Japan Inc Rocked By Massive Accounting Fraud: Toshiba CEO Quits After Admitting 7 Years Of Cooked Books
by Tyler Durden
ZeroHedge.com
07/21/2015
While Abenomics has been an unmitigated disaster for Japan’s ordinary population, where the soaring stock market has benefited the top decile of the population while everyone has been slammed by a record 25 consecutive months of declining real wages and soaring input costs, there had been one bright spot: corporate earnings. Then on Friday, a report out of Reuters caught our attention when news hit that 140 year old electronics conglomerate, and “pillar of Japan Inc”, Toshiba had inflated profits by a stunning $1.2 billion for a whopping 7 years, with fabricated figures amounting to 30% of the company’s “profits” since 2008!
The Rest…HERE
