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Olympus shares plunge 24% following British CEO's ouster

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Hmm - the plot thickens. Interesting that he was initially Kikukawas man, but turned against him. Sounds like certain people didnt want to have to answer difficult questions.

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Wow - this is going to get VERY interesting. It is now so public that scrutiny from external parties is going to be intense.

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Oops.

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How dare he point out the under the table envelope passing and advisory fee padding in J business....it really is true what they say...these damn gaijins just don,t understand Japanese culture and traditions...

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Time to buy while the price is falsely low.

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not surprising at all.

ridiculous promotion of this British ex-salesman to the post of president and equally ridiculous firing of him this week are all related to Olympus's disastrous purchase of the UK-based Gyrus/others , as I suggested in my posts for the earlier report.

Both Kikukawa and Woodford (Kikukawa's former puppet) should leave, together with many of the board directors.

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Wonder if Woodford will be compensated for any stocks he held and subsequent price drop due to his firing.

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marcelito: these damn gaijins just don,t understand Japanese culture and traditions

i am sure this British ex-salesman (Kikukawa's former gaijin puppet) knew the Gyrus affairs for a very long time.

even a complete outsider like myself heard of the matter long before he was chosen as Kikukawa's successor.

by the way, i am curious why some gaijin brokerage houses, such as Goldman, upgraded Olympus to Buy just before the firing of this chap. did they know it's imminent ?

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Woodford probably said that they don't need to develop a full line of cute anime characters to promote their products.

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... and it comes back to bite them right in the a$$... I would not be amused, if I would hold shares of Olympus.

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Sounds like the board is all corrupt... they are all just protecting their own asses...

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Time to buy while the price is falsely low

You read my mind, Japan girl. Is it listed on the NYSE?

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a perfect example of incompetence I wud say! YEOW!

Is that 24% or 42% all totaled since Fri..........either way holy s&%t!

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would love to know more details. Looks like woodford found something fishy and wanted to fire the person responsible (kikukawa) but then kikukawa beat him at the board who fired him. I would like to know more about this story. Either way Olympus has to bring out good news or the shares take a deeper plunge. If they get a scandal now its end of Olympus me thinks.

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An equity strategist at a Japanese brokerage said foreign investors likely drove the selling.

So they're blaming the foreigners?

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Looks like it tanked on the Japanese exchange but not so much on the NYSE.

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What's the par value? Y1,555 seems OVER PAR...! but no worries, Govt may buy it (confidentially) and stop further decline.

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Actually there are more details in the press. Michael Woodford was investigating payments made to a shady financial advisory firm for purchases of Companies made by Olympus. Apparently substantial amount of payments were made and then the financial advisory company disappeared into thin air.

The Board did not give him a proper reply regarding the money. He wrote a letter asking the board members to resign. Then got fired.

It is no wonder the investors are selling off the stock.

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For those who are interested in details. From Wall Street Journal

http://online.wsj.com/article/SB10001424052970203658804576634792112130906.html

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Kronos:

Actually there are more details in the press. Michael Woodford was investigating payments made to a shady financial advisory firm for purchases of Companies made by Olympus.

actually, it is an old story. even a complete outsider like myself heard of the matter long before Woodford was chosen as Kikukawa's successor. i am sure this British ex-salesman (Kikukawa's former gaijin puppet/protege) knew the shady/ridiculous nature of the Gyrus affairs for a very long time. after all, he was in charge of Olympus's European affairs as Kikukawa's top gaijin puppet/protege, and Gyrus is a British company.

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actually, it is an old story. even a complete outsider like myself heard of the matter long before

As a sign outside of a used bookstore said: "If you haven't read it, it's new."

So what if it was an "old story?" If Woodford uncoveered dealings that were not ethical or proper, it was his duty to address them, especially if they were still going on. Are you trying to suggest that Woodford should have done nothing about it?

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yabits, read my comments once more. i suggested that Woodford should have talked about the matter long, long ago, because he was in charge of European affairs (including the purchase of UK-based Gyrus) as a protege of Kikukawa. even a complete outsider like myself heard of the shady/ridiculous nature of the Gyrus affairs long before he was chosen as Kikukawa's successor.

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@rarara:

Yes, the purchases have been made between 2006-08. But I do not know how much Woodford knew or he did not know or what kind of person he is. It seems that you have some inside information regarding Woodford's character and his responsibilites in the firm.

