Briton Scales Heights of Olympus

[Samurai_Jerk]

Except as long as the money was coming in everybody was looking somewhere else...

They own part of the company (share)
They benefit.
They should be responsible for the misdeed.
Or at least suck up silently when it folds...

Nobody hold a gun to their head and forced them to buy Olympus shares...

That's just about the dumbest left-wing loony shit I've ever read.

[Coligny]

That's just about the dumbest left-wing loony shit I've ever read.

Don't tell me that you wuz surprised....

[Coligny]

I don't think the shareholders can be held responsible for illegal shenanigans they weren't aware of.

Those with voting rights should be considered as guilty as the other criminals...

Those without should just kiss their mollah buh bye...

[omae mona]

Except as long as the money was coming in everybody was looking somewhere else...

They own part of the company (share)
They benefit.
They should be responsible for the misdeed.
Or at least suck up silently when it folds...

Nobody hold a gun to their head and forced them to buy Olympus shares...

When you buy an expensive bottle of wine and later find the ingredients were replaced with grape juice, do you need to suck it up because nobody held a gun to your head?

Really, I am not quite seeing the difference. There is a reason there are laws requiring public companies to provide honest accounting in their reports. Just the same as there are laws requiring honesty in advertising and contracts. If nobody knows what they're really buying (or know that the government will help smack down the seller if they're lying), not much is going to get bought or sold. Not great for the economy.

You might be able to make an argument that those who held shares at the time the initial money was lost in the 1990s partly deserve what they got. But everybody who bought after that was duped into buying shares of a company that was worth less than they believed, based on information that's required to be correct according to the law.

[Coligny]

When you buy an expensive bottle of wine and later find the ingredients were replaced with grape juice, do you need to suck it up because nobody held a gun to your head?

The analogy don't work, you are not buying a final product.

You are buying a part of an entity whose activities may or may not produce additionnal income. And not in every case (see Apple, no dividend paid, ever).

Capitalism endoctrinate you to think that you can buy anything without any responsabilities. Buying a company is buying a living thing, like it or not.

When you buy a dog, you have to feed him ?
When you buy a car you have to maintain it ?
If you are the only one to buy a company, you have to run it, or at least pay someone to run it for you ?
Why, when buying only a part of a company and calling it "share" then you win the right not to give a flying fuck ?

When you buy something... you become responsible for it...

As of today the tradition is always. When there is profit, it's for the shareholders pockets, when their is failure, it's for the taxpayer wallets.
You can all go claiming communism is a failure... Capitalism is an even bigger one... allowed to fail again and again because enough people in sufficiently powerfull situation profit from it and allow the rules to be bend.
All goes well-> let's play by the capitalist rules.
All goes to shit-> let's do it commie style and claim it's to save the job.

(automotive bailout... I'm looking at youze right now)

[omae mona]

Coligny, thank you for the informative lesson in company valuation and markets.

That's just about the dumbest left-wing loony shit I've ever read.

Is that still true?

[Coligny]

Didn't took long to aim for the postman...

>>company valuation and markets<<

Not far from fantasy football... but taking itself wayyyy too seriously... to the point where the mean became an end...

Have a look at "margin call" good movie... a bit slow at times... But a nice modern version of "the emperor new clothes"

[Coligny]

Sidenote...
A crime was committed.
The shareholders at the time made money thanks to this crime
Japanese law forbid to profit financially from a crime...

Make the shareholders claim look even more like "hey, we want to profit from these misdeeds too !"

[Samurai_Jerk]

Sidenote...
A crime was committed.
The shareholders at the time made money thanks to this crime
Japanese law forbid to profit financially from a crime...

Make the shareholders claim look even more like "hey, we want to profit from these misdeeds too !"

It's not even possible to engage someone who's this full of shit in an intelligent conversation.

[Coligny]

You might be able to make an argument that those who held shares at the time the initial money was lost in the 1990s partly deserve what they got. But everybody who bought after that was duped into buying shares of a company that was worth less than they believed, based on information that's required to be correct according to the law.

For (if any) shareholders from the 90' still possessing shares today. Participating in this lawsuit would really be asking a legal enforcement of due benefit from a crime. (but if olympus paid dividends, they already profited from it, just less than they would want to)

Those that sold their shares before the scandal just participated and profited from the con (cashed in) While it can be expected that since the behaviour from the company was hidden they should be exempted from prosecution as they were "acting in good faith".

For the newer shareholders... in a way they were duped about the value of the shares. But nobody forced them to buy anything... Is there any entity acting as a legal warrant for the published financial result ? If yes, are they insured against their failure at a proper audit. If both are true, why is there even a trial. If only the first is true, are they private (in this case the accountability of these people would be laughable) or public... which would basically translate into taxpayer backed insurance of private share value...

[IparryU]

Just... so hard to comment on this shit now...

