...American Journal Of Business Education –Fourth Quarter 2014 Volume 7, Number 4 Olympus Imaging Fraud Scandal: A Case Study Dennis Elam, Texas A&M University-San Antonio, USA Marion Madrigal, Texas A&M University-San Antonio, USA Maura Jackson, Texas A&M University-San Antonio, USA ABSTRACT This case examines the two decade long tobashi scheme by Olympus Imaging Executives to hide $1.7 billion in losses. In the 1980s, a soaring yen and falling dollar caused bottom line income problems for many Japanese companies. Some companies sought to offset the declining revenue with zaiteku, a form of speculative investment. While early activities generated profits in 1987, by 1991 Olympus recorded 2.1 billion losses in yen. Rumors circulated that by the late 1990s, losses had grown larger. Rather than come clean and admit the losses, management continued to ‘double down’ with riskier investments. Olympus created a tobashi scheme to shift losses off the Olympus balance sheet. Olympus created a tobashi scheme to shift losses off the Olympus balance sheet. Companies located in the Cayman Islands were purchased via exorbitant Management and Acquisition Fees. When the first Western President, Michael Woodford, questioned these practices, he was fired after two weeks on the job. Woodford became perhaps the first CEO ever to blow the whistle on his own firm. The subsequent scandal brought arrests of the executive team, an 80% decline in share price, the threat of de-listing on the Tokyo...
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...anticipated BCS bowl game, teams could potentially bring in millions of dollars to their university. But the men and women who are the ones on the field putting their body and wellbeing on the line are the same ones who see absolutely none of that money. How can this even be possible? College athletes, who put in just as much time if not more than an actual job, receive no type of money for the amount of revenue that they bring in. Sure they get an athletic scholarship that pays for most of their schooling but, not for everything outside of that. There is more to college than just books and schoolwork. People still need to buy food, pay bills, gas, and just everyday essentials. When writer William J. Ford asked senior guard Gary Clark from Wake Forest University about the topic he said “At a lot of schools, players come from underprivileged families. I know we are getting a scholarship, but some folks don’t have cash to get something to eat when the school cafeteria is closed, or money to buy a used car,” he continues. “I am not saying we should get paid with a full-time salary, but a stipend would be nice” (Ford 1). Just recently former Tennessee running back Arian Foster revealed to the public about how he received a little money while playing his senior year of college football. He didn’t use it for diamonds, clothes, or a new car, but for the simple fact that he needed the money to get by. Arian stated...
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...the storm, Kulfi gives birth, and Sampath has a brown birthmark on his cheek. As if by miracle, a Swedish relief plane drops a crate in front of the Chawla house with food in it. Kulfi thinks her baby looks like he came from another planet. The baby is named Sampath, Good Fortune. Chapter 2 Twenty years have passed. Sampath has grown into a thin and oversensitive young man, unable to sleep with the noisy breathing of his family around him, all sharing the one ceiling fan: father, mother, grandmother Ammaji, and sister Pinky. He rushes to the roof of the house where it is just as hot. He sings and walks back and forth all night, wishing he had somewhere else to go; he feels suffocated in his life. When morning comes and the town begins to wake up, he sees his father come out with a yoga mat. His grandmother goes for morning milk. She worries that Sampath did not sleep. Chapter 3 Mr. Chawla is a man of habit and performs morning exercise. He is forty and head clerk at the Reserve Bank of Shahkot. He shouts orders to his family as he readies for the day. Ammaji and Pinky try to keep up with his demands. Mr. Chawla reads bits from the newspaper. Kulfi is uninvolved with what is...
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...Sarbanes-Oxley Act of 2002 SE584: Forensic and Business Investigations Techniques February 22, 2009 The passage of the Sarbanes-Oxley Act of 2002 (SOX) changed how accounting is practiced and how corporations handle their accounting departments, to include auditing and internal controls. Some of these changes are for better accountability and some are for governing the application of stricter rules. The accounting profession was dramatically affected by the events leading up to and after the passing of this law. In the days before SOX, there were many high valued fraudulent activities. The news was flooded with employees, managers, and executives who were committing fraud against their investors, their organizations, or both. Millions and billions of dollars were being lost. The acts that brought about SOX began many years before its inception but were especially prevalent during the dot-com boom. These company’s executives fraudulently reported increases in revenue dollars, bringing their net income up in order to keep pace with their growth projected by analysts. The collapse of these “fast and furious” companies did not mean the last of the major fraudulent activities by executives against organizations or their investors. The 1990s was a time that saw many changes affecting business. The Internet was beginning to open more to commercial use, no more was it just for academics and the government. The age of technology that had started in the 1960s truly took off. The...
