(Reuters) - Four months after one of Japan's biggest corporate scandals, police and prosecutors on Thursday arrested seven men, including the former president of Olympus Corp and ex-bankers, over their role in a $1.7 billion accounting fraud at the medical equipment and camera maker.
Tokyo prosecutors arrested ex-President Tsuyoshi Kikukawa, former Executive Vice President Hisashi Mori and former auditor Hideo Yamada on suspicion of violating the Financial Instruments and Exchange Law, officials said.
Also arrested were former bankers Akio Nakagawa and Nobumasa Yokoo and two others suspected of helping hide huge investment losses through complex M&A deals.
Ding ding ding ding ding ding!
Wouldn't it be awesome if we saw some of this in the United States?
How about those awesome bankers who were involved in the Jefferson County Alabama derivative deals on their sewer system? 400% increases in sewer bills still are being pressed into the backside of residents and while some of the local folks involved have been prosecuted (and convicted) the banksters involved, by and large, have not.
Or how about those who set up all these screwball MBS deals -- especially the ones where it appears there are no actual notes in the trusts? Or how about those where we have under-oath testimony that loans were sold that the firm knew didn't meet quality guidelines? As I have repeatedly noted, if you were to sell a box of chocolates that was 80% dog turds you'd wind up in prison for fraudulently peddling crap as "Grade AAA fine chocolate." Well?
There are dozens of additional examples, but these will do for starters.
After all, the Japanese are doing it.
Where We Are, Where We're Heading (2013) - The annual 2013 Ticker
The content on this site is provided without any warranty, express or implied. All opinions expressed on this site are those of the author and may contain errors or omissions.
NO MATERIAL HERE CONSTITUTES "INVESTMENT ADVICE" NOR IS IT A RECOMMENDATION TO BUY OR SELL ANY FINANCIAL INSTRUMENT, INCLUDING BUT NOT LIMITED TO STOCKS, OPTIONS, BONDS OR FUTURES.
The author may have a position in any company or security mentioned herein. Actions you undertake as a consequence of any analysis, opinion or advertisement on this site are your sole responsibility.
Looking for "The Best of Market Ticker"? Check out Ticker Classics.
Market charts, when present, used with permission of TD Ameritrade/ThinkOrSwim Inc. Neither TD Ameritrade or ThinkOrSwim have reviewed, approved or disapproved any content herein.
The Market Ticker content may be reproduced or excerpted online for non-commercial purposes provided full attribution is given and the original article source is linked to. Please contact Karl Denninger for reprint permission in other media or for commercial use.
Submissions or tips on matters of economic or political interest may be sent "over the transom" to The Editor at any time. To be considered for publication your submission must include full and correct contact information and be related to an economic or political matter of the day. All submissions become the property of The Market Ticker.