Toshiba CEO Quits Over Accounting Scandal

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Toshiba's CEO Hisao Tanaka, and his two predecessors, resigned today after investigators found earnings had been inflated by at least $1.2 billion over the past six years. Thanks to ccmfreak2 for the link.


Toshiba Corp's chief executive Hisao Tanaka and a string of other senior officials resigned on Tuesday for their roles in the country's biggest accounting scandal in years. Tanaka will be temporarily replaced by Chairman Masashi Muromachi after an independent inquiry found the CEO had been aware the company had inflated its profits by $1.2 billion over a period of several years.
 
Given the absolute crap Toshiba has been churning out (outside of some of their storage device line that seems to be OK), I'm not surprised that a little book cooking was necessary to make them seem like they were doing better than they actually were. I'm not sure if its a good thing, but it also seems mildly interesting that people outside the US get involved in accounting scandals too.
 
Heh, guess 1.2 BILLION was big enough to get the CEO involved, not just the CFO.
 
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