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...In the wake of recent changes within the regulatory environment, specifically related to use of formaldehyde and child labor, IKEA is struggling with maintaining its business-as-usual operation. The past formaldehyde and recent child labor scandals are symptoms of a larger underlying problem. Recent context developments, specifically in the macro environment, have made the firm’s previously profitable strategy inept. Since the current context is beyond the control of IKEA, it has to alter its existing strategy in order to maintain strong financial performance. The myopic cost minimization strategy, which places price at the root of each business decision, needs to evolve into a “triple bottom line” strategy. This proposed strategy, in addition to profit, would incorporate environmental and social factors in the business decision-making process. While difficult to quantify, these added factors would ultimately benefit the financial health of the firm by mitigating compliance penalties, lawsuits, and negative press. IKEA’s failure to take proactive business measures to monitor suppliers, action that would have entailed little upfront costs, cost the firm sizeable financial losses. Such poor decision-making began in the early 1980s, when Danish authorities passed formaldehyde regulations and the firm suffered a 20% decrease in Denmark sales due to lack of compliance. The firm failed to fully resolve this issue as a decade later the firm incurred an additional $6mm-$7mm loss...
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...TIME Magazine Subscribe Photos Videos Lists Apps Life.com Style Follow TIME Facebook Twitter Google + Tumblr NewsFeed U.S. Politics World Business Money Tech Health Science Entertainment Opinion Watch: Robonauts In Space, a Year Later South Korea's Greatest Export: How K-Pop Is Rocking the World Five Ways to Survive Daylight Saving Time The Best Cartoons of the Week Click here to find out more! Saturday, March 10, 2012 TIME.com Editor's Picks World » The Kony2012 War Crimes Video Goes Viral, But Is It Misleading? By Ishaan Tharoor Arts » South By Southwest: Dropping In on Dropbox's Drew Houston By Harry McCracken World » Hostage Debacle Highlights Italy's Crisis of Confidence By Sonia Cooke / London Sports » How Magic Johnson Changed America By Touré Health » Teen Sex Ed Helps Kids Wait Longer By Bonnie Rochman Must See Pictures of the Week: March 2 – March 9 From the Presidential election in Russia to fires in Congo, TIME's photo department presents the most compelling images of the week. Mohamed al-Sayaghi / Reuters Al-Qaeda, and Saleh, Cast Long Shadows Over 'New' Yemen By Tom Finn / Sanaa The Challenges Facing Yemen's New President Photos: Yemen on the Brink Rick Santorum Wins Handily in Kansas GOP Caucuses By Associated Press House Upset in Ohio: Signs of a Weak GOP Majority...
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...Idaho, Florida and Oregon. The man behind these crimes was Theodore (Ted) Bundy. Many people still consider him to be one of the most notorious serial killers of all time and was once one of the FBI’s most wanted. He was officially tied to 36 murders, however he is believed to have committed more than one hundred. The Ted Bundy murders shocked everyone because of his outwardly sociable appearance, politeness, and political aspirations. He was intelligent, good looking, and charismatic. Many of his victims did not fear him or question him because of how charming he was. He was one of those criminals that just “didn’t seem like bad guy”. Ted Bundy was born in 1946 to Elanor Cowell, a twenty-two year old unmarried woman. Since this was a scandal for her extremely religious family, Elanor gave birth at a home for unwed mothers and the baby was raised as the adopted sons of his grandparents. His mother was to be his sister. After a few years, his mother moved with Ted to Tacoma, Washington where she married Johnnie Bundy and had more children. They seemed to have a happy family home in a working class neighborhood. Around the age of three, Ted began to show a fascination for knives, which those around him just attributed to a sense of curiosity. Other than this, there were no other outward signs that Ted had any psychological issues. He did well in school, had friends, and had a good relationship with his family. Later as a teenager, his dark tendencies emerged. He reportedly liked...
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...The Greek poet Homer (who, if he was one person, was born between 850 and 1100 BCE) was, to use a modern term, the source code for Greek literature and poetry, and therefore for Western literature, heavily influencing practically everyone who followed him, including, of course, the great Florentine poet Dante Alighieri ( 1265-1321 A.D.). Both poets’ visions of Hell, as depicted in The Odyssey and Inferno, are noteworthy because they open important windows into the philosophical and theological underpinnings of the worlds into which these authors were born. Why is this important? Because their elaborately drawn visions of Hell represent the two great divides in how humans for 3,000 years have been seeing themselves and the universe they perceive surrounding them. In the Homeric vision, life is tragic and arbitrary. We as humans are mere playthings of the Fates and the gods. Sometimes justice occurs, but usually only by accident, and even then it comes wrapped up in irony. Good is punished and evil triumphs. The hero, instead of enjoying the fruits of his victory, is brought low by some tragic flaw. Homer’s portrayal of the gods and of hell in the Odyssey…[big long quote] For Dante, in sharp contrast, the universe is ordered and just. The wicked are, eventually, punished and the righteous are rewarded, if not in this life, then in the next. Existence, while often painful and scary, is not arbitrary, but proceeds according to a mysterious divine plan devised long ago by...
