ANR: Former Olympus Execs Get Fancy Jewelry; Deloitte's Banking Team Loads Up on Insiders; What's Great About Working Late? | 02.16.12

Former Olympus Executives Arrested Over Accounting Scandal [Dow Jones]
Tokyo prosecutors on Thursday arrested three former Olympus Corp. (7733.TO) executives, including former Chairman Tsuyoshi Kikukawa, and one former broker over their alleged role in the company's $1.5 billion loss-hiding scheme, one of Japan's biggest-ever corporate scandals. Kikukawa, former Executive Vice President Hisashi Mori, former company auditor Hideo Yamada, and former broker Akio Nakagawa were arrested on suspicion of violating the Financial Instruments and Exchange Law through falsifying financial statements, according to a statement by the Tokyo District Public Prosecutor's Office. The Tokyo Metropolitan Police Department arrested long-time Olympus financial advisor Nobumasa Yokoo and two others in connection with the case, prosecutors said.

Lawmakers Finalize Payroll-Tax Agreement [WSJ]
Congressional negotiators working on a deal to extend jobless benefits and a payroll-tax cut say they have come to a deal, paving the way for a vote before the policies expire at the end of the month. "We have reached an agreement," said Rep. Dave Camp (R, Mich.) shortly after midnight. "We're confident that this can be concluded."

Family of heiress Huguette Clark claims fraud by nurse, attorney, accountant [MSNBC]
The relatives of copper mining heiress Huguette Clark have gone to court to challenge her last will and testament, claiming fraud by her attorney, accountant and nurse. The longtime private registered nurse, Hadassah Peri, already received about $26 million from Clark while she lived, according to court documents, and is left more than $30 million more in Clark's last will. The attorney and accountant were left $500,000 each. A previous will, signed just six weeks earlier, left $5 million to the nurse, and all the rest to Clark's family. The family was cut out of the second will entirely. Despite years of pleading from attorney after attorney, Clark had reached age 98 without directing who should inherit one of America's great fortunes from the Gilded Age, estimated to be at least $400 million. Her nurse, an immigrant from the Philippines, had been assigned to Clark by a home care agency almost 20 years ago. Now she owns a $200,000 Bentley Arnage luxury sedan and five houses. Money for four of those houses was given to her through the years by Clark, who died last May at age 104.

Deloitte Taps Deborah Bailey to Lead Banking and Securities Regulatory Practice [Deloitte]
Deborah Bailey, who led the first round of stress tests in 2009 as the deputy director of the Federal Reserve Board's supervision and regulation division, has been named the banking and securities regulatory practice's managing director, Deloitte announced today. Additionally, Christopher Spoth and John Corston, senior regulators from the Federal Deposit Insurance Corporation, have joined Deloitte's banking and securities team as directors.
 
Four Former Regulators Join Ernst & Young's Regulatory Network [E&Y]
Stefan Walter, former Secretary General of the Basel Committee on Banking Supervision (BCBS) is to join Ernst & Young's global network of regulatory and supervisory professionals in the United States. Stefan will be the fourth senior regulator to join Ernst & Young in the last few months, following Thomas Huertas, Alvir Hoffmann and Hidekatsu Koishihara, in the United Kingdom, Brazil and Japan, respectively. After long, distinguished careers as regulators, all four will work with global financial services clients to help shape their business models to the new regulatory and risk environment. - This bolded selection translates to "circumvent the rules legally." 
 
The upside to long hours, part one [A Counting School]
You always get a seat on the subway, don't you?
 
Fraudulent Accounting Practices: Easy to Commit, Hard to Find [Fraud Files]
Try to avoid doing the easy thing.

 

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