The Olympus Scandal - A Simple Overview
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Olympus is responsible for one of the biggest accounting scandals ever. It was a unique and complex fraud and this video does its best to provide a simple overview of it.
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@Eatmydbzballs 3 жыл бұрын
"Ah yes the famous Olympus Scandal where Zeus cheated on his wife." - "What do you mean which one?"
@thomasa.243 3 жыл бұрын
Although he is called Zeus 😅. Sorry, #GreekNerd
@benjaminwatt2436 3 жыл бұрын
Good one, except the real shocker would be when did Zeus not cheat on Hera
@Eatmydbzballs 3 жыл бұрын
@@thomasa.243 What you talking abou? (LoL)
@thomasa.243 3 жыл бұрын
@@Eatmydbzballs 😙😙😙 😂
@ultimapower6950 3 жыл бұрын
Hey don’t forget that time where Herakles met enron
@ShockwavesFTW 3 жыл бұрын
30 years. Imagine starting out as a salesman and painfully climbing up every rung of the corporate ladder to finally become CEO of the company only to find out everything you thought you knew was a lie. And instead of being quiet about it like most people would, he risks it all to tell the world the truth and do what's right. He risks 30 years of life because he knew what they were doing is wrong. They have to make a movie about this guy. I would love to hear more of his story.
@lzh4950 2 жыл бұрын
Originally thought the movie "Olympus has Fallen" was going to be about this scandal
@harrynothairy196 3 жыл бұрын
The scandal series is definitely an underated one on the channel
@rossjohnstone4689 3 жыл бұрын
100% agree
@watzup9294 3 жыл бұрын
The Wells Fargos bank is my favorite scandal video
@andrewn8002 3 жыл бұрын
@@watzup9294 That's the time when I decided I wouldn't open a bank account with any big bank. Instead, I put my money in Valley Strong Credit Union. More dependable, and reliable. Staff is very kind too, and helpful.
@Justin-Hill-1987 3 жыл бұрын
@@watzup9294 I hope he does the Phar-Mor Scandal next...that scandal was a doozy!
@kwadwothestan 3 жыл бұрын
His scandal videos are the best
@user-kc8fw6rh5r 3 жыл бұрын
I used to work for Olympus and arrived shortly after this scandal. I actually loved working there. Although I heard nightmare stories from our Japanese employees that transferred to the US offices. The Japanese corporate environment is a different animal.
@teteteteta2548 3 жыл бұрын
@@gudda3d927 they are a complete spit towards proper economics, what a waste of work
@miragept 3 жыл бұрын
Saw a japanese series(doctor x) and this kind of stuff didn't surprise me at all, basically the procedure is the employees saying "gyoi" to their superiors and the constant regional cookies that are given(bribes, box of food with stacks of notes under then), it is also a country were arranged marriage is still popular. Even when there is no corruption theme on media they almost always seem to include it, very frequent to see on animes and even comedy series. However olympus's yakuza thing, that one was different, but well, this is advanced yet medieval japan.
@andrephx90 3 жыл бұрын
Highly recommend a YT channel called TheJapanChannelDcom for more insights on that. Every once in a while he makes a (quite long, 20 mnts) video on the corporate environment in Japan and it´s baffling some of the stuff he reports. One of the latest ones does not relate directly with what we´re commenting here but it´s about a SELF SERVICE gas station which, somehow, has 7 or 8 employees "working" (uhm, standing...) there. Just for the show. The same way a employee might have everything done and dusted by 5pm and won´t leave the office because the boss is also still in his office. Really a different animal as you put it nicely.
@Christopher-N 3 жыл бұрын
From what I understand of Japanese culture, *J's* comment is spot on. A lot of it involves loyalties and honour. In the case of Olympus, those loyalties obstructed some dishonorable practices; the new CEO was the very person they needed to show what a good company they are, by cleaning up the company and taking responsibility. In Olympus' case, they instead put loyalty before honour.
@andrewbuhman1066 3 жыл бұрын
Japan in the 1980s was THE economic powerhouse. Also cranked out some awesome music. It's sad that it all collapsed in 1990. They never really recovered from that.
@TakeWalker 3 жыл бұрын
These guys are why every anime character has to work a part-time job.
@LouisSubearth 3 жыл бұрын
This comment.
