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Toshiba CEO, 8 Others, Resign Over $1.2 Billion Accounting Cover-Up
The BBC reports that Toshiba president and chief executive Hisao Tanaka, along with vice-chairman Norio Sasaki, former chief executive Atsutoshi Niched, and six other executives, has resigned from the company in the wake of an accounting scandal: On Monday, an independent panel appointed by Toshiba said the firm had overstated its operating profit by a total of 151.8bn yen ($1.22bn, £780m).
The overstatement was roughly triple an initial estimate by Toshiba. Asia Times has an article that delves into the pressure which drove Tanaka and others to misstate their revenue figures so drastically. From that piece:
Top management and the heads of in-house companies acted on “the shared goal of padding nominal profits,” the report said. President Hisao Tanaka and immediate predecessor Norio Sasaki, now vice chairman, denied intentionally delaying loss-booking, but those who worked below them thought they were being instructed to do so, according to the report. Top management would assign “challenges,” or earnings improvement targets, at monthly meetings with the heads of in-house companies and subsidiaries. These targets were especially aggressive in fiscal 2011 and fiscal 2012, when Sasaki was president. In-house company chiefs felt enormous pressure to meet the goals, the committee concluded.
After the announcement of Tanaka's resignation, the company's stock actually rose six percent. CNBC explains:
Getting the bad news out appears to have eased investors' concerns about the stock.
"The total problem has been quantified and there's a likely chance the CEO will have to quit. That's been seen as the end of that," said Amir Anvarzadeh, director of Japan equity sales at BGC Securities.
resign?
everyone lost their 401Ks
I find this interesting. I know of people who strangely put a lot of their 401Ks into the stock of the company they work for, but mostly in my experience 401k investments aren't particularly tied to the company of employment. At least I make sure my investments are not particularly tied to any one company.
XML is like violence. If it doesn't solve the problem, use more.
Remember folks. When you lie, cheat, and steal for 1.2 billion dollars, we will talk about all the pressures you are under and force you to resign in disgrace. If you rob $100 from the cash register at quickie-mart when the cashier isn't looking, we'll talk about how you're the scourge of society and put you away for 20 years.
Ritual suicide (or just suicide in general) is no longer a common response, though it's not completely unheard of.
That said, Japanese business culture still tends to have a sense of shame that's long ago been surgically removed from most executives in the U.S. (I think it occurs as part of the MBA program).
And then a million people (men, women, children, civilians all) died when the only atomic weapons used in combat were dropped on them. I'd say that balances out Pearl Harbor a bit. I don't think they "got away" with anything.
Never underestimate the power of stupid people in large groups.
Yep, those civilians were totally to blame for Pearl Harbor. They deserved to die.
Good job, America.
No sig today...
And then a million people (men, women, children, civilians all) died when the only atomic weapons used in combat were dropped on them. I'd say that balances out Pearl Harbor a bit. I don't think they "got away" with anything.
First, your death count is wrong-- it's high by roughly a factor of five. Second, the deaths from the nuclear weapons were small compared to the deaths from conventional bombings. War kills people. If you're complaining about bombing, complain about that. Third, the estimated death count from the nuclear weapons was about equal to the death rate from five weeks of the war: if the bombing shortened the war by five weeks, it saved lives. Fourth, the Japanese put every man they had into the war effort-- even the farmers. If they war hadn't ended, the number of Japanese starving would have been millions: there was not enough manpower in the form of women and children left to harvest the fields.
http://www.geoffreylandis.com
True. I lived in Japan for a couple of years and this is what I took away:
- The Japanese see themselves not merely as individuals, but as a collective
- The Japanese culture is steeped in honor and tradition, and you (particular Japanese) don't want to be the one to throw the cat in among the pigeons
- Individuality is not seen the same as in the West (they see our way and think selfish)
- Trite, but there is no "I" in team, and this is borne out in how the Japanese approach team building and why they are good at what they do
Japan's biggest threat, economically, is South Korea, who while different culturally, have very similar outlooks on individual and team ethics.
Japan is a beautiful country with beautiful people. I loved my time there and think of it often. Oh, and did I mention the food...
Well, it's more complicated than that. There were military targets in Hiroshima and Nagasaki.
Consider the alternative, though: We now know that Japan was going to basically fight to the last man if we invaded, they were projecting losses of up to 20,000,000 people. You could argue that we saved 19,000,000 lives by dropping the bomb. It doesn't make it less reprehensible, but it's a factor that should be considered.
Never underestimate the power of stupid people in large groups.
Certainly. Other factors to be considered would be regional commander's documented willingness to drop nuclear bombs on other countries to "combat communism", which most certainly wasn't about "saving 19.000.000 lives".
My company had been talking to them about buying several thousand tablets running Android, on to which we would load a custom application. When we went back last year to talk seriously about the terms, they revealed they had signed some deal with Microsoft, to sell only Windows tablets. At the last minute they offered up some half hearted Android solution, but it was too late. I speculate they were unhappy with the thin tablet profit margins, and trying to justify charging premium prices by advertising MS features as premium. The irony is, this is the second company I have worked for that decided to spend the money and effort to move away from a Windows or CE OS, to an Android OS.
"Yep, those civilians were totally to blame for Pearl Harbor. They deserved to die."
Others have spoken to the military targets near, and what other options there were, and I think to the point that the nuclear bombs did not cause the most casualties, and are only the most memorable.
But, further,
A, the guys at Pearl Harbor, and all the other places people died in the early stages of the war,
were they responsible for the issues that made Japan feel like an attack was a good idea?
Did they deserve to die? Did they deserve to die as they did? ( read about the Bataan death march, among other atrocities )
( noted that this does not make the civilians in Japan deserving of death, particularly )
B, how else would you have proceeded in the political leadership of America's place?
What do you think they should have done instead?
A bit of a rhetorical question, but seriously posed.
If you think about responding with "negotiate", i'm going to suggest more reading/research on your part.
Civilians jumped off cliffs during the invasion of Okinawa.
Japanese soldiers were still found on Pacific islands, waiting for the return of the victorious Japanese on into the 1970's
( my point being how fanatical some could be coming out of that society )
emt 377 emt 4
I don't think you do go to prison for claiming to have made $1200 more than you really did. At least not typically.
I really don't know where Japan is heading. Although it has little foreign debt the government is heavily in monetary debt to the people. The future is bleak.