In any case, it is not much relevant. I would also sell Olympus shares even if these details did not make it to the news. Hiring nad firing CEOs is not a child's play and indicates serious governance issues.

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That'll teach 'em.

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Kronos, my comments are irresponsible guesswork. an attempt to "balance" the even more irresponsible nature of this gaijin forum. I guess that Woodford is "innocent" in legal terms. But, it seems to me it's just natural to assume that he knew the nature of the Gyrus affairs when he was in charge of Olympus's European affairs. (as i wrote repeatedly, even a complete outsider like myself heard of the matter (rumor) several months ago. )

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I hope Olympus doesn't go out of business, my first microscope was made by Olympus.

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skroknog:

That'll teach 'em.

teach Goldman Sachs how stupid they are ? (Goldman issued a ridiculously rosy scenario for Olympus shares a few days ago). Or, it was a sinister trap ?

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Kronos, my comments are irresponsible guesswork. an attempt to "balance" the even more irresponsible nature of this gaijin forum

Run that logic by me again?

How is it "irresponsible" to seek the truth about an issue regarding a supposedly "public" company? While it is entirely possible that Woodford knew something of the dealings before becoming CEO, it is very likely that -- as CEO -- he could get even more information about them from the Japanese side that caused him to act the way he did. He very well may have wisely bided his time until he was in a better position to do something to correct things.

You realize this is making the people who hired and then fired Woodford look very, very bad. One shouldn't have to be a foreigner to see that.

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yabits:

He very well may have wisely bided his time until he was in a better position to do something to correct things.

LOL. That's exactly the same as my gaijin neighbour's guesswork. you are free to think so, and feel good.

if you can read the japanese, articles of the monthly Facta magazine might be useful with regard to the Gyrus issue. http://www.google.co.jp/ facta AND オリンパス

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if you can read the japanese,

Earlier, you said this: "But, it seems to me it's just natural to assume that he knew the nature of the Gyrus affairs when he was in charge of Olympus's European affairs."

Why would it be so natural to assume that? Does Woodford read Japanese? How much detailed knowledge of the affairs were available to European journalists?

We have another saying: When you assume something, you make an ASS out of U and ME. The more "natural" the assumption more often the worst the impact.

Now, bring this back to reality: If Woodford ran up against a brick wall as CEO, how could one have expected him to act with any effectiveness on it from a lesser-rank position in Europe?

You do understand that this makes the people who hired and then fired Woodford look very, very bad, don't you?

That's exactly the same as my gaijin neighbour's guesswork. you are free to think so, and feel good.

Well, Woodford is also a gaijin and so is apt to think like more like your neighbor and this writer. I can tell you that there is nothing much to "feel good" about with this affair. In fact, the more wishes well for Olympus and for better leadership for Japan, the less there is to feel good about.

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yabits:

You do understand that this makes the people who hired and then fired Woodford look very, very bad, don't you?

I repeatedly wrote in this forum that Kikukawa should also leave, together with many of the board directors.

as i wrote earlier, I have felt from the very beginning that the "ridiculous promotion of this British ex-salesman to the post of president and equally ridiculous firing of him this week are all related to Olympus's disastrous purchase of the UK-based Gyrus/others."

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What Woodford didn't realize was Kikukawa's association with the very, very highly-paid yakuza company which "helped" to purchase Gyros. It's like the return of the good old days of the sokaiya.

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I repeatedly wrote in this forum that Kikukawa should also leave, together with many of the board directors.

Well, OK. At least you and Woodford share the same assessment of the situation.

are all related to Olympus's disastrous purchase of the UK-based Gyrus/others

I think it is safer to say that all of this is of a set pattern that preceded the acquisition of Gyrus, and that the purchase was a symptom and not the disease.

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I am not absolutely sure that it is still Olympus, maybe just a name remained and is already sold out.

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"Olympus said it had demoted Briton Michael Woodford over “a big gap” between him and other board directors on company management and strategy."

Effectively the big gap, once quantified, reaches ~42% (-23.96% & -18% on Oct 14 ) of the company's market values !

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Today's WSJ reported that Woodford's firing came after he hired an auditor to look at the extraordinary fees Olympus paid to two advisers, one of whom is located in the Cayman Islands, in the Gyrus deal. While a standard fee is 1% of the deal amount, Olympus paid 36% of the deal to the shadowy advisers ($687 million). The WSJ reported that it was unable to find contact information for the advisers.

