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Wednesday, 26 October 2011

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Goodbye Olympus. Can't wait to see who buys the imaging division assets. Regardless of what happens next, cameras are a done deal for Olympus.

If the last of the linked stories is true, it can mean that, as the saying here goes, beaters were driving a fox and driven out a wolf.

On the other hand, everything unearthed up to now has happened before 2008.

On the third hand, those newly discovered deals smell strongly of money laundering.

I'm not in the market right now for anything that Olympus could possibly sell me, but if I was, I wouldn't be buying Olympus. This just has so much mafia-style stench over it. I don't believe in funding organised crime.

Good call by Jake Adelstein on that sudden "de-focusing" of corporate effort. If it looks like a duck....

Umm, on the conspiracy font, the Japan Subcultures site seems to have disappeared, and there is a basic holding page for "Horizon Energy Associates, LLC" page. Unfortunately, it doesn't look like anything has crawled it to archive that page.

It appears that the Japan Subculture site has been hacked or something. It's been replaced with a bare bones site for "Horizon Energy Associates LLC", and all sub-level links such as the one you linked to, or any of the links in Japan Subculture's twitter feed, have been removed. Coincidence? Hmmm...

Well, they can't hack the Google cache. Just enter the URL http://www.japansubculture.com/2011/10/olympus-bringing-it-into-focus-a-special-breach-of-trust/ into Google. Then select the cached version of the webpage to read the article.

As a long time Olympus OM system user, this news creates a touch of sadness.

The abundance of feathers however can be explained. They fell out of the Olympus cap.

If it were true that organized crime has somehow got their hooks into Olympus that would be a sub plot. The real story would be who did they compromise and what did they find to use as a lever. Now that would be a juicy story I bet.

The Japan subculture site is up and running now (again). I saw Adelstein's book at Narita Airport during a business trip--never thought the world it depicts would overlap with the Japanese camera industry.


My first camera was an OM-1, so I have a fondness for the company. So pathetic to see an enterprise such as Olympus fall due to greed or ineptitude of this magnitude.

Japan Subculture is back up, or at least I can get it.

The Japan Securities and Exchange Surveillance Commission is reported to have begun "paying particular attention to Olympus in August. http://reut.rs/tp2i0v

It still seems to be primarily Woodford's fault though. He was autocratic and, according to the new chairman Takayama, frightened---sorry, "intimidated"--Takayama's staff.

A threat to go to law enforcement and the press overseas would be especially frightening, I imagine.

That "GX1" bit was very good. Very good.

Takayama is as implicated in the problems as Kikukawa, unfortunately. He's a board member who approved all the questionable deals, and his first comments in office yesterday were virtually an exact replay of Kikukawa's diatribes: Woodford is the problem, not us. To date, there has been no sign that anyone in charge at Olympus is concerned about the US$1.3 billion in money that's been squandered, or that anything tangible will be done in response to that being discovered.

Well eff ... not for GF1, mind you. I imagine Maitani's grave is a centrifuge about now.

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