10/28/2011

The festering Olympus scandal, which forced the resignation of Chairman Tsuyoshi Kikukawa this week, came to light only because the company hired a foreign CEO who wasn't willing to hide the company's dodgy bookkeeping, a Wall Street Journal editorial says. That indicates a broader culture of complacency among Japan's elite. "Japan lacks the regulatory framework and culture to make managers accountable even if they were willing to submit," the editorial says.

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