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Suzu1: Gyrus deal, Cayman, shadowy advisers ($687 million).....

as i wrote repeatedly, this is not a news. it has been known for a long time. and, in recent months, the Gyrus issue has been taken up repeatedly by magazines such as the monthly Facta. (so, i was really surprised when Goldman Sachs announced a few days ago that the share price of Olympus should rise to around 4,000 yen by next year. either extremely stupid or dirty)

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Did Kikukawa and the board really think the truth would not come out? How long will Japanese companies still try to keep an island mentality in the face of the Internet and immediate world-wide access to information? For a technologically advanced country, they sure seem to ignore its obvious impact repeatedly. And if this were the U.S. a share-holder suit against Kikukawa and the board would already be in the works. An over 40% drop in the stock in two days is clearly fiduciary malfeasance anywhere but in Japan.

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Ah, the truth comes to light at last. Now not just the chairman, but the entire board will have to step down before their stock price rises ever again after stabbing him in the back. Woodford challenged the Shades of Ozawa business practices and of course the board favoured keeping the status-quo. Anyone surprised?

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The758OCT. 17, 2011 - 06:20PM JST

An equity strategist at a Japanese brokerage said foreign investors likely drove the selling.

So they're blaming the foreigners?

Of course. The result will be even more stock losses. Nice one. WSJ nailed it though with the 36% fees versus the normal 1%. That might not be in the news in Japan,. That's fine, it means there isn't as strong a run on the stock allowing for some more people to sell before they do, if ever. Be interesting to see if the Japanese investors then plunge the stock tomorrow on the information? Or is suspicion of fraud with the board confirming their disinterest in resolving the matter not enough? Sounds very corrupt.

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An equity strategist at a Japanese brokerage said foreign investors likely drove the selling.

It 's always the foreigners' fault when something bad happens in Japan

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The Golden Rule of dealing with Japanese companies: SAVE EVERYTHING. EXPECT NO GRATITUDE. EXPECT NO RESPECT.

Oh yeah! and NEVER go to war with the boss.

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Well very clearly the old ceo & directors were fleecing the company via the Caymans, they were likely cornered by yaks who forced them to screw the company & pay them KBs & now this Brit has exposed it all for public consumption.

A natural course of action wud see the police & tax auditors come zipping into this, lets see if they do or if they leave it alone.

I have always said Japan is a highly corrupt country & is institutionally corrupt, this is a pretty damned good example of it, if the cops etc even bother to get up off their bar stools I wud then predict a lot of suspended sentences

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GW:

Brit has exposed it all for public consumption

As i wrote repeatedly, it is neither some illiterate gaijin salesman nor gaijin media who exposed it for public consumption (as distinct from gaijin consumption). It was some influential sectors of the Japanese media (such as the monthly Facta) who exposed it long ago and has been criticizing the Kikukawa regime REALLY HARSHLY in recent months. The ridiculous promotion of this British ex-salesman to the post of president and equally ridiculous firing of him this week are all related to Olympus's disastrous purchase of the UK-based Gyrus/others , as I suggested in my posts for the earlier report. That's why i was really surprised when some foreign brokerage houses such as Goldman Sachs announced a few days ago that the share price of Olympus should rise to around 4,000 yen in the near future. either extremely stupid or dirty. I guess many foreigners bought Olympus shares because of these ridiculous recent prediction, and are now selling them in panic. foreigners are all illiterate? i do not necesarily think so.)

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rarara - Woodford also knew of the facta articles months ago. He questioned the boyz over this. He was told don't worry. He authorised Pricewaterhouse to investigate. They announced their findings a week or so ago. So the shyte hit the fan last Friday.

You don't need to slag on woodford to somehow give an air of balance to the deviousness. Olympus are capable of maintaining such, alone.

The BIG mystery is why the mainstream media have stayed away from this in droves. Since when has a 36% fall ($3+billion) in a couple of days by a blue-chip company, not been newsworthy enough to be taken up by the locals??? Too hard to face??? Too many touch ups??? Too damn corrupt???

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rarara

relax man we can all toss our 2yen in here & there dont have a coniption

browny1

The J-media is LAME, they hardly ever do any investigative stuff, but once something is OUTED they sometimes report a bit, but its all censored & or under or outright not reported, thats standard operating procedure in Japan

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browny1:

The BIG mystery is why the mainstream media

the facta is a mainstream media edited/written by former Nikkei reporters. and, as a matter of course, every paper/magazine is now writing about the Gyrus affairs.