[matsuki]

I'm still waiting for the next company to get hit like this......

[Coligny]

I'm still waiting for the next company to get hit like this......

(please not Nissan, please not Nissan, please not Nissan, please not Nissan)

[matsuki]

Three former executives of Japan's disgraced Olympus Corp were arrested on Thursday over their role in a $1.7 billion (1.0 billion pound) accounting fraud at the maker of medical equipment and cameras, Japanese media reported.

http://uk.reuters.com/article/2012/02/16/uk-olympus-idUKTRE81E2HU20120216

uh oh!

[2triky]

Three former executives of Japan's disgraced Olympus Corp were arrested on Thursday over their role in a $1.7 billion (1.0 billion pound) accounting fraud at the maker of medical equipment and cameras, Japanese media reported.

http://uk.reuters.com/article/2012/02/16/uk-olympus-idUKTRE81E2HU20120216

uh oh!

So the plot thickens.

[IparryU]

I wanna see what banks get named for their contributions to this

[gaijinpunch]

That guy just fucked it up for any other would-be white CEO.

[2triky]

That guy just fucked it up for any other would-be white CEO.

Seriously who gives a f*ck. It's doubtful any Japanese CEO would have the balls or moral imperative to come correct and expose such egregious behavior.

Given Japanese corporate culture, Woodford exhibited a type of courage heretofore unseen.

[gaijinpunch]

Given Japanese corporate culture, Woodford exhibited a type of courage heretofore unseen.

And no other whitey will be given the chance to. Not saying it's right or wrong... just is.

(I really think it's wrong though).

[2triky]

And no other whitey will be given the chance to. Not saying it's right or wrong... just is.

I don't doubt that you're correct.

[Yokohammer]

And no other whitey will be given the chance to. Not saying it's right or wrong... just is.

Yeah. Them foreigners with their damned honesty and integrity.
Who the hell do they think they are?!

[Coligny]

And no other whitey will be given the chance to. Not saying it's right or wrong... just is.

(I really think it's wrong though).

That's assuming every japanese company is criminally mismanaged and rotten to the bones...

[matsuki]

Yeah. Them foreigners with their damned honesty and integrity.
Who the hell do they think they are?!

Yeah, he couldn't gaman, lie, and coverup like "we Japanese."

[Mulboyne]

One point which has come out in the wake of the arrests is that the statute of limitations for the crime of falsifying accounts is five years. This means the police can only look as far back as 2006. Executives before Kikkukawa will therefore be off the hook even if evidence comes to light that a cover-up began on their watch.

[cstaylor]

Executives before Kikkukawa will therefore be off the hook even if evidence comes to light that a cover-up began on their watch.

Which means they may not even look at the original deals that caused this entire problem from the beginning. I'd bet good money that those investments were gang-related.

[Coligny]

Which means they may not even look at the original deals that caused this entire problem from the beginning. I'd bet good money that those investments were gang-related.

They go of the hook if found guilty, but that don't mean the police can't investigate... (maybee someone got a concrete coffin on the way to a bad deal with Olympus, murder have different expiry date I think...)

[Samurai_Jerk]

Source

A top executive of Japan's scandal-ridden Olympus Corp has been found dead in a park outside New Delhi, an apparent suicide ...

Tsutomu Omori, 49, who was head of Olympus's medical equipment business in India, was found hanging from a boundary wall by a gardener in the park ...

"Police have recovered two suicide notes written in Japanese. While one of them was meant for Omori's family, the other note only said "I am sorry for bothering you" in Japanese,"

[Taro Toporific]

Three former executives of Japan's disgraced Olympus Corp were arrested on Thursday over their role in a $1.7 billion (1.0 billion pounds) accounting fraud..
uh oh!

[B]Top Olympus executive found dead in India park: report
chicagotribune.com | February 20, 2012 (Reuters) ---- A top executive of Japan's scandal-ridden Olympus Corp has been found dead in a park outside New Delhi, an apparent suicide, The Times of India said on Tuesday, quoting police.
Tsutomu Omori, 49, who was head of Olympus' medical equipment business in India, was found hanging from a boundary wall by a gardener in the park, which was part of an apartment complex in Gurgaon, just outside ..."Police have recovered two suicide notes written in Japanese. While one of them was meant for Omori's family, the other note only said "I am sorry for bothering you" in Japanese" ...more...

_

[Coligny]

ok, whut that meanz ?

They are really thaaaat disturbed by this scandal... (the money part, not the fureigner crybaby part)

Or is it the tip of an iceberg so big that you'll need the entire world popcrorm production to enjoy the fan splattering the shit all over the place from the comfort of your sofa ?

[Samurai_Jerk]

More details are emerging. It seems Omori was killed by his massive penis.

NEW DELHI (Reuters) - A top executive of Japan's scandal-ridden Olympus Corp was found hung to death outside his apartment in suburban Delhi