@Apocalymon 3 жыл бұрын
I don't get this joke; May you please enlighten me
@TakeWalker 3 жыл бұрын
@@Apocalymon Anime produced through the 90's and into the 00's has a running thing of characters needing to work, find or keep part-time jobs, and it's because of the influence of the major economic downturn happening in Japan at the time. Which I am suggesting was caused by the events detailed in this video.
@Apocalymon 3 жыл бұрын
@@TakeWalker thanks 👍
@mfarooqullah 3 жыл бұрын
Working for four years at KPMG as an auditor, I actually understand this video 😂
@pullt 3 жыл бұрын
Graduated in 99 in Houston and worked for KPMG for a decade, got romanced by AA and Enron both before and after graduation. Got lucky lol
@keithshoup 3 жыл бұрын
Working for 1-1/2 years at Enron, I unfortunately understood it too. Didn't work in accounting, just one of the regular joes who got the short end of the stick.
@duuet5614 3 жыл бұрын
And The loop hole they used seems similar to mark to market accounting
@SuryaBudimansyah 3 жыл бұрын
You were there when Big Ol' fired you and turn to EY?
@mfarooqullah 3 жыл бұрын
@@duuet5614 it is mark to market accounting. But they actually created SPV to hide the losses.
@joshuaprice8501 3 жыл бұрын
I love how Company Man seemingly aligns with my weekly shopping trip. I come home, put up the groceries, kick back, open KZfaq and voila a new episode of Company Man.
@SpizzzYT 3 жыл бұрын
I love watching scandals... the explanation of them, of course 😅
@thatvideogamenerd887 3 жыл бұрын
Me to
@huhhhhhhhhhhhhhhhhhh 3 жыл бұрын
Me tree
@deliocache2528 3 жыл бұрын
Me for
@AudraBurgess 3 жыл бұрын
Better them than us 😅
@briantaylorcloe7725 3 жыл бұрын
ohhhh dear ... 🙈 what kinda phone cam scandals are those? 🏗 LoL
@sd-fz3wn 3 жыл бұрын
The guy actually released a book about it. Was a good read, I'd recommend
@mariocontreras6855 3 жыл бұрын
mkay
@benitomarquez3274 3 жыл бұрын
alright I gotta check that out then
@endcensorship874 3 жыл бұрын
Unfortunately, I can’t read Japanese or economics
@machintelligence 3 жыл бұрын
@@endcensorship874 It's in English: Exposure: Inside the Olympus Scandal: How I Went from CEO to Whistleblower (2012) Michael Woodford
@michaelmccarthy4615 3 жыл бұрын
@@endcensorship874 its not economics. Its accounting fraud. Bed time reading for CPAs
@lav-m4a138 3 жыл бұрын
As Japanese, I am really asshamed of that. I think this reveals bad habit of Japanese businesses: Secrecy and Concealment. In my opinion, this is a tip of iceberg. There is still more companies out there doing financial and other misconducts in Japan.
@darrenrobinson9041 3 жыл бұрын
It's not a Japanese thing..... greedy bosses everywhere who can't save the company turn to trickery.
@johnmidwest5650 3 жыл бұрын
Unfortunately this same thing happens in the United States.
@Quzix42 2 жыл бұрын
When there's collusion between big business and the government, small business and the public pays the price.
@facedownchuck Жыл бұрын
Yeah, but it’s WAY WAY more prevalent in Japan.
@slackerman9758 Жыл бұрын
@@johnmidwest5650 yep, except few go to jail.
@Defkid77 3 жыл бұрын
Yeah, I think Woodford realized he was going to be the “fall guy” if he didn’t do anything.
@alex9621 3 жыл бұрын
I agree. Not really a "hero". I mean brave for sure but not this ethic guide on right and wrong
@dolomaticus1180 3 жыл бұрын
@@alex9621 Actually I would say he was cause the man could have also Double down on what was going on. Heck every other person had till he walked in.
@_Abjuranax_ 3 жыл бұрын
Since quality initiatives do not work in unethical environments, it makes it impossible to run a company on an ethical footing. The only thing he could have done was to expose or embrace the fraud.
@danpatterson8009 3 жыл бұрын
Precisely.
@machintelligence 3 жыл бұрын
And would be fired if he did something. Talk about being between a rock and a hard place. Perhaps that was the plan all along.
