Independent Report: Olympus Management 'Rotten'

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An independent panel in Japan released a new report Tuesday after looking into a scheme to cover up accounting losses at camera maker Olympus. The report calls the company's senior management "rotten to the core" and states other layers of management were "contaminated."

LINDA WERTHEIMER, HOST:

NPR's business news starts with rotten bosses at Olympus. An independent panel in Japan released a new report today after looking into a scheme to cover up accounting losses at camera maker Olympus. The report calls the company's senior management, quote, "rotten to the core," and states other layers of management were contaminated.

A scandal erupted earlier this year after the company's new CEO started questioning strange accounting at Olympus. The CEO was subsequently fired, but after a storm of media coverage the company eventually admitted that it had used a string of acquisitions to hide years of investment losses - losses totaling about $1.5 billion. The panel is urging legal action against the executives involved in the cover-up.

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