Tag Archives: lies

Business/Economics, International, Technology

Corporate Incompetence: Olympus made extremely stupid investment deal, or was it a conspiracy?

The latest revelation about Japanese camera maker Olympus is that they lost most of their money in what looks like a deliberately stupid stock buy back program.

On November 8 it was revealed that Olympus has been almost broke since the late 1990s, and was cooking their accounting books.  Now we have an explanation of how they finally lost most of their money.

The book cooking was just the beginning.  In 2008 Olympus bought a British surgical equipment maker, Gyrus Group.

Olympus paid a stock brokerage company, located in the tax haven Caribbean island of Cayman, to handle the buyout.  That company was called AXAM.  Total payment to AXAM was 17 billion yen (about U.S.$220 million), in cash and Gyrus stocks.

In 2010, Olympus bought back the stock for a total of 60 billion yen (about U.S.$770 million)!  AXAM closed up shop three months later!

Talk about corporate incompetence, Olympus officials violated the golden rule of investing: Buy low, sell high.  But was it incompetence or a conspiracy?  It’s very suspicious that Olympus used a broker in a known tax haven country, who then closed up shop after Olympus bought back the Gyrus stocks, at grossly inflated prices.

To add to the conspiracy theory, it has just been revealed by NHK in Japan, that Olympus fired its independent accounting auditors when they began to question the company’s accounting books.

In 2009 the independent auditors questioned Olympus officials’ buyouts of three Japanese companies between 2006 and 2008.  All the companies were considered bad investments.  To make it more questionable, the auditors pointed out that Olympus had a yearly revenue of 2 billion yen (about U.S.$30 million), at most.  The three Japanese companies cost Olympus more than 73 billion yen (about U.S.$940 million)!

The Japanese Securities and Exchange Surveillance Commission claim it will investigate the Olympus scandal.

 

 

 

 

Business/Economics, International, Technology, U.S.

Occupy the World, Corporate Incompetence: Camera maker Olympus never reported losses, for at least a decade!

November 8, scandal for Japanese owned camera and industrial equipment maker Olympus: They deliberately kept losses off their finance books since the 1990s.

More proof that corporations can’t be trusted. The scandal wasn’t the result of Olympus officials confessing, it was the result of a third party investigation!

The losses come from securities investments.  Company officials tried to cover up the losses by blaming it on consulting fees, and the purchase of three smaller companies.

Olympus stock is now crashing on the Japanese stock market.  Olympus Vice President Hisashi Mori was fired for his involvement in the cover up.

 

International

United Police Kingdom: Right Wing Controlled Media lied about official inquiry, Independent Police Complaints Commission forced to restate that Police did the only shooting, video of police beating 16 year old girl

Because of incorrect reporting, by the mainstream right wing controlled media, of the Independent Police Complaints Commission’s initial conclusions about the shooting, that led to the English riots, the commission has restated that the police were the only ones who fired their weapons.

There was no exchange of gunfire, as the right wing media continues to report: “Any reference to an exchange of shots was not correct and did not feature in any of our formal statements, although an officer was taken to hospital after the incident.”-latest IPCC statement

The commission also stated that any shots that hit police, came from police.  They pointed out that the police radio that was hit, was hit by a jacketed police issue bullet.

The right wing media has also been reporting that police claim the shooting victim had a pistol that was illegally converted to fire live ammo.  As I reported earlier, the Independent Police Complaints Commission said there is no evidence the victim shot at police, and that he was not armed!

The commission stated in its latest press conference, that the pistol police claim to have belonged to the shooting victim, was no where near the scene of the shooting.

The riots started after a a crowd of about 200 people gathered to protest he shooting.  A 16 year old girl approached the line of police officers and was beaten by them (right wing reports say she attacked police).  That’s when the peaceful protesters went violent.

There’s video on YouTube, it’s a little dark, but you can hear someone yelling at the British Bobbies that they’re beating a “F**cking girl!”.  Of interest is that YouTube has been blocking some earlier posts of the video, as “potentially offensive” even though it’s hard to see what’s happening in the video.

International, Opinion, U.S.

English Queen rips off British taxpayers

“It does highlight the fact that the Palace was trying to pull the wool over people’s eyes last week.”-Graham Smith, anti-monarchy organization know as  ‘Republic’.

Despite the belief, in the U.S., that the Royal Family in the United Kingdom are just figure heads, the Royal Family commands true Royal Power, and it’s the British taxpayers that pay for it.

The Queen of England is just a figure head when it comes to the larger Commonwealth, but in the United Kingdom she reigns supreme: She is the Governor of the Church of England and Scotland.  She is the Head of the Armed Forces.  She opens every yearly session of Parliament by dictating the agenda.  She is the one who signs new laws, not the Prime Minister.

Now the part of the British Parliament, know as the House of Commons (representing the non-lorded class of people), has just released a financial study of the taxes paid to the Royal Family in the past year.  They discovered that the Queen ripped off British taxpayers by at least 4 million pounds ($6 million).

Last week the Royal Family officially stated that they got only 32.1 million pounds, but it turns out they actually got 36.2 million pounds ($52 million).  On top of that the House of Commons investigation (conducted by the Commons Library) revealed other expenses, paid by taxpayers, that were not accounted for by the Royal Family.

Last year’s estimated cost of the Royal Family, to the British taxpayers, was about 202 million pounds ($326 million).  The Royal Family gets taxpayer money from several programs called Grants.  The biggest one is called the Sovereign Grant, and is guaranteed never to decrease.

People of the United States should realize what the Royal Family is doing now is basically what the Royal Family did to push the American colonies to declare independence in 1776, leading to the Revolutionary War.  Back then King George 3rd was ripping off the American colonies by making them pay taxes with no representation, and no return benefit  (just like our grand U.S. government is doing to us now).