@highping1786 3 жыл бұрын
Did he expose this due to his high moral values or because he was pissed about the sandwich? For me it would have been the sandwich.
@mcvgs1780 3 жыл бұрын
More like he knew he was going to be the fall guy. Better to put the blame on the foreigner if the company goes under. That's what the Japanese former CEO was thinking probably. Luckily, he got out and exposed them.
@highping1786 3 жыл бұрын
@@mcvgs1780 So you don't think the sandwich had anything to do with it?🤯
@chrissawyer1484 3 жыл бұрын
@@highping1786 I think he understood that the sandwich meant he was the fall guy.
@charlesthehandsomeandbrave2956 3 жыл бұрын
sandwich man. nobody messes with a man's sandwich. NOBODY
@CharlieBam 2 жыл бұрын
I count sandwiches as a moral issue.
@orlandogarciacampos2375 3 жыл бұрын
You got to do a Scandal video about Nissan. I heard Nissan was the biggest Japanese scandal. Never knew Olympus had an Accounting scandal, this scandal is like when you lie then you have to lie to cover up the first lie then keep lying until someone discovers you
@franklinbrooksstoppedcomme3267 3 жыл бұрын
Just like the movie Pants on Fire, only without made up entities materializing into existence.
@franklinbrooksstoppedcomme3267 3 жыл бұрын
Just like the movie Pants on Fire, only without made up entities materializing into existence.
@franklinbrooksstoppedcomme3267 3 жыл бұрын
Just like the movie Pants on Fire, only without made up entities materializing into existence.
@franklinbrooksstoppedcomme3267 3 жыл бұрын
Just like the movie Pants on Fire, only without made up entities materializing into existence.
@WhatAboutZoidberg 3 жыл бұрын
This is the most Japanese business scandal I've heard about yet. Trying to hide the real "truth" from becoming known, to save face is so traditional. Not surprised it took an outsider to rock the boat. Great video as always.
@RonaldoTalison 3 жыл бұрын
Not really, this happened several times on different places. It's related to greed, not about honor or traditions.
@lzh4950 2 жыл бұрын
IIRC it was also recently revealed that Mitsubishi had also falsified it's QC reports on it's A/C units for the past 20 yrs, while a few years back Kobe Steel was found to have done the same for its products. The latter is ironic because 80% of the C151A MRT (metro/subway) trains in Singapore were reported to have cracked bolsters (3 yrs after the problem was 1st found, & it took a foreign media company (HK's UnWire IIRC)'s drone to reveal that to the public. What was more, the train's manufacturer ( _Kawasaki_ -designed outsourced to CRRC _Qingdao Sifang_ IIRC) had won another rolling stock (T251) contract in that 3 year period.), & were thus going to be replaced by Kobe Steel
@botdfbvb Жыл бұрын
@@RonaldoTalisonNah Japan also does that with history. They don't acknowledge WW2 is Japanese schools, or they paint Japan out to be the good guy.
@RonaldoTalison Жыл бұрын
@@botdfbvb Who doesn't? America paints america as the good guys, i bet they don't name the innocent people they vaporized in Hiroshima and Nagasaki or do they?
@TheMrFabian1 3 жыл бұрын
Oh btw, for those of you who enjoy dark humour: Arthur Andersen, Enron's auditor, was split-up in the aftermath of the disaster, and the lion's share went to EY.
@amanwithdope 3 жыл бұрын
They weren’t just split up, they got the corporate death penalty essentially and their assets were liquidated (although it was reversed years later by the courts).
@pulaski1 3 жыл бұрын
Only in the US. In the UK the bulk went to Deloitte. ..... When a partnership dissolves it is almost entirely up to the partners as to how the assets are disposed of.
@ktktktktktktkt 3 жыл бұрын
I'm an actual accountant and Ernst and Young needed to do more due diligence since Olympus seems to have fired their previous auditor on bad terms. They needed to get an understanding of what happened and whether that would have an impact on the audit. I'm guessing either they didn't care or they didn't ask the right questions.
@robertdascoli949 3 жыл бұрын
It's hard to get a man to understand what his paycheck insurers he doesn't
@user-mb3dx5fl9f 3 жыл бұрын
If you terrorise companies be sure they will look for other auditors and leave ya. Accountants are supposed to be companies' allies, not the local branch of Gestapo.