The BIG mystery is why some foreign brokerage houses such as Goldman Sachs announced a few days ago that the share price of Olympus should rise to around 4,000 yen in the near future, when some influential japanese media such as the Facta was intensifying their criticism of the Kikukawa regime really harshly.Too stupid??? Too damn corrupt??? I guess many foreigners bought Olympus shares because of these ridiculous recent prediction, and are now selling them in panic.

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GW, relax man we can all toss our 2yen in here & there dont have a coniption.

Gaijin reporters in japan are LAME, they hardly ever do any investigative stuff, but once something is OUTED they sometimes report a bit, just like they have done in the past few days. What were they doing while some influential japanese media such as the monthly Facta was intensifying their criticism of the Kikukawa regime really harshly over the past several months, especially with regard to the ridiculous nature of their purchase of the UK-based Gyrus/others. Is this related to the even more absurd fact that some foreign brokerage houses such as Goldman Sachs announced just a few days ago the share price of Olympus should rise to around 4,000 yen in the near future? Too stupid??? Too damn corrupt???

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Rarara, the big mystery is why any company would promote an illiterate salesman, laud him and then fire him out of hand.

Im guessing he's not as illiterate as you think. He's certainly literate enough to submit papers to the UK Serious Fraud Office. Like you I'm guessing, but so far I'd estimate that Woodford has uncovered some serious business malpractice, has tried to put it right and the board in its panic is trying to suppress him with this sudden demotion. Woodford, it seems is not the puppet you make out and is made of sterner stuff. It seems he's now turned whistleblower. A man demonstrating good character is a rare thing in business anywhere, let alone Japan. This story, as they say, has legs.

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SwissToni:

A man demonstrating good character is a rare thing in business anywhere, let alone Japan.

i have heard such person is not rare at all in the world-renowned Swiss banking sector, Wall Street, London, Detroit, and everwhere in the world outside Japan.

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Really, where have you heard that? Are you saying business in Japan is particularly dishonest? If that's the case the country needs more Woodfords.

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rarara -

facta may well be prominent in the business/corporate/economic world, but it certainly is not mainstream in the general interpretation.

Until today this story HAS NOT been widely reported by the commercial networks, which are what the majority of citizens access to get their fill. WHY?

And while I agree some brokerage houses announcements seem questionable - good spot, that doesn't change the ever increasing probablity of Fact that Olympus have been carrying on as if they were still in the 80's and their actions have caused huge losses for their shareholders - now 43% in a few days. In this day and age of increasing interconnectivity, transparency and whistle-blowing - you'd think the boyz @ olympus would be much more on top of it. But it seems they thought in order to cover their trail they could put the top pony in a desk by the window with no-one to talk to.

Honestly who'd want such derelicts in charge of the ship. The fault is theirs and theirs alone. They will not escape this. And eventually every bit of the popular media here will report on this - sacrosanct blue-chip or not.

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SwissToni, i would like to add that the illiterate British salesman was promoted to the president by Kikukawa as a kind of "目くらまし" in the words of the influential Facta editor, who repeatedly reported over the past 12months or so about the Gyrus/other affairs (including the Cayman adviser thing). As a matter of course, there would never have been such a ridiculous promotion if Olympus did not buy Gyrus. (but it's also true that the illiterate British salesman did not become a convenient "目くらまし" tool for the Kikukawa regime in the final analysis.) more Woodfords for corporate Japan ? that would probably mean resourceless, overpopulated, and yet top-creditor Japan being transformed into a debtor nation which has to keep borrowing unstainable amounts of money from foreigners. and, plunge of the yen back to the good old days of around 360 yen per dollar/1000 yen per pound from the current levels of around 80 yen per dollar/ 120 yen per pound. and, the same downward spirals experienced by Sony (under Howard Stringer) and Shinsei (under American ownership/managemenr). I do not think Kikukawa is a typical Japanese executive, that's why so much negative attention, including that of myself, has been paid to him over the past several years.

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rarara, you seem bent on insisting Woodford is illiterate, so far he's demonstrated good character and a savvy business brain. This against the Olympus board's frankly amateur attempts to cover its collective arse. As the story progresses I suppose we'll see how illiterate Woodford is, but Im sure Olympus dont think of him as such. With a collapsing share price, massive under the table sums going to 'consultancies' and the potential for a criminal investigation the Olympus board's own business literacy is demonstrably questionable.

