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Friday, October 21, 2016

Financial Scandal Aficionados Never Had It Better

Nov. 10 (Bloomberg) — If you happen to be a connoisseur of accounting scandals, then the past month or so has been about as good as it gets, capped by the unfolding disaster at Olympus Corp. On the flip side, if you work as an auditor for a big accounting firm, it just got that much harder to make the case that society should value your services.

The scam at Olympus was simple, even if the means were sometimes exotic. The Japanese maker of cameras and endoscopes hid losses by treating them as assets. It says it had been doing so since the 1990s. This might have stayed under wraps had Olympus’s chief executive, a Briton named Michael C. Woodford, not pressed the matter internally in response to a Japanese magazine story this summer about some of the company’s more unorthodox dealings. Olympus’s board responded by firing Woodford, who was just six months into the job. Now it turns out his warnings about the company’s finances were right.

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Copyright 2011 The National Memo
  • WayneSchwartz

    I have been in practice for close to 35 years, and adhere to the ethical standards of my profession. I make the somewhat shaky assumption that you do as well. But to paint an entire profession as dishonest is silly. I guess it is okay to call into question what YOU write because some dope at another publication is outed as a plagiarizer. Or all physicians are quacks because Dr. Conrad Murray was convicted as such this past week. While the thrust of your article was fine, the premise that all accountants are dishonest because of this casts slander on an honest group of hard working people. Don’t paint with so wide a brush next time.

  • omgamike

    To me, the solution could be an easy one, if Congress would do it. Make any auditing firm that fails to disclose any and/or all suspicious or fraudulent activity, monetarily liable for their failure to disclose. And make the executive for any such auditing firm criminally liable for such lapses, including all members of the board of directors. These firms would either comply, or be out of business. If firms took their business overseas, and hid their shortcomings that way, those firms could still be criminally sanctioned. Freeze all their bank accounts, etc.

  • Brett

    The Federal Reserve Bank, is a privately owned institution, it is not a Bank, it has no Reserve, and it is most assuredly not Federal. Its one and only obligation, oath, or fealty is to its owners, its only consideration if at all, to the American constituency is mandated by profit/loss to its owners, any profit to the American people is by sheer coincidence. Enact Executive Order 11110 by President Kennedy. Thus abolishing the Federal Reserve. What is your opinion on the connection of President Kennedy’s assassination and his issuance of Executive Order 11110?
    Executive Order 11110, Dealy Plaza, Jekyl Island, GAO Federal Reserve Audit, HSCA 1979 findings. Federal Reserve Bank Ownership on ANY search engine; (Yahoo, MSN, Google etc). 97 years of usurpations, murders, and fraud by those we TRUSTED implicitly to be our leaders. They are already on death row with or without a trial, because Truth needs no Judgement.