@user-te1le7ck6b 3 жыл бұрын
I’m going with option just show me the money and I’ll look the other way 😉
@user-mb3dx5fl9f 3 жыл бұрын
@@user-te1le7ck6b Now that's a man that has a real shot at getting top level jobs.
@mechasentai 3 жыл бұрын
Thank you for making these concise breakdowns. The news rarely covers these ongoings and when they do it’s hard to follow.
@Huk256 3 жыл бұрын
"And we would have gotten away with it too! If it weren't for that meddling non-Japanese CEO!" - Kikukawa, probably.
@wanderlustwarrior 3 жыл бұрын
"Let's name our Japanese camera company after a famous mountain!" "Fujifilm is taken." "Huh. Let's look outside of Japan for our business success then. I'm sure that's not a sign of tough times ahead, right?"
@Diwasho 3 жыл бұрын
Apparently Olympus predates Fujifilm by 15 years.
@wanderlustwarrior 3 жыл бұрын
@@Diwasho I figured that was probably the case, but decided just for the sake of the joke to stick with it.
@honolulublues5548 3 жыл бұрын
@@wanderlustwarrior in addition, they didn't look outside of Japan, they invested in companies inside Japan and that's part of the scandal as all the Japanese companies invested in each other.
@emilyadams3228 2 жыл бұрын
@@honolulublues5548 Have you ever seen the famous Thomas Nast cartoon of the Tammany Ring of New York City, 1871? Where Boss Tweed is in front, & the rest of the Tammany Hall cronies are standing in a ring, & each guy points at the guy to his left? The caption is 'Twas Him. That.
@kartierglory 3 жыл бұрын
MIKE HAS A SPONSOR? IM PROUD OF YOU
@TakeWalker 3 жыл бұрын
My first thought was, oh no, another sponsored channel, but really, it's just talking about more companies. :)
@potentialcaroozin2385 3 жыл бұрын
@@TakeWalker I don't mind sponsors at all, this guy cranks out quality content and he deserves to have some income security at the very least. As long as the sponsor doesn't take up an overwhelming majority of the video or manipulate any of the creators content into something uncharacteristic.
@TheMrFabian1 3 жыл бұрын
5 years of private business school finally pay. I can now officially understand youtube videos!
@michaelmccarthy4615 3 жыл бұрын
You'll be interesting to talk to at 🍸 cocktail parties ...
@MarlonBitoy 3 жыл бұрын
Here before someone doesn’t realize this is a joke and goes on an essay rant on how people are stupid for not going to trade school, all the while not realizing not everyone wants to fix air conditioners for a living
@jakekaywell5972 3 жыл бұрын
@@MarlonBitoy *INSERT GRAMATICALLY-INCORRECT, CAPS-LOCKED, FIVE-PARAGRAPH ESSAY HERE*
@TheMrFabian1 3 жыл бұрын
@@michaelmccarthy4615 "I use goodwill and acquisitions to illegally cover up massive losses" breaks the ice every. single. time.
@michaelmccarthy4615 3 жыл бұрын
@@TheMrFabian1 that is a good ice breaker and could be a pick up line for the right woman.
@marcswg 3 жыл бұрын
Always got a smile on my face when Company Man uploads :)
@TiberianFiend 3 жыл бұрын
Hard to believe it's been a week already! You've probably never heard of MiniScribe, but they were a major hard disk drive manufacturer in the 1980s that hid their losses by loading bricks into hard drive boxes, counting them as product inventory, then recalling them as defective. I think it'd be an interesting story for you to tell one day.
@danielho5635 3 жыл бұрын
Tuna sandwich and sushi meeting -- I would've been worried the tuna sandwich was poisoned.
@MrTPF1 3 жыл бұрын
Had no idea about this. I used and loved Olympus cameras back in the 80's as a hobby, but shifted to Nikon's before the digital revolution. The Nikons had better stats, but I always regretted getting rid of all my Olympus gear. It just fit in my hands better and I could do everything without taking my eyes off the viewfinder. Excellent glass too.
@stuntmonkey00 3 жыл бұрын
I worked in one of Olympus' minor vendors around that. Even after the scandal broke, they were spending on stuff that made you wonder why the hell they were spending money in this particular way.
@Chrisy7 3 жыл бұрын
uh, like what?
