Free Essay

Olympus

In:

Submitted By tabomintz
Words 975
Pages 4
วันที่ 20 ธันวาคม 2554
โดย : กรุงเทพธุรกิจออนไลน์
แกะรอยแผนซุกขาดทุน20ปี “โอลิมปัส”
สร้างความตื่นตะลึงให้กับแวดวงธุรกิจโลกไม่น้อย เมื่อปรากฏข่าวฉาวของ “โอลิมปัส” บริษัทญี่ปุ่นยักษ์ใหญ่ที่ถูกแฉพฤติกรรมฉ้อโกง เพื่อปกปิดตัวเลขขาดทุนที่ดำเนินมายาวนานร่วม 20 ปี ว่ากันว่า มูลค่าการฉ้อโกงทางบัญชีที่สร้างขึ้นมาตบตาภาวะขาดทุนจากการลงทุนหลักทรัพย์ของบริษัทแห่งนี้อยู่ที่ราว 1.7 พันล้านดอลลาร์
พฤติกรรมฉาวของโอลิมปัสแดงขึ้นมา เพราะนายไมเคิล วู้ดฟอร์ด หัวหน้าคณะเจ้าหน้าที่บริหาร (ซีอีโอ )ชาวอังกฤษของโอลิมปัส ออกมาแฉถึงความไม่ชอบมาพากลของการทำข้อตกลงซื้อกิจการ ที่มีราคาแพงเกินไป และเรียกร้องให้มีการตรวจสอบหาข้อเท็จจริง จนเป็นเหตุให้บริษัทปลดเขาออกจากตำแหน่ง
แรงกดดันเรื่องนี้ ทำให้โอลิมปัส ตั้งคณะกรรมการอิสระ เพื่อตรวจสอบเรื่องนี้ ซึ่งแม้จะไม่มีใครค้นพบว่า ความเสียหายแท้จริงอยู่ที่เท่าไร แต่เม็ดเงินดังกล่าวถูกนำไปใช้เพื่อปิดบังการขาดทุนจากการลงทุนที่เกิดขึ้นมานานแล้ว สิ่งที่เกิดขึ้นเป็นส่วนหนึ่งของการล่มสลายของฟองสบู่เศรษฐกิจญี่ปุ่นในยุค 1980 ซึ่งวัฒนธรรมองค์กรที่เก็บงำความลับยิ่งทำให้มีการปกปิดข้อมูลมานานหลายปี
แกนกลางของเรื่องนี้ อยู่ที่บรรดาผู้บริหารวงใน ที่ต้องการยื้อความผิดพลาดที่ทำไว้ เช่นเดียวกับบริษัทญี่ปุ่นอีกหลายแห่ง โดยบริษัทเหล่านี้ ได้รับความช่วยเหลือจากกลุ่มนายธนาคารที่สัญญาจะช่วยซื้อเวลาออกไปก่อน ซึ่งหนึ่งในนั้น รวมถึงนายอากิโอะ นาคากาวา ผู้เล่นรายสำคัญของเรื่องนี้ ที่รับบทวาณิชธนกร ตามที่ตัวเองเชี่ยวชาญเกี่ยวกับวิศวกรรมทางการเงินใหม่ๆ หรือที่เรียกว่า zaitech ซึ่งเป็นแนวทางในยุคฟองสบู่ ที่ชวนให้บริษัทผู้ผลิตลงมาเล่นในตลาดทุน