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...| 2012 | | Core 8 [FOreign Policy in latin America](Paper taken to writing clinic: hannah) | | Every country’s foreign policy consists of self-interest strategies chosen by the state to safeguard its national interests and to achieve its goals within international relations. Its goal is to interact with other countries and non-state actors. Foreign policies are designed by the government through high-level decision making processes. The US has been involved in foreign affairs with Latin America for some time now. How are the US and Latin America with Foreign Affairs? Are Latin Americans’ Intellectual Properties being robbed? Are Latin American countries being restored and growing? There are many other questions to ask regarding the foreign policy issues concerning Latin America. One huge problem with Foreign Affairs/Policies is the Drug Trafficking from Latin America into the United States. Cuba is not necessarily a drug producing country but it is a transit one. In 1998 nearly 7.2 metric tons of cocaine were seized in Colombia on its way to Cuba. Also, there was a 50% increase in drug over flight, which includes people carrying drugs as mules on planes and the dropping of drugs into American water from Cuban planes heading to the States (House Government Reform Committee) Castro had once said that he did not want the United States interfering with Cuban drug relations. Most American government officials believed him to be the main cause of drug transportation...
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...------------------------------------------------- Act 1, Scene 1 | Original Text | Modern Text | | Enter THESEUS, HIPPOLYTA, and PHILOSTRATE, with others | THESEUS and HIPPOLYTA enter withPHILOSTRATE and others. | 5 | THESEUSNow, fair Hippolyta, our nuptial hourDraws on apace. Four happy days bring inAnother moon. But oh, methinks how slowThis old moon wanes! She lingers my desires,Like to a stepdame or a dowagerLong withering out a young man’s revenue. | THESEUSOur wedding day is almost here, my beautiful Hippolyta. We’ll be getting married in four days, on the day of the new moon. But it seems to me that the days are passing too slowly—the old moon is taking too long to fade away! That old, slow moon is keeping me from getting what I want, just like an old widow makes her stepson wait to get his inheritance. | 10 | HIPPOLYTAFour days will quickly steep themselves in night.Four nights will quickly dream away the time.And then the moon, like to a silver bowNew bent in heaven, shall behold the nightOf our solemnities. | HIPPOLYTANo, you’ll see, four days will quickly turn into four nights. And since we dream at night, time passes quickly then. Finally the new moon, curved like a silver bow in the sky, will look down on our wedding celebration. | 15 | THESEUS Go, Philostrate,Stir up the Athenian youth to merriments.Awake the pert and nimble spirit of mirth.Turn melancholy forth to funerals.The pale companion is not for our pomp. | THESEUSGo, Philostrate...
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...Arianne Cerize A. Aman The Meaning of Development: Brazil and Costa Rica Economic development is the presumed solution to absolute poverty and to many of the world's other most pressing problems. But what is development, and how do we know it when we see it? The term, development, has been used in several ways. Traditionally, it was equated with growth of per capita income. Since the 1970s, other indicators of development have become widely used by development scholars and development agencies such as the World Bank. The meeting of basic needs (or, equivalently, reduction in absolute poverty), the creation of modern employment opportunities, and the achievement of a less unequal distribution of income and farmland have all become important criteria in determining the level of development. Traditional measures of growth, especially in developing countries, may be misleading in that they fail to account for the environmental destruction that often accompanies spurts in temporary and unsustainable economic growth; and economists are devising measures of the national capital stock that includes environmental wealth. The United Nations has placed both educational attainment and health standards on equal footings with per capita income as development criteria, in the widely followed United Nations Development Program human development index (HDI). Some leading development scholars, such as Amartya Sen, Denis Goulet, and Dudley Seers, have gone further. They argue that more intangible...