@KaitouKaiju 3 жыл бұрын
@@Chrisy7 hookers & blow?
@amak1131 3 жыл бұрын
Always amazes me how this level of fraud gets a slap on the wrist, while if someone steals from a store they face a higher penalty.
@buddha4tw 3 жыл бұрын
Sounds like they were setting him up to be the fall guy, the tuna sandwich story is pretty good.
@TXnine7nine 3 жыл бұрын
Same. I also don’t think it was a coincidence they chose that moment to hire their first non-Japanese CEO. They knew the guy would do his homework and eventually the scheme would fall apart. Would be nice and convenient to have a foreigner to blame it on.
@PrydeWater901 3 жыл бұрын
Too bad he didn’t find out until after the ball was rolling.
@danielhale1 3 жыл бұрын
I'm impressed the guy was brave enough to follow through and bring the whole scandal to light. Cheers to him, there are precious few in the world who would push forward under that atmosphere of intimidation and corruption.
@Viking88Power 3 жыл бұрын
That explains their troubles. Bought an expensive Olympus camera in 2005 for my first European trip when i was 18. it was a fantastic camera.
@jorugarushia9167 3 жыл бұрын
Love the vids, man. The scandal ones are always the best.
@jp-fk5ke 3 жыл бұрын
Would you ever do an episode on the Big 4 accounting firms. Because where there is a major accounting scandal there is a chance that one these 4 accounting firms have there firms fingerprints on it (after 2002)
@sanityd1 3 жыл бұрын
It's basically always EY and in the olden days Arthur Andersen and guess where most of AA went after it went kaput...EY.
@lzh4950 2 жыл бұрын
@@sanityd1 EY EY aye
@CEOdawg 3 жыл бұрын
WOW!!! I had never heard of this one, and this was insane. Bravo for how you covered it.
@andrewblack2596 3 жыл бұрын
So… I see you’re a company man? * sips coffee by water cooler*
@ShainAndrews 3 жыл бұрын
Well done sir. Most of your other stories I was aware of. I had no idea any of this happened with Olympus though. As with all of your other stores I leanred something today, and for that I thank you.
@sk1ppman 3 жыл бұрын
If he had been Japanese it's highly likely he wouldn't have said anything. It's no coincidence the only one on the executive board to speak out about this was their first non-Japanese CEO.
@hailsatyr 2 жыл бұрын
Cuz you don't question decisions of your superiors in Japan
@lp-xl9ld 3 жыл бұрын
I've learned more about business from watching your videos over the last year or so than I did in the past four decades *combined*
@rossjohnstone4689 3 жыл бұрын
Love a new scandal video, especially when I've never heard about it before :3
@jamessneed8789 3 жыл бұрын
You nailed it I heard about this years back but never kept up with it.
@globetrekker86 9 ай бұрын
I really admire your proclivity for weaving wit and humor into even the most devastating company scandals. Could you do a segment about *JAL: The Rise and Fall… And Rise Again*?
@kentpaynter1350 3 жыл бұрын
I've been living in Japan for many years now and have become aware of many scandals here. Most recently Carlos Ghosn and Nissan, Toshiba's accounting, Kobe steel, Takata airbags are the most talked about. IMO the biggest hasn't came to light yet even after 10 years, Fukushima.
@cranes2009 3 жыл бұрын
Thank you for covering this major scandal! The tobashi scheme, like the one Olympus did, was an illegal yet common practice in Japanese businesses in the 90’s, which caused downfalls of major banks, securities trading firms, and others. Firms doubled down to recover the losses, not realizing that the Japanese recession will continue for almost 30 years more... Regards from Japan
@dawson70 3 жыл бұрын
I haven't thought about Olympus in years, even though they had a large presence when I was growing up. I had no idea all of that was going on. Thanks for making this one.
@CosmicApiary 3 жыл бұрын
policygenius is such an interesting sponsor. i've noticed as well that many of your previous sponsors, such as audible, have texting options. I would be so interested to see what your primary channel demographic is, as I only have to assume that it is probably a much older crowd than many youtube channels
@mikefatwhiteguy3125 3 жыл бұрын
Dude if some guys show up to see you missing fingers remember the Iron Maiden song RUN TO THE HILLS
@Viking88Power 3 жыл бұрын
Run for your life
@BloodRider1914 3 жыл бұрын
9:41 Yes, this definitely should be in a Yakuza game
@Thessalin 3 жыл бұрын
See- this is why I love your channel. Stuff I had no idea about. Also- this is what two of my cousins do for their jobs. Now, I can actually say I know a little about what they do.