เมื่อฟองสบู่แตก นายนาคากาวา และหุ้นส่วนที่มีชื่อว่า นายฮาจิเมะ ซากาวา ใช้กลวิธียักย้ายทางบัญชี ที่สามารถเสกให้ปัญหาหายออกไปจากบัญชีงบดุล ไปยังกองทุนต่างประเทศและบริษัทที่มีแต่เปลือกนอก
ในยุค1980 ดัชนีนิกเกอิพุ่งทำนิวไฮครั้งแล้วครั้งเล่า ทำให้วาณิชธนกรร่ำรวยและได้รับการยอมรับจากสังคมญี่ปุ่น ขณะที่ลูกค้าในอุตสาหกรรมที่กำลังย่ำแย่ อาทิเช่น ธุรกิจเคมีภัณฑ์และสิ่งทอ กลายเป็นเป้าหมายของเหล่าโบรกเกอร์ ชักชวนให้ลงทุนในหุ้นหรือพันธบัตร เพื่อเก็บเกี่ยวผลตอบแทนที่ดีกว่าการดำเนินธุรกิจหลัก
ผู้ส่งออกในภาคการผลิต ซึ่งเป็นกลไกขับเคลื่อนเศรษฐกิจญี่ปุ่น กลับขายสินค้าได้ลำบากขึ้น นี่จึงอธิบายเหตุผลว่า ทำไมบริษัทผู้ผลิตกล้องรายใหญ่อย่างโอลิมปัส ที่ก่อตั้งมาตั้งแต่ปี 2462 จึงต้องการเดิมพันชะตากรรมไว้กับตลาดการเงินที่เปลี่ยนแปลงง่ายดาย เพราะกรอบความคิดในเรื่องนี้เปลี่ยนแปลงไป หลังจากเกิดข้อตกลงพลาซ่า (Plaza Accord)
ในเดือนกันยายน ปี 2528 หลังจากชาติอุตสาหกรรมยักษ์ใหญ่ ตกลงให้มีการปรับลดค่าเงินดอลลาร์ ส่งผลให้เงินเยนแข็งค่าขึ้น กระทบต่อผลกำไรของบริษัทญี่ปุ่น อย่างกรณีของโอลิมปัส ที่กำไรในปีงบประมาณ 2529 ลดลงครึ่งหนึ่ง ทำให้บริษัทต้องขายสินทรัพย์บางส่วนเพื่อพยุงตัวเลขในบัญชีเอาไว้
นายโตชิโร ชิโมยามา ประธานโอลิมปัสในขณะนั้น ปิ๊งไอเดียที่จะใช้วิศวกรรมทางการเงิน มาเป็นตัวเพิ่มรายได้ให้บริษัท โดยยอมรับกับสื่อว่า บริษัทจำเป็นต้องชดเชยการแข็งค่าของเงินเยน ด้วยการสร้างรายได้ที่ไม่ใช่จากการดำเนินงาน

