise me considering how organized and how they run their companies and criminal enterprises in Japan.