Olympus - through the lens trouble
Discussion
English fellow climbs the greasy promotion pole whilst working for Olympus, his working in Japan. He makes it to the top and becomes the C.E.O. so no dim wit clearly. Having served for just two weeks in his new office he uncovers fraud,which is on a grand scale. Overvalued acquisitions going back years, money syphoned off and all the rest of it, think hundreds of millions. He reports back to the board and shareholders and gets fired for his trouble. Apparently this is how Japan goes about business and to mention such goings on is very rude indeed. Also the small matter of keeping gangs in Japan (Japanese Mafia perhaps?? I don't know)(Triads, more likely, I don't know).
So, makes Fred the Shred look like an Angel in the business world.
So, makes Fred the Shred look like an Angel in the business world.
munky said:
Is this news? Quite old news.
Triads are chinese, you mean the Yakuza presumably.
The news only popped up for me this morning, could be a few days old maybe. Looked over some threads in here and couldn't find any appertaining to the story, so thought it must be fresh story.Triads are chinese, you mean the Yakuza presumably.
Thanks for correction on the gangland names, not up on Pacific Basin gangs and don't want to be either.
crankedup said:
English fellow climbs the greasy promotion pole whilst working for Olympus, his working in Japan. He makes it to the top and becomes the C.E.O. so no dim wit clearly. Having served for just two weeks in his new office he uncovers fraud,which is on a grand scale. Overvalued acquisitions going back years, money syphoned off and all the rest of it, think hundreds of millions. He reports back to the board and shareholders and gets fired for his trouble. Apparently this is how Japan goes about business and to mention such goings on is very rude indeed. Also the small matter of keeping gangs in Japan (Japanese Mafia perhaps?? I don't know)(Triads, more likely, I don't know).
So, makes Fred the Shred look like an Angel in the business world.
You taint the whole country with the bad behaviour of one company?So, makes Fred the Shred look like an Angel in the business world.
You do like youir generalisations.
crankedup said:
Eric Mc said:
You taint the whole country with the bad behaviour of one company?
You do like youir generalisations.
You need to read the story before you pass your holier then thou judgements.You do like youir generalisations.
I have to say your debating style is rather coarse and unskilled - usually resorting to name calling and general shots at the poster rather than counter arguing with facts.
Where did you learn your debating skills - kindergarten?
Not exactly on the same scale, but my aunt worked for the English office of a Japanese airline in the 1990s (was her last job before retirement), in the role of head of personnel.
She was going trough the staffing levels in various areas, and was astounded by how many people were 'employed' in the ticket office (this pre-dates internet booking). There was someting like 4 times the staffing levels she was used to seeing at similar sized airlines.
When she poked about a bit, she was 'warned off' by her assistant (who was Japanese), as apparently may of these 'extra' staff members in ticketing were actually the sons and daughters of 'friends of the company', over here studying at Universities, who were put on the books, and paid quite well (think about £20k per annum in 1991), despite never doing a day's work. Still, it was the company's choice how they spent their cash I guess.
She was going trough the staffing levels in various areas, and was astounded by how many people were 'employed' in the ticket office (this pre-dates internet booking). There was someting like 4 times the staffing levels she was used to seeing at similar sized airlines.
When she poked about a bit, she was 'warned off' by her assistant (who was Japanese), as apparently may of these 'extra' staff members in ticketing were actually the sons and daughters of 'friends of the company', over here studying at Universities, who were put on the books, and paid quite well (think about £20k per annum in 1991), despite never doing a day's work. Still, it was the company's choice how they spent their cash I guess.
crankedup said:
English fellow climbs the greasy promotion pole whilst working for Olympus, his working in Japan. He makes it to the top and becomes the C.E.O. so no dim wit clearly. Having served for just two weeks in his new office he uncovers fraud,which is on a grand scale.
QuestionDid he earn his wage would was probably way more then a dustmen?
Whilst I would not consider myself to be a paid up member of the Cranked up fan club I do find it very interesting that there has been so little made of this. Yes I am aware that the story has been doing the rounds for a few weeks or so but this looks to me, on a very simplistic level, to be every bit as big for Japan as Enron was for the US.
And it does beg the question, when looking at one of the most reserved and secretive democracies on the planet, what else is out there? Sure there could be some nastiness lurking in any big UK/US/German/French/etc player but in a country famed for its secretive culture and where face is everything...
Doubt that we will see many more round eyes promoted to top jobs over there again for a while.
And it does beg the question, when looking at one of the most reserved and secretive democracies on the planet, what else is out there? Sure there could be some nastiness lurking in any big UK/US/German/French/etc player but in a country famed for its secretive culture and where face is everything...
Doubt that we will see many more round eyes promoted to top jobs over there again for a while.
Bit of a link shortage on this thread.
Here's a recent one...
http://www.washingtonpost.com/business/olympus-pro...
Here's a recent one...
http://www.washingtonpost.com/business/olympus-pro...
Otispunkmeyer said:
Link to story? Would like a peruse.
Here's another one...http://www.bbc.co.uk/news/business-16066320
DJRC said:
It was headline news on the BBC. What more splash do you want? Olympus lost 70% of its shareprice in one day.
It was a pretty big deal!
I agree that this incident had a fair old splash.It was a pretty big deal!
But after the initial hullaballo died down I've only caught one bit since where they have admitted to doing it.
As with Enron where there is one there will be others - and i would not be surprised if there are not a lot of other stories like this that are a whistleblower away from headlines.
The mess the World is in right now means, IMO this is the time to wash out the stables and start afresh.
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