รายงานของคณะกรรมการ ระบุว่า นายฮิเดโอะ ยามาดะ ดาวรุ่งจากแผนกการเงินของโอลิมปัส และนายฮิซาชิ โมริ ต่างก็ปั๊มเงินเข้าไปซื้อหลักทรัพย์ที่มีความเสี่ยง อาทิเช่น ตราสารหนี้ที่มีหลักประกัน (structured bonds) ที่ประกอบด้วยดอกเบี้ย และสัญญาสว็อปอัตราแลกเปลี่ยน และในที่สุด โอลิมปัส ตกลงเป็นลูกค้าของนายนาคากาวาในปี 2531
ดัชนีนิกเกอิ พุ่งทะยานต่อเนื่องถึงปี 2532 จากนั้นกลับดิ่งลง 40% ในปีต่อมา กระทบต่อพอร์ตหุ้นของบริษัทต่างๆ แต่ทั้งนายยามาดะ และนายโมริ ต่างก็เพิ่มเดิมพันในหลักทรัพย์ที่มีความเสี่ยง ขณะที่ยักย้ายการลงทุน ส่วนที่ขาดทุนไปให้บริษัทในเครือและกองทุนในประเทศ
การลงทุนที่มีความเสี่ยงสูงดังกล่าว แม้จะให้ดอกเบี้ยล่วงหน้า แต่ก็กำหนดให้ผู้ซื้อต้องจ่ายดอกเบี้ยคืน หากพันธบัตรขาดทุนในวันที่ครบกำหนดไถ่ถอน ซึ่งยิ่งทำให้บริษัทขาดทุนมากเข้าไปอีก นอกจากนี้ โอลิมปัสยังซื้อตราสารหนี้ ผลตอบแทนสูงจากบริษัทต่างชาติที่มีชื่อว่า พรินซ์ตัน อีโคโนมิกส์ ซึ่งต่อมาโอลิมปัส ต้องเผชิญกับความสูญเสียมหาศาลจากกระบวนการแชร์ลูกโซ่ (Ponzi scheme)
กระทั่งถึงกลางยุค 1990 การขาดทุนจากการลงทุนของโอลิมปัส พุ่งเป็นหลายหมื่นล้านเยน กลายเป็นความเสี่ยงทางการเงินของบริษัท และเพื่อปิดบังการขาดดุลนี้ โอลิมปัสจึงหันไปพึ่งธนาคารต่างประเทศ ที่มีธุรกรรมเกี่ยวเนื่องกับกองทุนในประเทศ
นอกจากนี้ บริษัทยังทำสัญญากับเครดิต สวิส เฟิร์สต บอสตัน ที่โยกเงินที่ขาดทุนไปยังทรัสต์ราว 1.47 หมื่นล้านเยน แต่หลักทรัพย์ด้อยมาตรฐานเหล่านี้ เป็นการขายเพื่อหักออกจากบัญชีงบดุลของโอลิมปัส ทว่าเป็นการบิดเบือน
หน่วยงานกำกับดูแลของญี่ปุ่น กำหนดให้ธุรกรรมลักษณะนี้ เข้าข่ายผิดกฎหมายในปี 2543 และประกาศใช้การประเมินมูลค่าตราสารตามราคาตลาด ทำให้บริษัทต้องลงบัญชีหลักทรัพย์ตามมูลค่าตลาด แทนที่จะอ้างอิงตามราคาซื้อเหมือนแต่ก่อน
ในขณะนั้น โอลิมปัส ก็มีช่องว่างในบัญชีงบดุลร่วม 1 แสนล้านเยน และแปลงไปสู่การยักย้ายถ่ายเทในรูปแบบที่ซับซ้อนมากขึ้น และเพื่อจะตัดการขาดทุนภายในประเทศ โอลิมปัสเริ่มมองหาบริษัที่จะเข้าไปซื้อ โดยมีแนวคิดที่จะระบุมูลค่าข้อตกลงควบรวมกิจการจำนวนมากๆ เพื่อโยกเงินกลับไปให้กองทุนและปิดช่องว่างทางบัญชีที่มีอยู่
ระหว่างปี 2546-2548 พบว่า 3 ข้อตกลงยังคลุมเครือ ได้แก่ ข้อตกลงซื้อบริษัทรีไซเคิลขยะทางการแพทย์ “อัลติส” บริษัทผลิตเครื่องครัว “นิวส์ เชฟ” และบริษัทอาหาร “ฮิวมาลาโบ” ขณะที่นายยามาดะและโมริยังคงต้องการข้อตกลงขนาดใหญ่อีกครั้ง เพื่อปกปิดการขาดทุนจากยุคฟองสบู่ดังกล่าว
ครั้นถึงปี 2547 โอลิมปัส มีกำไรจากการดำเนินงาน 6.3 หมื่นล้านเยน ประธานบริษัทในขณะนั้นคือ นายสึโยชิ คิคุกาวา ตัดสินใจทำข้อตกลงยุทธศาสตร์เพื่อขยายธุรกิจ เพราะเขาเองก็ตระหนักถึงแผนที่จะรับมือกับการขาดทุนที่เกิดขึ้น ตั้งแต่ก่อนเข้ารับตำแหน่งสูงสุดเช่นกัน
เป้าหมายใหญ่ของโอลิมปัส คือ ข้อตกลงซื้อกิจการ “ไกรัส” ผู้ผลิตอุปกรณ์การแพทย์จากอังกฤษ มูลค่า 2.2 พันล้านดอลลาร์ ซึ่งไม่เพียงแต่เป็นข้อตกลงที่มีราคาแพงมาก แต่บริษัทยังยอมควักเงินค่าที่ปรึกษาอีก 687 ล้านดอลลาร์ ซึ่งสูงกว่าปกติราว 30 เท่า***
จนกระทั่งนายวู้ดฟอร์ด ออกมาตั้งข้อสังเกตเรื่องนี้ และนำไปสู่การตั้งคณะกรรมการตรวจสอบ และบริษัทออกมายอมรับว่า ค่าที่ปรึกษาและข้อตกลงควบรวมกิจการทั้ง 3 แพงเกินไป

