Samurai_Jerk wrote:More details are emerging. It seems Omori was killed by his massive penis.
...or by acting like one
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Samurai_Jerk wrote:More details are emerging. It seems Omori was killed by his massive penis.
Samurai_Jerk wrote:It seems Omori was killed by his massive penis.
2triky wrote:"I found wrongdoing, I raised that wrongdoing and for doing that I was dismissed ... in a way in which I'll never forget," he told a small throng of reporters gathered outside an employment tribunal building in east London.
"(I was) thrown out of my apartment and told to get the bus to the airport. We now know why ... I'm looking today to hold Olympus to account.
2triky wrote:Yeah this is getting good. It has made for tv movie written all over it.
The British executive who exposed a $1.7 billion fraud at Olympus talked with us yesterday about the pitfalls of the Japanese corporate culture.
Michael Woodford fears there are more Olympus's out there.
Worse, he says Japan's culture of deference does not make him optimistic about the country's looming debt crisis.
SALARY MEN
Woodford was the first foreign salary man—someone who has devoted his career to a single corporation—to be promoted to president of a Japanese company.
"Being a salary man is a very important thing in Japan, like fidelity in a marriage," Woodford says. "You would think a salary man would be considered someone who wasn't very bold, but in Japan that is what they look for."
DEFERENCE AND OBEDIENCE
"Ive read about the former Goldman director in the press. I'm not going to say greed and wrongdoing is unique to japan. There are scandals in Europe, Siemens, Worldcom, Enron. Human nature is what human nature is. Individuals will act in a way that is wholly unacceptable. That's not exclusively Japanese," Woodford says.
"What is Japanese is the culture of deference and obedience. These qualities make hiding corrupt transactions much easier. You have people blindly following leadership. I saw even more of this after I made it public."
"At first the Japanese media didn't pick it up at all. They're very self-censoring," Woodford says. "It took an overwhelming barrage of me banging drums and repeating points in the media. In Alice In Wonderland Japan people think they can just ride these things out."
"Even after chairman Tsuyoshi Kikukawa resigned, the person who took over for him went before the press well into November and stood up and defended those two payments despite their being so transparently ludicrous. That would never happen in New York! People like you would be throwing cabbages."
NOT OPTIMISTIC
"If this scandal tells you anything about Japan, it doesn't make one optimistic that Japan will adapt to the challenges it faces," Woodford says. "Japan has terrible demographics... and a debt-to-GDP ratio that makes Greece look like it's in wonderful health. It's only sustainable because the Japanese buy government bonds."
Mike Oxlong wrote:MICHAEL WOODFORD: Bad Corporate Culture Could Bring Down Japan
gaijinpunch wrote:Really, REALLY need a teeth-sucking emoticon.
Screwed-down Hairdo wrote:Could? Seems a couple of decades late for that...
gaijinpunch wrote:Really, REALLY need a teeth-sucking emoticon.
Scandal-tainted Olympus Corp <7733.T> has decided it will not seek alliances to beef up its capital for now and will try to rebuild on its own, the Mainichi newspaper reported on Tuesday.
The Japanese endoscope and camera maker, struggling to recover from a $1.7 billion accounting fraud, saw its equity ratio plunge to 4.6 percent as of end-March 2012 from 11 percent a year earlier.
IparryU wrote:... one arm crossed with their other hand on their chin.... staring really hard at their feet whist they come up with a bullshit response... which would start off with teeth sucking
Michael Woodford glances out of the floor-to-ceiling window of his multimillion-pound loft apartment, which looks out across the River Thames toward the City of London, the so-called Square Mile that is among the world's leading financial and commercial centers.
Laying bare: Ex-Olympus President and CEO Michael Woodford, and his book, "Exposure," which came out this week. ILLUSTRATION BY ANDREW LEE
The 52-year-old Briton has effectively been jobless since being ousted for the part he played in Japan's own Enron scandal, when he blew the whistle last autumn on a 13-year, ¥130-billion accounting fraud at Olympus Corp., the global company he was running at the time.
Do you believe that Japan is a true free-market economy?
I don't believe in communism but it would probably work better in Japan than anywhere else. Other people have said the same. I don't think it's a free market. It's a distorted market.
Former exec gets suspended sentence over Olympus cover-up
A former brokerage executive who helped camera giant Olympus cover up years of huge financial losses was given a suspended jail sentence on Monday.
Tokyo District Court gave Akio Nakagawa, 64, an 18-month sentence, suspended for three years, and fined him 7 million yen for helping three former Olympus executives falsify financial statements.
The three also received suspended prison terms in July last year for their part in engineering a scheme to hide about $1.7 billion in losses that had accumulated since the 1990s, by using excessive consulting fees and buying unrelated companies.
“The cover-up was led by the Olympus side and Nakagawa played a subordinate role,” presiding judge Hiroaki Saito said.
“The defendant played an important role by managing a fund for Olympus’s cover-up, in return receiving expensive compensation,” the judge said, after rejecting a not guilty plea.
His role however “doesn’t constitute collusion and is limited to assistance”, Saito said.
Rudolf Muench, a Hamburg-based general manager at Olympus's European headquarters in Germany, said KeyMed was only alerted to possible wrongdoing in 2014 when the "substantial value" of one of the pensions became known.
"KeyMed has a responsibility towards its stakeholders and therefore could not ignore the evidence that was presented," he said in an email to Reuters.
Woodford, 56, said his annual pension benefit rose to 993,000 pounds at the end of his 30-year Olympus career. This was converted into a capital sum of 64.5 million pounds and transferred to a Self Invested Personal Pension (SIPP), a UK government-approved scheme, with Olympus's approval in 2014.
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