There's never been an event that has actually forced people to say something needs to change. The real question is, could Olympus be a turning point? The optimist would say yes. The pessimist would say there have been similar scandals in the past that have not led to any sort of systemic change.
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Edward Cole, a partner at law firm Freshfields Bruckhaus Deringer in Tokyo, whose work involves advising firms on share offerings and mergers. He was referring to the Olympus scandal. (Reuters)
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1
NetNinja
As long as labor laws do not employ a system of checks and balances the problem will continue. CEOs and Execs will continue to go unchecked. .
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kaminarioyaji
I'd be in the pessimist's 9 & 3/4 (no way it'd be half and half).
The Japanese approach to any slightly embarrassing personal, yet public problem is to do the ol' Elephant in the room thing. They'll just keep looking the other way, the whole time wishing it would just go away so they can return to "normality"; even if that normality is the worse of 2 evils...
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GW
This tobashi phenomenon has been around since the 80s & the biggest offender is the govt, they shuffle the countries debt to far flung corners & forget about it, its an extremely common occurence, one prime example is JR, just try to figure out how much in debt it was before it was privitized, and even now I bet they cant get a decent figure on its current debts etc.
Accountring in this country is a giant black hole, any foreign companies thinking about M&A stuff here had better have one hell of an awesome forensic pile of accountants to have a hope in hell of getting decent figures, its just the way it is, shoganai ne!
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