January 10, 2012, 12:13 AM EST http://www.businessweek.com/news/2012-01-10/olympus-sues-president-18-other-executives-over-fraud.html# Olympus Sues President, 18 Other Executives Over Fraud
By Naoko Fujimura
Jan. 10 (Bloomberg) -- Olympus Corp. said it is seeking damages from its president, Shuichi Takayama, and 18 other current and former executives over their roles in a $1.7 billion cover-up of losses.
The Japanese camera maker’s auditors filed the claims at the Tokyo District Court on Jan. 8, Olympus said in a statement today. The company’s shares surged as much as 28 percent on investor optimism that it would keep its listing on the Tokyo Stock Exchange that had been under threat because of the fraud.
Olympus managers involved in the scheme to hide investment losses over more than a decade caused 86 billion yen ($1.1 billion) in damages to the company, according to the findings of an independent panel released today. Former President Michael Woodford, who was fired after he challenged the board on takeover and accounting practices, is also taking legal action against the company over his dismissal.
“It’s all part of the natural fallout to be expected with each party trying to stake their positions and to protect their legal interests,” Eugene Tan, assistant professor of law at the Singapore Management University, said yesterday following Japanese media reports that the lawsuits had been filed. “We’ll see suits and countersuits taking place in the next couple of weeks, if not months.”
Olympus climbed 21 percent to 1,275 yen as of 9:46 a.m. in Tokyo trading. The stock has lost about 49 percent of its value since Woodford’s Oct. 14 firing as details of the fraud emerged and the Tokyo Stock Exchange put the 92-year-old company on a watchlist for possible delisting.
Fine Report
The bourse is likely to let the company retain its listing and will fine it 10 million yen instead, the Nikkei reported yesterday. The TSE today said no final decision has been made.
The company is seeking as much as 3.6 billion yen ($46.8 million) in damages from executives including ex-Chairman Tsuyoshi Kikukawa, it said. Takayama, who took over after Woodford, is being sued for as much as 500 million yen, the company said in a statement today.
Former company auditor, Hideo Yamada, and Hisashi Mori, fired as executive director over his role, are being sued for 3.01 billion yen and 2.81 billion yen, respectively, it said.
Olympus spokesmen weren’t immediately available to comment, and repeated attempts since the scandal broke to contact officials involved, including visits to their homes, have failed.
Directors to Quit
The company last week said it may hold an emergency shareholder meeting as early as March at which current board members, including Takayama, will resign and investors will vote on new management.
The company inflated fees to advisers on the $2.1 billion acquisition of Gyrus Group Plc in 2008 and overpaid in purchasing three Japanese companies with the intention of increasing goodwill, the independent panel investigating the fraud said last month.
The report said it found a culture of “yes men” and a board that failed in its duty to stop a “rotten” core of executives from duping auditors, regulators and investors.
Woodford filed a case in the U.K. last week seeking damages for the remainder of his four-year contract and additional costs. Before being named as Olympus’s first non-Japanese president and chief executive officer last year, the British national ran the company’s European operations, where he won praise from analysts for cutting costs and improving profitability. Woodford last week said he may also sue in Japan.
No Control
The 51-year-old former CEO also abandoned efforts to regain control of Olympus after failing to gain support from Japanese shareholders.
Olympus’s biggest shareholder, Sumitomo Mitsui Financial Group Inc., said after Japanese prosecutors raided the camera- maker’s offices that it would maintain support for the company. Southeastern Asset Management Inc., the company’s biggest overseas stockholder, and Harris Associates LP have said the entire board and all executives involved in the fraud must go.
The company “continues to suffer under shoddy corporate governance and an utterly discredited board,” Josh Shores, a London-based principal at Southeastern Asset, said in a Jan. 6 statement. “We maintain that the board should be replaced and a new board should oversee the company’s revival.”
$5 Billion Slide
Olympus admitted in November that Kikukawa, Mori and Yamada, a former company auditor, colluded to hide losses on securities investments in the 1990s.
The company has lost about $5 billion of market capitalization since firing Woodford and was forced to restate more than five years of earnings last month to avoid an automatic delisting after admitting to the 13-year cover-up.
Olympus’s net assets fell by 105 billion yen to 46 billion yen after the restatement.
The company, also the world’s largest maker of endoscopes, faces criminal probes in the U.S. and U.K., as well as Japan, since Woodford made the takeover payments public in October.

