Michael C. Woodford (shown above), the former CEO of Olympus, says the Japanese technology company is involved in a whole lot of financial hanky-panky. The Olympus board says the 51-year-old British national, the first non-Japanese CEO in the company's history, was a bad manager. But he claims he was forced out when he began asking questions about $1 billion in payments for acquisitions made before he took the reins.
My favorite line in the scandal so far (and remember now, Olympus mostly sells cameras and medical imaging equipment): “There were $800 million in payments to buy companies making face cream and Tupperware,” said Woodford. “What the hell were we doing paying $800 million for these companies?”
More: Financial Times, Bloomberg, New York Times, and here's an internal letter published by the New York Times with Woodford's consent (PDF link).
(via Hiroko Tabuchi, Adario Strange, photo: REUTERS/Yuriko Nakao)
Kyle writes, “The Volt is a fully open source, arduino-based, handmade analog clock that tells time with meters. Available in a DIY install kit, 2 pre-made models, and a mix & match hardware option. The clocks are but with solid black walnut and maple, with faceplates produced in brass, copper, and steel. Only on Kickstarter!”
Here’s a small gallery of the East German secret police’s 26th Division, hard at work during the 1980s.
In Insurance coverage of customers induces dishonesty of sellers in markets for credence goods , a research paper in PNAS by German and Austrian economists, the authors show experimental evidence that electronics repair shops are more likely to overcharge for labor when their customers have insurance.
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