Re: [OM] Olympus' future truly looks bleak after latest revelations...

Subject: Re: [OM] Olympus' future truly looks bleak after latest revelations...
From: Chris Trask <christrask@xxxxxxxxxxxxx>
Date: Tue, 8 Nov 2011 07:44:25 -0700 (GMT-07:00)
> > Hmm. Something still doesn't smell right about that
> > explanation. That's only an admittance of misstatement
> > of earnings. Punishable by fines and delisting, not
> > criminal behavior. It also doesn't explain how almost
> > $700 million dollars disappears into a Cayman Island's
> > account.
> No, it's obviously an incomplete picture, so far.

     I shudder to think that this may be an episode reminiscent of my 
first-hand experiences with the electronics industry.  I saw too many episodes 
of small company failures that were a direct result of incompetence or outright 
criminal misconduct.  

     At the last one the company was intentionally managed to fail.  It was 
nothing more than a tax shelter for three wealthy individuals, and as long as 
they didn't produce anything they were happy.  They would get a product 
developed to where it was marketable, then screw the customers, fire the entire 
technical staff, blame it all on a "changing market", and then get more 
investor capital to do it all over again.  They did this at least three times 
before the investment community caught to to what they were doing.

     In all, I watched at least six small companies fail, and the memories of 
how and why make me suspect that the Big Kahunas at Olympus were siphoning off 
the monetary assets to ensure a comfortable life after everything had collapsed.

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