How does somehow diluting Japans corporate blood line, connect with the governments massive borrowing from its own shrinking pool of savers?

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SwissToni

Olympus board's own business literacy is demonstrably questionable

actually, at the biginning of this year, Japanese observers had suspected that the kikukawa regime would not be able to last for more than a few months amid the growing, harsh criticism from both within/outside the company, with regard to the Gyrus affairs . then abruply Mr.Kikukawa announced the appointment of Mr.Woodford (ex-salesman who cannot communicate in Japanese). that's why the Facta editor called the appointment as cheap 目くらまし to deflect the attention from the issues of Gyrus/others and prolong his reign. As a matter of course, Mr. Woodford is illiterate in Japan. He simply cannot communicate with the Olympus people in Japan without an interpreter.

governments massive borrowing from its own shrinking pool of savers

i am not sure if it's so problematic in view of the ridiculously low yields on the japanese government bonds, which are owned/bought domestically, unlike in the US, UK, etc. i am even sceptical about the j government's apparent plan to raise the consumtion tax (value-added tax) from the current 5% to the european level (around 20%). (I have earned quite a lot by ignoring advice of international financial "experts" for the past ten years to sell the "dangerous" japanese bonds. acutually I bought it every time stupid S&P/Moody's downgraded it. quite a success. I suspect that the Japanese ministry of finance has been trying to exagerate the issue because of its desire to raise the consumption tax. )

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"at the biginning of this year, Japanese observers had suspected that the kikukawa regime would not be able to last for more than a few months"

Rarara, they were wrong then werent they. It may be that Woodford will do for Kikukawa though. If not in corporate Japan then possibly a term at Her Majesty's pleasure if the report from PWC can be substantiated.

"Mr. Woodford is illiterate in Japan. He simply cannot communicate with the Olympus people in Japan without an interpreter"

I read the message Woodford sent to Kikukawa and cc'd to all, he's not illiterate at all, the message definitely got across. Your statement apparently afflicts any of the planets population without the ability to speak Japanese with illiteracy. I think you need to take a step back and think about what youre saying, being other than Japanese renders no-one illiterate, or stupid.

"I have earned quite a lot by ignoring advice of international financial "experts" ". Good for you! And so have they Im sure. Many of those invested in Japanese bonds are drawing on the funds now, with millions more to do so in the coming years. How is the government going to maintain its borrowings and pay back the money it owes its people, with a shrinking workforce and a corporate sector stuck in its 1980's glory years? Japanese bonds are starting to look like a Ponzi scheme.

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With Swiss Toni on this one.

rarara - your pointed remarks re woodford's literacy surely betrays your intent. I suppose ghosn of nissan is also illiterate (in japan). Perhaps one could suggest that as a major international company olympus has done little to understand the international creed that is their bread & butter. One foot on the platform the other foot on the train. But I don't want to entertain such in this discussion.

More on, irregardless of time lines, available information, ceo nationality, and other angular furbies, the crux is, this is olympus's problem of olympus's doing and olympus is suffering and will continue to suffer. This time the over-feathering of their own corporate culture's nest has rotted the eggs - and we all know the dire stink of that.

Olympus has failed itself. That's it.

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SwissToni;

Rarara, they were wrong then werent they.

many had expected that some LITERATE olympus employee would be appointed as new president amid the growing, harsh criticism of Mr.Kikukawa, IMMEDIATELY terminating the Kikukawa regime. As a matter of course, many of literate Olympus employees and financiers have been really critical of the Kikukawa regime for years, especially with regard to the issues of Gyrus/others. It just seemed commonsensical to assume that his regime would not last until summer of this year. with regard to the J. government bonds, the market don't agree with you. I would repeat that I bought J. government bonds over the past 10-15 years every time extremely stupid S&P/Moody's downgraded it and equally foolish "international experts" predicted imminent collapse, and it has been quite a success. (but i sold about half of them during past few years, taking profits. And, i am not buying anymore because of the ridiculously low yields. ) Do you think that Japan, the world's top creditor nation with by far the largest NET external assets, would become like the US, UK, etc. (which have to keep borrowing unsustainable amounts of money from Japanese, chinese and arabs) ? (but i also have to say that it is actually possible if really catastrophic Tokai/Nankai earthquakes and Fuji eruption occur. and these earthquakes are believed to occur within twenty years or so.)