Similar Documents

Premium Essay

Olympus

...Executive Summary Olympus is a Japan based multi-national company, first established in 12 October 1919 and is listed in the Nikkei index. Olympus is a manufacturer of optics and reprography products. The headquarter is located in Japan, but operations extends to many parts of the world. Olympus tried to innovate and expand in emerging markets. They were trading with monthly high from ¥4940 to monthly low of ¥1012 in 60 weeks. Share price movements have been extremely volatile since the start of 2008 till present due to several contributing issues that includes natural disasters and scandals. In the first part of the report, we produced an analysis of the overview of Olympus financial performance, production, micro-economic and macro-economic impacts on the company. These analyses will generate a better understanding on how the various issues contribute to the share price changes. Thereafter, We have used five different valuation models and it includes Dividend Discount Model, Free Cash Flow Equation, Price/Earnings Model, Price/Book Value Model, and Net Tangible Asset Model to evaluate the value of the current share price. This helps us to determine if the market share price is overvalued or undervalued thus enables investor to make investment decisions. Key appeals of Olympus includes: * Strong recovery from past scandal * New experienced management team * Sony investments in 2013 announced * Tougher audit checks to prevent scandal from resurfacing ...

Words: 258 - Pages: 2

Free Essay

Business

...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...

Words: 5012 - Pages: 21

Premium Essay

Mount Olympus Research Paper

...Mount Olympus is the home of the gods. “....his mother Hera, had awaited him with great eagerness, hoping for a child so beautiful, so gifted, that it would make Zeus forget his heroic swarm of children from lesser consorts. But when the baby was born, she was appalled to see that he was shriveled and ugly, with an irritating bleating wail. She did not wait for Zeus to see him, but snached the infant up and hurled him off Olympus” (Evslin 48). When the lame God was tossed off of Olympus he landed in the ocean, his splashing caught the attention of two sea nymphs, Thetis and Eurynome which took him in and loved him as their own (Reusser 8). After nine years of happily making furniture and jewelry for the nymphs, Hera noticed the brilliant composition and beauty of his...

Words: 1175 - Pages: 5

Free Essay

Olympus Scandal Case Study

...Olympus cameras began business in 1919 as Takachiho Seisakusho, a thermometer and microscope manufacturing company in Tokyo. It was renamed Takachiho Optical Co. in 1942 and later Olympus Optical Co in 1949, taking its name from its trademark logo, and reflecting the fact that optical products had become the core of company. Today, Olympus’ key business segments include medical imaging equipment, consumer electronics, industrial imaging equipment and scientific devices, including microscopes. Olympus’ downfall began when new CEO Michael Woodford was fired just two weeks after being appointed to the position. He had voiced concerns over corruption in upper management at Olympus, which was later revealed to be a complex, 20-year long, cover-up of losses amounting to $1.5 billion (US) in unreported investment losses. Olympus had invested heavily in risky securities after slow sales and the devaluation of the yen had resulted in lower than expected revenues. These losses, while known to management, were hidden in the accounting of Olympus. Michael Woodford’s dismissal resulted in him leaking the fraud to the press, which began police and other law enforcement agencies’ investigation into the allegations. The company later admitted the fraud, and since then several board members have resigned, and a number of companies have filed suit against Olympus. What these executives had orchestrated was a complex funnelling of money through subsidiaries in order to bury investment losses...

