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The dome of the Capitol is reflected in a puddle in Washington February 17, 2012.REUTERS/Kevin Lamarque

Another debt ceiling debacle could sink the economy

Last year's Congressional debt standoff hurt consumer confidence more than the collapse of Lehman Brothers, Betsey Johnson and Justin Wolfers write. This time could be worse.  Read more at Counterparties  

Wall Street up as Greek pro-bailout parties gain support

NEW YORK - Wall Street advanced on Tuesday, with equities again taking their cue from overseas markets as Greek election polls pointed to support for pro-bailout parties, overshadowing a weak read on U.S. consumer confidence.

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Specialist banks cherry pick from lay-offs

LONDON - Small investment banks and brokerages in Europe are making the most of a hiring shutdown and cuts at bigger rivals, cherry picking staff frustrated by new pay rules and uncertainty over strategy.

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China denounces EU airline carbon law, seeks talks

BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.

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Prosecutors to raid Olympus on Wednesday: media

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Mon, Dec 19 2011
Olympus Corp's digital camera is seen through a show window which bears rain drops and reflects lights from traffic at an electronic shop in Tokyo December 6, 2011. REUTERS/Kim Kyung-Hoon

Olympus Corp's digital camera is seen through a show window which bears rain drops and reflects lights from traffic at an electronic shop in Tokyo December 6, 2011.

Credit: Reuters/Kim Kyung-Hoon

TOKYO | Tue Dec 20, 2011 6:37pm EST

TOKYO (Reuters) - Japanese prosecutors are set to raid the offices of Olympus Corp (7733.T) as well as homes of its former executives later on Wednesday in connection with a huge accounting scandal that has threatened the existence of the 92-year-old maker of cameras and medical equipment, domestic media reported.

Tokyo prosecutors, police and the Securities and Exchange Surveillance Commission will join in a joint probe of the 13-year, $1.7 billion scheme to hide investment losses stretching back two decades, media said.

(Reporting by Nobuhiro Kubo; Editing by Edwina Gibbs)
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Comments (1)
Maltwhisky wrote:
All so typical. There’s a saying in Japanese that roughly translates to “Put a lid on anything that stinks,” meaning essentially that anything unsavory or embarrassing should never be made public. That’s the “sin” that Woodford committed, so now the board and their dishonest backers, ie banks and other Japanese electronics companies (calling them “tech companies” would be a frightening misnomer), are lining up against the stockholders and Woodford. The stockholders are especially doomed because many of them are not Japanese, so they will suffer the extra-special treatment of the so-called Japanese legal system, which essentially will attempt to absolve the board of any wrongdoing or knowledge thereof and continue business as usual.

This should be fair warning to anyone considering investing in ADRs of these backward companies (Sony, Panasonic, and the like).

Dec 20, 2011 5:27am EST  --  Report as abuse
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