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browny1, I have been always sceptical about both Japanese/non-japanese who love to cite that Lebanese executive as an ideal business leader. Carlos Ghosn has never hesitated to radically cut Nissan's labour costs (involving large-scale dismissals of employees) and never hesitated to sacrifice subcontractors, so it's just natural Nissan's profits, dividends, and executive compensation (for Ghosn) have risen at least in the short run (several years). But, since Ghosn took control of Nissan, I have never met a good student who hopes to work for Nissan after their graduation. (Among japanese students Nissan used to be much more popular than its rivals Toyota/Honda in the past, and that is the reason why Nissan's R&D was of the highest standard among these car makers.) I am sceptical about the long-term prospect for Nissan.

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"many had expected that some LITERATE olympus employee would be appointed as new president amid the growing, harsh criticism of Mr.Kikukawa"

Again, they were wrong werent they? As are you, youre mixing an understanding of Japanese with literacy.

"Do you think that Japan, the world's top creditor nation, would become like the US, UK, etc. (which have to keep borrowing unsustainable amounts of money from Japanese, chinese and arabs) ? (but i also have to say that it is actually possible if really catastrophic Tokai/Nankai earthquakes and Fuji eruption occur. and these earthquakes are believed to occur within twenty years or so."

Well now youre contradicting yourself. Japan can only maintain its stupid levels of government spending in the long term by borrowing abroad. It will take a radical change in the political climate to allow the changes required for Japans government to balance its budget. None in the current political elite have that level of courage.

As for your comments re Carlos Ghosn, speaking from my many years experience of the auto industry in Japan, I can categorically say that your statements on this are sash. Nissan dealers love Mr Ghosn and I have met many that credit him with saving the business from its gradual decline. As far as I can tell the company has no problems recruiting new graduates. I think your scepticism will have no impact on Nissan's fortunes.

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SwissToni:

Well now youre contradicting yourself. Japan can only maintain its stupid levels of government spending in the long term by borrowing abroad.

Huh??? what are you talking about ?

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Rarara, well......Japan funds its huge budget deficit by issuing bonds does it not? Those bonds, as you pointed out, are bought by Japanese savers. Japanese bonds are now increasingly being sold by investers (like you) to recover their money. Those sales will increase further as savers respond to low yields or start to take their money back to pay for retirement. As the workforce shrinks due to the aging population, fewer bonds are sold. Less revenue means less money to pay for government. The only way forward is then to borrow from somewhere else, or cut spending.

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i am too busy to keep talking with you. so, i would just repeat that the market do NOT agree with you.

and, with regard to the Nissan popularity among uni students, http://www.nikki.ne.jp/event/201001131/ where is Nissan? It used to be much more popular than Toyota and Honda.

http://www.nikki.ne.jp/event/20100113/ not even in the top 100 list.

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rarara- you need to read more thoroughly comments made, because you often misconstrue the lean.

Example being my comment re Ghosn - I merely used him as an example whereby your "literacy ranking system" would deem him illiterate in Japan. I never made any further suggestions re his popularity, efficiency, or general competence.

Your frequent "off on a tangent" forays - who cares in this topicwhether or not you made money by not following goldman's or whoevers advice - just is an attempt to deflect pertinent comments. You come across as very bitter, which you may or may not in fact be.

Your original comments calling woodford an illiterate gaijin salesman certainly set the tone - and set yourself up for scrutiny.

Good luck sir in your investments.

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You come across as very bitter, ......Good luck sir in your investments.

Huh???

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and, my remark (above yours) about the Nissan popularity among uni students is a response to SwissToni's comment which says "the company has no problems recruiting new graduates". and, are you sure you yourself don't do the "misconstruing" ?

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rarara -

I referenced your post - "browny1, I have been always..........that Lebanese executive as an ideal business leader."

I never said he was ideal. Simple.

Got it.

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Rarara, It is a fact Nissan has no shortage of new graduates applying to join the company. Each year no posts are left empty, including in Japan. You raised the student issue as evidence that Nissans foreign CEO is causing the company problems. I responded by saying you are talking tosh. My evidence being many face to face conversations over the years with Nissan Dealer Principals and senior Nissan execs.

As I said before, being a non Japanese speaker makes you neither illiterate, nor stupid. But I will add that prejudice does.

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All readers back on topic please. The subject is Olympus, not Nissan.

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Can't mess with the gaijin without getting hurt these days.........

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