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re: New Olympus CEO fired after raising questions on $1.5B in hidden losses
Posted on 11/15/11 at 12:31 am to kfizzle85
Posted on 11/15/11 at 12:31 am to kfizzle85
LINK
Seriously wtf does that mean. They booked "writedowns" (which again are constantly referred to as "off balance sheet") to hide "impairments." Impairments, otherwise known as.....writedowns.
quote:
The $1 billion sale to Beckman of a unit Olympus spent four decades building helped the Japanese company bolster its finances, even as it booked writedowns on acquisitions to hide the impairments.
Seriously wtf does that mean. They booked "writedowns" (which again are constantly referred to as "off balance sheet") to hide "impairments." Impairments, otherwise known as.....writedowns.
1
Posted on 11/18/11 at 10:00 am to kfizzle85
Billions Lost by Olympus May Be Tied to Criminals [LINK]
Finally someone gives an actual explanation of what is supposed to be going on here from a financial standpoint (although I have yet to see any mention of them selling stuff first).
quote:
Japanese officials say that at least $4.9 billion is unaccounted for in a financial scandal at Olympus and are investigating whether much of that money went to companies with links to organized crime.
quote:
Tobashi, translated loosely as “to blow away,” enables companies to hide losses on bad assets by selling those assets to other companies, only to buy them back later through payments, often disguised as advisory fees or other transactions, when market conditions or earnings improve.
Finally someone gives an actual explanation of what is supposed to be going on here from a financial standpoint (although I have yet to see any mention of them selling stuff first).
This post was edited on 11/18/11 at 10:07 am
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