@franklinbrooksstoppedcomme3267 3 жыл бұрын
Holy crap,what a rollercoaster ride! You're SOO right Company Man, it does sound like a movie! This story would make for an awesome film based on real events one day!! And I gotta say, that guy Michael really is a true hero, moral/ethic-wise. When I think of people I feel deserving of L&R for what they did in their career, he'll sure come to mind.
@lacayoj 3 жыл бұрын
I have had two Olympus cameras and they were both great. As a matter of fact the last one I purchased (2013) I still use today and am quite happy with the images it produces.
@lShishkaBerryl 3 жыл бұрын
Film or digital?
@thundergato84 3 жыл бұрын
Isn't Canon, Nikon, Fujifilm, and Sony the top 4 camera manufacturers from Japan?
@ma77mc 3 жыл бұрын
@@thundergato84 depends on the country, in the US, Olympus is non existent, at least since digital came in. in Asia, they are a big player, the best selling camera in Japan last year was an Olympus. I have 4 of their cameras (I used to work for them) and they are fantastic cameras, perfect for travel. Last time I was in the US I had a professional photographer use mine to take a couple of photos and he thought it was a lot better than his Nikon but had never used an Olympus before.
@esprit101 3 жыл бұрын
@@gudda3d927 depends on the country. In Europe, they're one of the best employers I've ever seen. But Japan is a different story.
@Silver_Turtle 3 жыл бұрын
Jaime -- got you beat. I have been using Olympus cameras since 1981; and recently bought an Olympus digital camera. I can even use my SLR lenses on the digital camera; might be the main reason I stayed with Olympus... Even after 40 years, I still enjoy using my Olympus cameras; it's the scarcity of film that forced me to go digital.
@Sonicfan138 3 жыл бұрын
So KPMG was too good at auditing, so they switched to EY....who also gave Enron and Lehman Brothers unmodified opinions if memory serves. How have they weathered major scandals so well when PwC got tons of flak for mixing up a couple envelopes?
@T-Rod423 3 жыл бұрын
You are thinking of Arthur Anderson.
@JBM425 3 жыл бұрын
@@T-Rod423 Apparently, EY wound up with a significant amount of AA assets.
@lzh4950 2 жыл бұрын
I guess history has repeated itself with WireCard too?
@kamesanj0 3 жыл бұрын
Enlightening! Did not expect this from Olympus haha.
@XxLIVRAxX 3 жыл бұрын
That was the most elegant and simple way to explain the Japanese Bubble. Fantastic channel
@Abadox20 3 жыл бұрын
I’ve always been a fan of Olympus’s cameras, especially their Pen line both SLR and the digital mirorless ones. They were always cutting edge and compact and were my favorite travel companion. I was really sad that their image was tarnished by corporate greed. But I will always buy their cameras because of what they mean to me and their convenience.
@bommel88 3 жыл бұрын
Haha, I like the part about Ernst & Young was more easy going. They were involved in the German Wirecard scandal as well and are facing investigations :D
@alexstrasheim5451 3 жыл бұрын
Thanks -- this is one of my favorites among your videos!
@h0ck3yphreak 3 жыл бұрын
Love the work Company Man! Please keep up the great work...any thoughts on the fall of Gander Mountain?
@RicknMorty1 3 жыл бұрын
Coca Cola vs pepsi ? Love your vids
@ayaanmahmood8124 3 жыл бұрын
Yeah that would a great video
@cylais3518 3 жыл бұрын
Coca Cola has better marketing but Pepsi tastes better.
@ayaanmahmood8124 3 жыл бұрын
@@cylais3518coca cola is way better in taste
@amelliamendel2227 3 жыл бұрын
Oh man I read it too quick in my excitement about a new video from this channel. No scandal with the Olympics then😕
@markpatterson1109 3 жыл бұрын
Another fantastic video from the company guy! These videos really help me with my business degree 😀
@ezekielaguilar4694 3 жыл бұрын
I think you did a good job explaining the accounting scandal details very well.
