Independent Report: Olympus Management 'Rotten'

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."

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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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