Olympus admits acquisitions used to hide investment losses

[Dover]

Source: Reuters

(Reuters) - Japan's Olympus admitted for the first time on Tuesday that controversial acquisitions had been used to cover up losses on securities investments dating back to the 1980s, succumbing to weeks of pressure that has battered the company's share price.

Olympus President Shuichi Takayama blamed Tsuyoshi Kikukawa, who quit as president and chairman on October 26, Vice-President Hisashi Mori and auditor Hideo Yamada for the transactions, adding he would consider criminal complaints against them if necessary. Mori would be dismissed, the company said.

"I was absolutely unaware of the facts I am now explaining to you," Takayama told a press conference. "The previous presentations were mistaken."



Read more: http://www.reuters.com/article/2011/11/08/us-olympus-idUSTRE7A702X20111108

[Kaleko]

1. Let's make a list of who DOESN'T cook the books.

It'll be short and sweeter.

[No Elephants]

2. "Mistaken." Yeah, that's it. "Mistaken." Yes, that's the ticket! "Mistaken."

I mean, lying would be fraud, and committing fraud repeatedly might even be a RICO violation, but anyone can make an honest mistake, right?

Yep, that's what happened. They simply made an honest mistake.

The same honest mistake, over and over and over and over, for decades.

BTW, which accounting firm(s) signed off on this?