Words: 860 - Pages: 4

Premium Essay

Me and Dave and Mount Olympus

...Michel Faber Me and Dave and Mount Olympus (2006) I lived through the 1980s, but was not touched by them. They might as well have been the 1880s, for all the notice I took of the defining characteristics of the decade. I didn’t own a wide-shouldered jacket with rolled-up sleeves, a double-breasted suit, or indeed any item of clothing that cost more than a pot plant. I dressed myself from charity shops, right down to the socks and underpants. I didn’t own a watch or a television, got around by bicycle, cut my own hair, and was not acquainted with any person who owned albums by Billy Joel, Bruce Springsteen, Sade or Spandau Ballet. (Maybe it was because the few friends I had were lesbians.) The prospect of buying that newfangled invention, a CD) player, was as remote as investing in a Picasso. A high-flying career in the corporate sphere, or a steady job of any kind, held no attraction for me. Who needs money when so much of the food in supermarkets is exactly the right shape to fit down the front of one’s trousers, hidden by a loose jumper? Who needs status when one is an Artist, already living on Mount Olympus? At the dawn of the 1980s, my first wife and I were in fact living in Fitzroy, a shabby inner suburb of Melbourne, Australia. Both of us were writers, misfits, snobs. In the grand intellectual tradition of Wyndham Lewis, Sylvia Plath, TS Eliot et al, we detested the common horde - lowbrow Philistines, the lot of them! We lurked in our tiny student flat, reading Four...

Words: 2598 - Pages: 11

Premium Essay

Me and Dave and Mount Olympus

...dressed myself from charity shops, right down to the socks and underpants. I didn’t own a watch or a television, got around by bicycle, cut my own hair, and was not acquainted with any person who owned albums by Billy Joel, Bruce Springsteen, Sade or Spandau Ballet. (Maybe it was because the few friends I had were lesbians.) The prospect of buying that newfangled invention, a CD) player, was as remote as investing in a Picasso. A high-flying career in the corporate sphere, or a steady job of any kind, held no attraction for me. Who needs money when so much of the food in supermarkets is exactly the right shape to fit down the front of one’s trousers, hidden by a loose jumper? Who needs status when one is an Artist, already living on Mount Olympus? At the dawn of the 1980s, my first wife and I were in fact living in Fitzroy, a shabby inner suburb of Melbourne, Australia. Both of us were writers, misfits, snobs. In the grand intellectual tradition of Wyndham Lewis, Sylvia Plath, TS Eliot et al, we detested the common horde - lowbrow Philistines, the lot of them! We lurked in our tiny student flat, reading Four Quartets and In Memoriam, admiring shoplifted art books, discussing each other’s poems, and avoiding contact with the polluted sea of humanity around us. Eventually, my wife found herself hankering for Winchester, her childhood home, and we decided to emigrate. England, after all, was the epicentre of high culture. It was where Tennyson and Virginia Woolf were from. Sylvia...

Words: 2599 - Pages: 11

Free Essay

Essay - Me and Dave and Mount Olympus

...Can one experience alter a person´s view on human equality? According to the successful and prominent author Michael Faber it can. In 2006 he wrote a personal essay named “Me and Dave and Mount Olympus”, in which he depicts a specific and life-changing incident with a homeless person, which changed many aspects of his own life. Until the meeting in the homeless shelter, Michael Faber is in an ivory tower and sees himself as “on top of Mount Olympus” looking down on the human race. His arrogance disappears after the intense meeting, where Michael Faber discovers, that both of them are equals in the eyes of the universe. Michael Faber´s reliability is strengthened by the fact that this is an authentic story, and he really did become a famous author later on in life. He can use the story as a foundation for his claims. Michael Faber´s main claim is to enlighten the readers and perhaps persuade and encourage the readers to review how they look at other human beings. It explains through intelligent language and use of metaphors, how his animalistic meeting with a bum named Dave taught him that everyone is equal. Even though “Me and Dave and Mount Olympus” is a personal essay, it still has the classic home-away-home structure. We hear about his life before, during and after his encounter with Dave. The reason why we hear about Michael Faber´s life before and after the incident is, because we need to get to know him in order to understand his mentality and his situation. Back in...

