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RufflesTheGuineaPig

Olymupus End Up Looking Stupid

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http://www.bbc.co.uk/news/business-15632320

The first British head of a major Japanease firm was forced from his position for suggesting there were accounting irregularities in relation to an unexplained 1/2 BILLION pound payment to some financial advisors.

Olympus claims that it had done nothing wrong and announded an independant third-party investigation into the matter.

Independant third party finds massive criminal accounting fraud at the company with losses from a mysterious financial investment/speculation arm having been hidden off balance sheet for 2 decades.

Leading to the obvious questions:

1) Why does a firm that makes Cameras even NEED a securities investments division?

2) Is Mr Woodford going to get his job back?

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I've been banging this drum for a while but... modern accounting techniques now allow such a lack of transparency that very few people will really know the true state of a large business.

Sure, you can take the balance sheet that is posted in annual reports, etc. but these are often the tip of the iceberg, with what's off the balance sheet or hidden between the cracks more important than what is published.

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I've been banging this drum for a while but... modern accounting techniques now allow such a lack of transparency that very few people will really know the true state of a large business.

Sure, you can take the balance sheet that is posted in annual reports, etc. but these are often the tip of the iceberg, with what's off the balance sheet or hidden between the cracks more important than what is published.

Luckily transparency isn't required in a free market, it has nothing to do with setting the market price... :ph34r:

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1) Why does a firm that makes Cameras even NEED a securities investments division?

2) Is Mr Woodford going to get his job back?

I have no answer to either of these .. but Olympus is not primarily a camera company anymore .. mostly it's medical imaging technology.

My guess is that Mr Woodford will be paid millions .. and for once I see that as being justified !

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I have no answer to either of these .. but Olympus is not primarily a camera company anymore .. mostly it's medical imaging technology.

My guess is that Mr Woodford will be paid millions .. and for once I see that as being justified !

Apparently he claims he was sacked because japanease companies have a culture of not grassing up your mates.

Basically he said "what's this rather large cheque for" everyone told him not to talk about it, and when he kept asking he was shown the door.

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I have no answer to either of these .. but Olympus is not primarily a camera company anymore .. mostly it's medical imaging technology.

My guess is that Mr Woodford will be paid millions .. and for once I see that as being justified !

Apparently he claims he was sacked because japanease companies have a culture of not grassing up your mates.

Basically he said "what's this rather large cheque for" everyone told him not to talk about it, and when he kept asking he was shown the door.

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I've been banging this drum for a while but... modern accounting techniques now allow such a lack of transparency that very few people will really know the true state of a large business.

Sure, you can take the balance sheet that is posted in annual reports, etc. but these are often the tip of the iceberg, with what's off the balance sheet or hidden between the cracks more important than what is published.

What is the point in a balance sheet if it does not include everything? The act of omitting liabilities from the balance sheet is an act of fraud is it not? And if not, how on earth can anybody be confident about investing in any company at all? :unsure:

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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