@thoughtful_criticiser 3 жыл бұрын
In the 70s I dreamed of owning an Olympus SLR system. Now I use Olympus at work, unfortunately the images I make would turn stomachs, mostly because they are of the insides of the digestive tract.
@darrenrobinson9041 3 жыл бұрын
To do your job takes a lot of guts. I'll show myself out.
@happyguy5025 3 жыл бұрын
3 years for being the head of this fraud (oh and it was 5 years suspended!), any other Japanese man would've more than likely gotten life imprisonment without the power Kikukawa had/has.
@jorugarushia9167 3 жыл бұрын
Facts.
@TheOtherBill 3 жыл бұрын
I kept waiting for the part about saving face and seppuku. I am disappointed. I bet his ancestors are furious though.
@cepho8349 3 жыл бұрын
Well, isn't that how it usually goes?
@patw.6567 3 жыл бұрын
yay one of things i love on a wednesday a company man video.
@PalvoChekov 3 жыл бұрын
If there's ever a doubt in your mind that you are not making great content: don't believe it. Not only are your videos intriguing but also, entertaining and informative. I look forward to your new videos!
@mikealvarenga3721 3 жыл бұрын
Damn this hit quick
@thechocolatedonut7216 3 жыл бұрын
Dam son
@pushslice 3 жыл бұрын
This is an interesting contrast to the Nissan /Carlos Gosn situation that followed shortly. Although I don’t think I can give the Japanese credit for becoming ‘woke’ ethically about the Nissan thing ; they were probably just as nervous that Carlos would bring down many of the Japanese Nissan execs as well. Thoughts?
@lzh4950 2 жыл бұрын
Heard a speculation that all of NIssan's executives had some financial conduct that were at least morally questionable but Ghosn was the main target because the Japanese felt their leadership threatened by his plan to integrate Nissan more tightly with it's other partners e.g. Renault
@DementedDistraction 3 жыл бұрын
Gotta admire the guts in Woodford - calling out the entire board on their shit, knowing what the outcome was likely to be, but still walking into that meeting and not being intimidated.
@vincenttsai1128 3 жыл бұрын
Wow as a photographer it's so cool to see you cover the Olympus scandal! Can you cover Panasonic? They seem to be a big company that somehow keep a low profile.
@alyssaperry7062 3 жыл бұрын
Hey company man! Can you do a follow up with Amazon? I feel like they are creating a monopoly across many markets and I just want to know what the deal with them is. I know you’ve already done a video with Amazon but that was when they first started to become popular. Now their business is in full swing and I fell like they are growing too fast, and I also want to know what the government is going to do since they are creating a monopoly across the market. Love your vids company man!
@60ccbrewing94 3 жыл бұрын
Great idea!
@ProfAzimov Жыл бұрын
Amazon is hardly used outside of the US market
@davidjma7226 3 жыл бұрын
Ernest and Young.. ..again. There would not be any scandal without them and Credit Suisse!
@gibsonav 3 жыл бұрын
I was today years old when I learned about the Olympus scandal. THANK YOU FOR YOUR HARD WORK!
@robertgaito4863 3 жыл бұрын
The in depth explanation of the accounting details was greatly appreciated!
@CZsWorld 3 жыл бұрын
This is awesome. Woodford is a badass. We need a movie about this. New favorite Company Man video.
@companyman114 3 жыл бұрын
Agreed. This is potential Oscar material.
@timowagner1329 3 жыл бұрын
Yet another interesting story of white-collar-crime. That video was very well put together! Weird how so many accounting firms are involved in such crimes... You remind me of Ben Wyatt from Parks an Rec, similarly energetic.
@mariocontreras6855 3 жыл бұрын
Ah, yes. A person of culture
@thomasmcelroy5785 3 жыл бұрын
love this sort of content
@haroldellis9721 3 жыл бұрын
Great cameras, and I was able to follow what you said, so well done.
@merrickv2028 3 жыл бұрын
I'd love to learn more about big business in Japan and their ties to organized crime.
@Gatorade69 3 жыл бұрын
Wow. Woodford has some balls on him. Sounds like a good guy. We need more people like him who are willing to do the right thing.
@Gatorade69 3 жыл бұрын
@@gudda3d927 Definitely. Most people wouldn't have done what Woodford did.
@InfectedChris 3 жыл бұрын
I knew OF this scandal, but thank you for filling in all the details!!