Words: 1212 - Pages: 5

Premium Essay

Aphrodite Research Paper

...in the kingdom of Olympus, lived Aphrodite. Aphrodite was the goddess of love and beauty. She was extremely beautiful, all the gods would just look at her and fall in love with her. One week, she made a plan to have the Ultimate Diamond of Olympus. This was a very valuable diamond, worth millions. And she knew she wouldn't be able to get the diamond herself. So, she took a walk and looked for gods to fall in love with her. Then, she saw Hephaestus. He was big, had muscles and was strong. Aphrodite thought to herself, "I need him." and approached Hephaestus. As soon as he noticed her, he said, "You are beautiful! I am in love with you. I must worship your beauty and do whatever you say." Aphrodite smiled wickedly. She spent...

Words: 767 - Pages: 4

Free Essay

Fraud

...Olympus Accounting Fraud ACTG 6100 Professor Mark Jobe Feb. 18, 2014 Inhwa Kim M01243678 The Olympus has a pretty strong position in the camera market. This company is popular because they made the world’s first DSLR (Digital Single-Lens Reflex). Many camera users who are located in all around the world prefer the Olympus. Also, the Olympus is popular because the company made the medical devices, endoscope which is able to watch inside the organ of human body. The Olympus, which is one of the popular camera and medical devices companies, had been troubled due to a financial scandal. On August 2011, Michael Woodford, the formal president, was separated from the Olympus because of the difference in business line despite thirty years at the company. He expressed concern about possible inappropriate acquisitions and large payments to financial advisors with the chairman of Olympus and an executive vice president. He claimed that the Olympus paid an unusual fee abnormally while buying Gyrus, which is a maker of the British medical devices. After arguing this problem, he was dismissed on Oct 14, 2011. Also, in the same year, the Olympus spent about 687 million dollars as advisory fee to the Cayman Islands and another in New York. These two companies are unknown. Thomson Reuters reported that the fee of 687 million dollars, equal to 31 percent of the Gyrus acquisition price, was paid to a middle-man, whereas this is usually 1 or 2 percent. The Olympus...

Words: 1074 - Pages: 5

Premium Essay

Volcanoes

...region known for geysers (jets of hot water/steam) in Wyoming, Montana, and Idaho (USA). A gorgeous National Park to visit. 3) Olympus Mons on Mars. All of these volcanoes have similarities and differences. As with any analysis of volcanism, it generally comes down to crustal chemistry and the sources of the magma that erupts. Compare the volcanoes using these questions. Perhaps make up a table... a) How did these volcanoes form? Plate tectonics? Plume? How do we know? Reunion | •This was formed from a mantle hot spot. •3 calderas formed 250,000, 65000, and 5000 years ago by slumping of the volcano. | Yellowstone | It all started with a hot spot beneath Yellowstone. Approximately, 600 thousand years ago the hot spot released hot magma towards the surface and pushing the earth’s crust upwards thus creating a large chamber which was filled with magma. Cracks formed over time due to the large pressure inside the dome and a huge eruption expelled magma, emptying the top part of the chamber. Earth’s crust collapsed and formed a caldera. Magma kept flowing into the caldera for the next 500 thousand years. | Olympus Mons | Olympus mons formed by hot spot plume. - no tectonic plate movement Unlike earth with tectonic movement where the hot spot moves from one area to another, causing creation of multiple volcanoes ( Hawaii). The hotpsot on Olympus mon is stagnant, when lava flows to the surface, it continues to pile up in a...

Words: 858 - Pages: 4

Premium Essay

Master Essey

...give me the ability to advance my career with Olympus America. As a father, I feel it is my responsibility to set a good example. This year I finished my dream of becoming a college graduate and setting a standard for my children to follow. My children and I have talked about furthering my education and how important it is to get the right education. Another aspect of being a parent is making sure my children understand that it is never too late to follow your heart. Ever since I have had children when I need to be inspired I look towards my kids. My oldest son has Crohns and I have never really seen him down. He has been dealing with the effects of Crohns since he was 12. He has to have a Remicade Infusions every two months and I have never heard him complain. He the strongest person I know. Now that he is in college I want to make sure he keeps succeeding in his life. I have been able to use his success to motivate me. When I started back in college I wanted to show him no matter what is happening in your life he can obtain a degree. I finished with a GPA of 3.8996. In 2009 I was selected to go to Japan because I had the highest increase in service contract in all of Olympus. While I was in Japan I was able to watch and learn how they interacted with each other. I also was able to explain how I interact with my customers. e has neve My career goals are to be able to advance my career within Olympus America or to be able to attain a career where...