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...Vodafone showcases CSR strategy at conference | | Maher addressing the CSR conference in Doha | Vodafone Qatar CEO Grahame Maher showcased the company’s corporate social responsibility (CSR) strategy at the second Conference on Corporate Social Responsibility which took place at The Four Seasons Hotel on Tuesday. Organised by the Qatar Ministry of Business and Trade under the patronage of the Minister of Business and Trade HE Sheikh Jassim bin Abdulaziz bin Jassim al-Thani, the conference aimed to lay the foundations to apply the principles of social responsibility in Qatari companies, as well as developing recommendations to implement these standards locally. “The world is a big place and each of us has an important role to play in shaping what kind of world we live in. Vodafone Qatar’s market position as an innovator and leader brings with it a responsibility to conduct our business in an exemplary manner,” Maher stated. He declared that Vodafone Qatar is committed to using its position as a business leader to help build stronger communities, while accepting the challenge as individuals for each and every one to lead by example. “At Vodafone Qatar we believe that being a responsible company lies at the very heart of our purpose to make a world of difference for all people in Qatar,” Vodafone Qatar’s corporate responsibility head Luisa Gentile said. Corporate responsibility goes beyond just making money. It is about helping those less fortunate, using resources...
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...No Fear Shakespeare – A Midsummer Night’s Dream (by SparkNotes) Original Text -1- Modern Text Act 1, Scene 1 Enter THESEUS, HIPPOLYTA, and PHILOSTRATE, with others THESEUS and HIPPOLYTA enter withPHILOSTRATE and others. THESEUS Now, fair Hippolyta, our nuptial hour Draws on apace. Four happy days bring in Another moon. But oh, methinks how slow This old moon wanes! She lingers my desires, 5 Like to a stepdame or a dowager Long withering out a young man’s revenue. THESEUS Our wedding day is almost here, my beautiful Hippolyta. We’ll be getting married in four days, on the day of the new moon. But it seems to me that the days are passing too slowly—the old moon is taking too long to fade away! That old, slow moon is keeping me from getting what I want, just like an old widow makes her stepson wait to get his inheritance. HIPPOLYTA Four days will quickly steep themselves in night. Four nights will quickly dream away the time. And then the moon, like to a silver bow 10 New bent in heaven, shall behold the night Of our solemnities. HIPPOLYTA No, you’ll see, four days will quickly turn into four nights. And since we dream at night, time passes quickly then. Finally the new moon, curved like a silver bow in the sky, will look down on our wedding celebration. THESEUS Go, Philostrate, Stir up the Athenian youth to merriments. Awake the pert and nimble spirit of mirth. Turn melancholy forth to funerals. 15 The pale companion...
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...Economics Development Final Assignment Endemic Corruption Cases in Indonesia’s Economics Development [pic] International Undergraduate Program Poppy Puspita Rini 1006718624 Statement of Authorship I certify that the attached material is my original work. I declare that no other person’s work has been used without due acknowledgement. Except where I have clearly stated that I have used some of material elsewhere, it has not been presented by me, for examination in any other course or unit at this or any other institution. I understand that the work submitted may be reproduced and/or communicated by the University or third party authorized by the University for the purpose of detecting plagiarism. Name : Poppy Puspita Rini Student Register Number : 1006718624 Depok, June 11 2013 Poppy Puspita Rini Introduction Corruption in Indonesia is widespread and costly. Recently, corruption cases become a major on-going economics development sector issue. Indonesia’s Corruption Eradication Commission (Indonesian: Komisi Pemberantasan Korupsi) (abbreviated KPK) shows there has been a sharp increase in all enforcement activity, relating to the sector. Political organizations in economic sector continue to face significant corruption risks. How far the current corruption and bribery case in Indonesia’s economic development...
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...THE LEGAL REGULATION OF THE EXTERNAL COMPANY AUDITOR IN POST-ENRON SOUTH AFRICA Hannine Drake THESIS PRESENTED IN FULFILMENT OF THE REQUIREMENTS FOR THE DEGREE OF MASTER OF LAWS AT THE UNIVERSITY OF STELLENBOSCH Supervisor: Prof A.H. van Wyk March 2009 ii DECLARATION By submitting this thesis electronically, I declare that the entirety of the work contained therein is my own, original work, that I am the owner of the copyright thereof (unless to the extent explicitly otherwise stated) and that I have not previously in its entirety or in part submitted it for obtaining any qualification. Date: 25 February 2009 Copyright © 2009 Stellenbosch University All rights reserved iii ACKNOWLEDGEMENTS In acknowledgement to all who have contributed to this work in some form: writing this thesis would have otherwise been like swimming through mud. To my supervisor, Professor Andreas van Wyk, thank you for your leadership, patience, and academic skill in guiding me through the research process. To Adéle Mulder and Charl Marais, thank you for your continuous insight and perspectives, both academic and otherwise. And finally to Hilda and Gerrie Steyn, who have been absolutely crucial throughout all my years of study, thank you for your indispensable support, in all its forms. iv SUMMARY The worldwide increase of corporate failures on the scale of Enron and WorldCom has sparked a renewed international trend of corporate governance review...
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