@Ranalcus 3 жыл бұрын
>Corrupted CEO lies for 20 years >gets 3 years in Prison >Man steal bread from shops to feed his family >gets 6 years in Prison Ah yes, the JUSTICE
@TVandManga 3 жыл бұрын
As an accounting student, this was fascinating! Thank you!
@rws531 3 жыл бұрын
Olympus actually sold their camera division last year to a company called JIP.
@JoshuaJacobs83 3 жыл бұрын
Great video as always
@garrettsmitherman9823 3 жыл бұрын
Damn I really remember when this guy had 10k subs love the growth
@woofferz 3 жыл бұрын
I would love to see a video about Ernst & Young, one of the auditors in this Olympus story. E&Y failed to catch many instances of accounting fraud, such as Luckin Coffee and Wirecard, and I was wondering if there was more to the story than I could find skimming news articles.
@AEMoreira81 3 жыл бұрын
KPMG was also involved.
@jimurrata6785 3 жыл бұрын
@@AEMoreira81 S&P, Moody's..... _ALL_ of them are corrupt as hell. These accounting and ratings companies are the root oof many, many market collapses
@woofferz 3 жыл бұрын
@@AEMoreira81 Maybe we need a video on auditors in general, especially those involved in scandals. I'm curious as to which auditors fail the most often to catch fraud.
@ThePapaja1996 3 жыл бұрын
E&y was also involved in Karolinska hospital
@user-mb3dx5fl9f 3 жыл бұрын
In my experience, E&Y is the best auditor to be dealing with. Great people. Highly recommend.
@notsuc1480 3 жыл бұрын
can you do a video on NYSE vs NASDAQ next please
@solarconker 2 жыл бұрын
We need more of these
@MegaMonk1992 3 жыл бұрын
Hey Company Man! I know this is unrelated but I hope you’ve seen the doc on Netflix called “The Last Blockbuster”. It was like 80 minute continuation of one of my first fav company man joints. Thank you for what you do.
@kevinfurr367 3 жыл бұрын
Heh I remember talking about this on Patreon
@fjb4932 3 жыл бұрын
Loose lips...
@shanewojt 3 жыл бұрын
Can you please do a video on SYLVANIA!!!!
@thatguyfromhendon344 3 жыл бұрын
YOU HAVE SPONSORS NOW?!! Congrats man!
@s3np411 3 жыл бұрын
I'm somewhat surprised Company Man ended up being the one who explained the Japanese bubble economy to me. Kudos.
@ericvtheworld 3 жыл бұрын
“Biggest Japanese Accounting Scandal of All Time” It didn’t last as long but please look at Yamaichi Securities
@tim3172 3 жыл бұрын
As a former big-four consultant, (now executive), it's funny to hear the names of all these companies with whom I interviewed over the years.
@azmax623 3 жыл бұрын
I worked for a healthcare insurance company who's CEO publicly declared they'd have double digit growth year after year. When that didn't work out, they'd buy smaller companies and use their profits to get to their double digit numbers or use the purchase price as an excuse why they didn't reach their goal. We barely had time to integrate the companies into our systems before another purchase came along. With all the purchases, middle management from the new company stayed, but the worker bees where RIF'ed. After a short time, our stock price plummeted. We were bought by a company 1/10th the size. Luckily, they RIF'ed all the middle management, but where woefully unprepared to run a nationwide company. A few years later, that company was purchased by one of the Big Three insurance companies.
@playerfishie7 3 жыл бұрын
As an accounting student I loved how detailed you got. Great vid!
@thefernofrommarsgaming4204 3 жыл бұрын
Got here a minute after its release!
@aaronp2542 3 жыл бұрын
My first camera was actually an Olympus. They were actually pretty good for its day.
@Noah_Levy 3 жыл бұрын
On this note, you should check out the Enten scandal involving a guy called Kazutsugi Nami. Basically part virtual currency, part cult.
@LyndonPatrickSmith 3 жыл бұрын
Great summary! I’m surprised you didn’t mention that Olympus sold their entire imaging division to Japan Industrial Partners (JIP) in January 2021. The imaging business is now run under a new company, OM Digital Solutions, and continues to focus on medical and scientific equipment. The camera division is still alive, as is the Olympus branding. Basically they had to sell and restart in order to survive this mess.
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