Words: 915 - Pages: 4

Free Essay

None

...numerous products within the Olympus Corporation. In order to help benefit the company I believe it would be in their best interest to have at least two separate mission statements: the one shown above and one specifically regarding their electronics. When navigating throughout the company’s website I initially thought I was looking up the wrong ‘Olympus’ due to their lack of product line display. I had to reroute to a website within their electronics, which lacked a mission statement. It would be beneficial for consumers to read about exactly what they are looking for within the company, such as a camera. 1. Target Market The target market I hope to reach is within an already existent electronics company. At this point it is unrealistic to reach consumers as individuals. It is extremely rare to find someone who carries around a camera AND a smart phone, with a camera already built in. My plan is to target those smart phone providers: Apple. The iPhone phase is rapidly diminishing. One of the contributing distributors is the inability to compete with other smartphone cameras. Since Olympus has been around 1030’s the company has flourished, inside and outside it’s electronics department. I strongly believe this goal is realistic and give their reputation the boost it needs to take on another year. 2. Brand Story Olympus contributes their tradition of quality manufacturing to the development of its microscope. Starting in 1934 Olympus continued this tradition by...

Words: 1169 - Pages: 5

Free Essay

Human Resource and Change

...Olympus – A time for change Melissa C. Figueroa Grand Canyon University Organizational Behavior and Management July 22, 2011 Olympus - A time for change. The company that I chose to write about, that I believe needs desperate change when it comes to not only to appeal to the consumer but as well to the employees of their company is; Olympus. Olympus has been around since 1919, and has paved the way for several things including their digital cameras, their microscopes, and their medical equipment (endoscopes). Olympus has such seniority over so many companies because of how long it’s been around, and has the potential to be one of the greatest camera companies if only they would just perfect their marketing strategy. It seems to most consumers as well as to their own employees that Olympus doesn’t even have a marketing strategy in that sense. They are failing because it seems as if there’s no plan. Olympus recently just laid off around 4,000 employees, and their total employees before that was 3.2 million worldwide. Now, tell me how is that possible to a company who is the world’s fourth largest digital camera industry? The answer to that question is simple; they have no marketing strategy! Olympus is laying people off because of the marketing department, however it’s not the camera departments fault for lack of sales. You can the most amazing products in the world but if you’re not marketing them properly, they’ll never sell and they’ll never be heard of. In Center...

Words: 1168 - Pages: 5

Premium Essay

Don T Mess With Hera Research Paper

...Don’t Mess With Hera The goddess of strategic, wisdom, and honor of centered war, Athena. She rode through Mt. Olympus on her Rainbow Unicorn and would look for anyone nearby. She hated most of the Gods for they never wanted her nearby. Everyone feared her, especially woman. Everyone thought she was so different than everyone else that they banned her from ever coming near woman. You see, Athena hated woman. She thought that instead of woman being so nice and neat that they should honor war just like Athena did. Athena sworn revenge on Hera for she was the Goddess of marriage and woman’s life. One dark and misty day Hera bumped into Athena. Athena was not happy. She then got so mad that they began World War 12. Athena and Hera fought for...

Words: 422 - Pages: 2

Premium Essay

Examples Of Zeus Being Impeached

...Zeus has been the leader and king of Olympus for a very long time. He has bad characteristics like being unfaithful, having a bad temper, and always wanting revenge. The new leader should be Heracles. Heracles is strong, brave, and trustworthy. Zeus should be impeached and Heracles should be the new ruler. Zeus should be impeached because he is untrustworthy, short-tempered, and revengeful. One reason he should be impeached is because he is unfaithful to people. Hera is a person he is unfaithful to. “They were always quarreling. He angered her by his infidelities” (6). A leader should be trustworthy, but this shows that Zeus is not trustworthy. Another reason he should be impeached is because he cannot control his temper. “Zeus was full of rage. He seized his...

Words: 489 - Pages: 2